Jenna's employer offers a cafeteria plan that allours employees to choose among a rumber of qualified benefits. Each employee is allowed $7.000 in benefits. For 2021, Jerma selected $2.400 (5200 per month) of parking. $1,880 In 401[k) contributions, and $800 et cash. How much must Jenna Include in taxable incorne? 0 so. O $800 O 53200. O $7 000 © None of the answers are correct
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Jenna's employer offers a cafeteria plan that allours employees to choose among a rumber of qualified benefits. Each employee is allowed $7.000 in benefits. For 2021, Jerma selected $2.400 (5200 per month) of parking. $1,880 In 401[k) contributions, and $800 et cash. How much must Jenna Include in taxable incorne? 0 so. O $800 O 53200. O $7 000 © None of the answers are correct
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- Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.Jewel Lyman is an employee in the office of Salvaggio & Wheelers, Attorneys at Law. She received the following benefits during 2018: Medical insurance: $250 per month . Commuter pass: $500 per year Employer-paid membership to Anytime Gym: $75 per year Dependent care assistance: $3,600 per year Required: What is the total taxable amount for Jewel's 2018 benefits? Answer is complete but not entirely correct. Total taxable amount $6750Leah earns $2,600 this pay period. Her total pay before this pay was $23,500. Leah has the following withholdings. Medical Insurance Prem. = $300 401K $150 !! YMCA Dues $50 Flexible Spending Plan $150 What is Leah's Social Security taxable wage amount for this pay period? (Not the amount of actual Social Security Withheld) NOTE: Do NOT use Dollar Signs $$ or commas in your answer
- Carla earns 137,100 from January through November 2020, before resigning to work for a new employer who pays her 3,000 for December 2020. How much FICA would be withheld on the 3,000? a. 229.50 b. 68.30 c. 169.50 d. 186.002019 Thuy worked as the assistant manager at Burger Crown through August 2019 and received wages of $79,000. Thuy then worked at Up and Down Burger starting in September of 2019 and received wages of $61,500. Calculate the amount of Thuy's overpayment of Social Security taxes that she should report on her 2019 Form 1040. Round your answer to two decimal places.$__________Melanie 62 will use the single filing status her adjustable gross income is 35000 she would like to itemize deduction on her 2020 federal form 1040 To seek relief from medical condition during the year Melanie traveled 250 miles to anoth clinic She incurred trip related expenses 90 for a room in a hotel near the clinic one night 80 for non hospital meals She drove 500 mile to and from She is not eligible for employer sponsor helat insurance Melanie incurred the following non trip expenses out of pocket 2200 out of thr pocket insurance paid after tax 1300 prescription 350 co pay doctor 300 mew glass 600 dental What amount should Melanie enter for total medical and dental expenses ? 2408 4228 4885 5208 Given thr adjusted gross income limitations what amount can she deduct for eligible medical and dental expenses 0 1603 2260 2583
- Question 2 Leslie, age 27, is an employee of Naples Corp. which provides the following nondiscriminatory fringe benefits received in 2021: insurance premiums of $1,050 for salary continuation payments. Under the plan, Leslie will receive her regular salary in the event she is unable to work due to illness. Leslie collected $7,100 on the policy to replace lost wages while she was ill during the year. • $5,500 tuition under a plan available to all full-time employees. Leslie is a part-time student working on her bachelor's degree in accounting. • hospitalization insurance premiums for Leslie and family. The cost of the coverage for Leslie is $3,000 per year, and the additional cost for dependents is $3,775 per year. The plan has a $2,000 deductible, but Naples contributed $1,500 to the Health Savings Account (HSA). Leslie withdrew only $1,000 from the HSA, and the account earned $6.92 interest during the year. For each of the following, what is the amount to be included in Leslie's gross…Melanie 62 will use the single filing status her adjustable gross income is 35000 she would like to itemize deduction on her 2020 federal form 1040 To seek relief from medical condition during the year Melanie traveled 250 miles to anoth clinic She incurred trip related expenses 90 for a room in a hotel near the clinic one night 80 for non hospital meals She drove 500 mile to and from She is not eligible for employer sponsor helat insurance Melanie incurred the following non trip expenses out of pocket 2200 out of thr pocket insurance paid after tax 1300 prescription 350 co pay doctor 300 mew glass 600 dental Given the adjusted gross income limitations what amount can she deduct for eligible medical and dental expenses 0 1603 2260 25831. Mary received the following items during 2021: Christmas bonus from her employer $600 Christmas gift from her father $100 Unemployment compensation $35 What is the total amount of the above items that must be included in Mary's current year gross income? a.$0 b.$600 c.$735 d.$100 e.$635 2. As a Christmas thank you for being a good employee, Ed's TV Repair gave 62-year-old Edwina three shares of its stock worth $20 per share. Edwina then received dividends of $1 per share related to the stock. How much should be included in Edwina's gross income? a.$0 b.$3 c.$63 d.$60 e.None of these choices are correct. 3. Which of the following is nontaxable income to the recipient for tax purposes? a.Income from tips b.Municipal bond interest c.Income from real estate rental property d.Salary income e.None of these choices are correct.
- Pete and Sue work for 1st. Auto Inc. 1st. Auto inc. provides401(k)plan for its employees. Employees can elect a salary deferral of up to6%of compensation but not exceed$18,500. The company makes a matching contribution of 50 cents for each dollar contributed. a. Pete has decided to defer only3%of his wage because of substantial personal expenses. What advice would you give to Pete? b. Sue is the company's office manager and earns$65,000. She has worked for the company for three years. Can 1 st. Auto Inc. excluded her from participating in the401(k)plan to hold down retirement contributions? Explain your answer.PROBLEM 1 Mary Matthews made $950 in a biweekly pay period. Only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company’s 401(k) plan. Determine Matthews’ take home pay if she is married and claims 2 allowances (use wage bracket method).Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.