Problem 18-10 Calculating Net Pay and Spendable Income [LO18-6] Assume your gross pay per pay period is $6,700.00, and you are in the 33 percent tax bracket. Calculate your Taxable pay and spendable income if you save $670.00 per pay period in a tax-sheltered annuity. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar. Answer is complete but not entirely correct. Taxable Pay and Spendable Income Taxable pay $ 4,040 Spendable income $ 3,819x
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- Use Figure 12.15 as a reference to answer the following questions. A. If an employee makes $1,400 per month and files as single with no withholding allowances, what would be his monthly income tax withholding? B. What would it be if an employee makes $2,500 per month and files as single with two withholding allowances?LO.2 Oak Corporation has the following general business credit carryovers. If the general business credit generated by activities during 2019 equals 36,000 and the total credit allowed during the current year is 60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2019 income tax liability? What is the amount of unused credit carried forward to 2020?Question 2 Suppose you have a credit card with a 14% interest rate with monthly compounding, a home equity loan with a 7% interest rate with monthly compounding, and a bank savings account paying a 5% interest rate with annual compounding (all interest rates are quoted as Annual Percentage Rates). Your income tax rate is 40%. Only the interest on the savings account is taxable, and only the interest on the home equity loan is tax-deductible. What is the effective after-tax interest rate of each instrument, expressed as an annual rate? Suppose you are considering purchasing a new car and are offered a car loan with a 4.8% interest rate (Annual Percentage Rate) and monthly compounding (which is not tax-deductible). Should you take the car loan?
- Question 8.18 A perpetuity-due pays 1 per year, and its present value is 26. An increasing perpetuity-due pays X immediately, 2X in one year, 3X in two years, and so on. The present value of the increasing perpetuity-due is 4,732. What is the amount of the 8th payment made by the increasing perpetuity-due? A 56 В 58 С 61 D 63 E 64What's the rate of return you would earn if you paid $1,480 for a perpetuity that pays $90 per year? O a. 6.47% O b. 3.04% O c. 6.08% O d. 12.95% O e. 12.16%Activity 5Answer the following questions below using the graduated tax table. Write your answer on the space provided after every questions.a. How much is the tax due on a taxable income of P150,000?Answer:b. How much is the tax due on a taxable income of P290,000?Answer:c. Ms. Carol earns compensation income of P3,230,000 during a taxable year. How much is the tax due of Ms. Carol? Answer:d. Mrs. Emily married earns compensation income of P460,000 during 2019. How much 1s the tax due of Mrs. Emily? Answer: Week 5 ACTIVITIES 5 29 Fundamentals of Accountancy, Business and Management 2e. The payslip of Mr. Budoy shows the following information:Basic salary P348,000SSS contribution 6,976PhilHealth contribution 4,500Pag-IBIG contribution 1,210How much is the tax due to Mr. Budoy?Answer:
- Problem 9-6 Estimated Payments (LO 9.2) Kana is a single wage earner with no dependents and taxable income of $168,700 in 2021. Her 2020 taxable income was $155,000 and tax liability was $31,375. Calculate Kana's 2021 income tax liability and the minimum required 2021 annual payment necessary to avoid any penalty. Round your answers to two decimal places. Click here to access the income tax rate schedules. Kana's 2021 income tax liability: Kana's minimum required 2021 annual payment necessary to avoid any penalty:Question 14 What is your average tax rate if you pay taxes of $7134 on taxable income of $57920? (Reminder: Enter your answer as a decimal, not a percentage.) Your Answer: AnswerWhat is the maximum that can be deducted as an above the line deduction for the amount that you pay to social security for self-employment taxes? a. 25% b. 100% C. 50% d. none e. 75%
- 15. Tax Deferred Retirement Benefits. If a person with a 24 percent tax bracket makes a deposit of $5,500 to a tax-deferred retirement account, what amount would be saved on cuIrent taxes? Type here to search ho 17 to to 144 f4 40 ?. 7. 8. %23 4. 7. 60 00 LO 96 %24 2.Question 8 2.75 points Save Answer Jason's gross pay for the week is $1900. His year-to-date pay is under the limit for OASDI. Assume that the rate for state and federal unemployment compensation taxes is 5% and that Jason's year-to-date pay has not yet exceeded the $7000 cap. What is the total amount of payroll taxes that his employer must record as payroll tax expenses? (Do not round your intermediate calculations. Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.) O $117.80 O $240.35 O $259.35 O $107.35#14 Objective G-1-2 continued. 14. In prior years, the taxpayer's adjusted AMT and minimum tax credit were as follows: Minimum Tax Credit Year 2014. 2015. 2016. 2017. Adjusted AMT $25,000 $15,000 $10,000 $12,000 The taxpayer's minimum tax credit for 2018 (before any limitation) is: 14. o a $52,000 Ob $42,000 OC. $27,000 od. $17,000