Sue's 2013 net (take-home) pay was $23,205. Her only payroll deductions were for payroll taxes and federal income tax. Federal income tax withholdings totaled $4,500. What was the amount of her gross wages for the year? SHOW WORK A. $25,127 B. $30,000 C. $29,480 D. None of the above
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Sue's 2013 net (take-home) pay was $23,205. Her only payroll deductions were for payroll taxes and federal income tax. Federal income tax withholdings totaled $4,500. What was the amount of her gross wages for the year? SHOW WORK
A. $25,127
B. $30,000
C. $29,480
D. None of the above
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Solved in 3 steps
- Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?2. In 2016, the maximum taxable income for Social Security was SI18,500 and the tax rate was 6.2%. a. What is the maximum Social Security tax anyone could have paid in the year 2016? b. Randy had two jobs in 2016. One employer paid him $67,010 and the other paid him $71,200. Each employer took out 6.2% for Social Security taxes. How much did Randy overpay for Social Security taxes in 2016? er Seri l Security was rKendall, who earned $121,200 during 2023, is paid on a monthly basis, is married, (spouse does not work) and claims two dependents who are under the age of 17. Use the percentage method tables for automated Payroll systems with step 2 of Forms W-4 is not checked. Required: a. What is Kendall's federal tax withholding for each pay period? b. What is Kendall's FICA withholding for each pay period? Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. a. Federal tax withholdings b. Total FICA withholding Amount 24,069.00
- Sue's 2022 net (take-home) pay was $23,205. Her only payroll deductions were for payroll taxes and federal income tax. Federal income tax withholding totaled $4,500. What was the amount of her gross wages for the year? 。 $30,000 o $25,127 o $29,480 o None of the aboveJason's gross pay for the week is $1,800. His year−to−date pay is under the limit for OASDI. Assume that the rate for state and federal unemployment compensation taxes is 6% and that Jason's year−to−date pay has not yet exceeded the $7,000 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%.)INCOME TAX Suppose in 2016 a single man earned $56,240 in wages, earned $3400 in interest, contributed $3000 to a tax-deferred retirement plan, paid $4600 in interest on a home mortgage, donated $1500 to charity, and paid $1700 in state taxes. State the man's gross income. State the man's adjusted gross income (AGI). State the man's taxable income. Find the income tax due using the attached table.
- Suppose you made $98,296 of income from wages and $567 of taxable interest. You also made contributions of $4200 to a tax deferred retirement account. You have 2 dependents and file as single. The standard deduction is 12900 and the exemption is 3400 per exemption. What is your Gross Income? Answer to the nearest dollar.Tim's gross pay for this month is $8,850. His gross year−to−date pay, prior to this month, totaled $127,000. What is the amount of FICA tax withheld from Tim's pay for this month? (Assume an OASDI rate of 6.2%, applicable on the first $132,900 earnings, and a Medicare rate of 1.45%, applicable on all earnings. Do not round any intermediate calculations, and round your final answer to the nearest cent.)Allan has a gross income of P400,000 in 2020. His employer deducted P5,000 SSS, P4,000 PHIC, P3,000 HDMF, P2,000 union dues, and P80,000 creditable withholding tax. How much is the total final tax due of Allan?
- Jamison's gross tax liability is $10,850. Jamison had $2,050 of available credits and he had $7,255 of taxes withheld by his employer. What are Jamison's taxes due (or taxes refunded) with his tax return? Multiple Choice $8.800 taxes due $1,545 taxes due $1,545 tax refund $3,595 taxes dueSuppose you made $92,747 of income from wages and $386 of taxable interest. You also made contributions of $6000 to a tax deferred retirement account. You have 1 dependents and file as single. The standard deduction is 11400 and the exemption is 3000 per exemption. What is your Adjusted Gross Income? Answer to the nearest dollar.Monty's gross earnings for the week were $1450, his federal income tax withholding was $318,and his fica total was $111. There were no state income taxes journalise the entry for the recording of his pay in the general journal
