This year to date, Carolyn has named $115.000. What will be the total deduction for Social Security on her next paycheck of $6000? (Social Security tax is 6.2% of gross wapp to $117.000)
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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.During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amountMena has year-to-date (YTD) earnings of $125,200. If her next paycheck put her above the wage base limit of $128,400, what will be the amount of the social security deduction at 6.2 %? a. $788.76 b. $128.20 c. $198.40 d. $204.60
- A taxpayer, age 64, purchases an annuity from an insurance company for $80,000. She is to receive $667 per month for life. Her life expectancy is 20.8 years from the annuity starting date. Assuming that she receives $8,000 this year, how much is included in her gross income? Round any percentages to two decimal places. Round the final answer for the income to the nearest dollar. Exclusion percentage: Included in income: LA %Nellie has paid $3358.46 in CPP this year. She makes $2800.00 per pay and is paid bi-weekly How much will she have to pay in CPP contributions this pay? O $141.34- O $107.99 $69.97 O $78.56Kara's annuity earned $1,000 of interest this year. When she files her income tax return for this year, she will have to report how much of that $1,000 as taxable income?
- Self-employed persons can make contributions for their retirement into a special tax-deferred account called a Keogh account. Suppose you are able to contribute $20,000 into this account at the end of each year. How much will you have at the end of 25 years if the account pays 2% annual interest? (Round your answer to the nearest cent.) ___$Rudolph Fabrizio earned gross pay of $3,600. Each period he contributes 4% of gross pay to a flexible spending account, and his current year taxable earnings for Social Security tax, to date, are $136,400. Total Social Security Tax=Sedki earned $119,750 in 2014. How much did he pay in Social Security taxes? InMedicare taxes? In total FICA taxes? (Hint: Don’t forget the annual Social Securityearnings cap.)
- Suppose Gretchen's health insurance has a $500 annual deductible. Gretchen is responsible for 20 percent co-pay when she meets her deductible. If Gretchen has $800 in medical expenses this year, how much must she pay?Sara’s annual salary amounts to MAD 170,000. Her tax credit is MAD 5750. She gave a MAD 1,500 gift to her favorite association. She can claim this gift as a tax deduction. If she pays tax at a rate of 25%, calculate her annual net income..A self-employed person deposits $3,000 annually in a retirement account (called a Keogh or H.R. 10 plan) that earns 8 percent. How much additional money will be in the account if the saver defers retirement until age 70 and continues the contributions?
