In 2022, Ava, an employee, who files single, has AGE of $26,600 and incurred the following miscellaneous itemized deductions the year: Union dues and work uniforms: $1,020 Home office expenses: $3,060 Unreimbursed employee expenses: $1,428 Gambling losses to the extent of gambling winnings: $1,625 What is Ava's total itemized deduction related to these tem

In 2022, Ava, an employee, who files single, has AGE of $26,600 and incurred the following miscellaneous itemized deductions the year: Union dues and work uniforms: $1,020 Home office expenses: $3,060 Unreimbursed employee expenses: $1,428 Gambling losses to the extent of gambling winnings: $1,625 What is Ava's total itemized deduction related to these tem

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter9: Deductions: Employee And Self-employed-related Expenses

Section: Chapter Questions

Problem 22CE

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Fil in the blanks Mr. Pluto had the following income during the year: Gross compensation income including P25,000 13th month pay P325,000 Less tardiness or absences 10.000 Net compensation income P315,000 SSS deductions 12,000 Philhealth deductions 9,000 Pag-ibig deductions 10,000 Union dues 5,000 Withholding tax 40,000 Net pay P239.000 Answer the following. Be sure to follow the correct format (see SAMPLE below) to get credit for your answers. Peso sign are not required. Centavos are not required. If your computation is with centavo, round your answer to nearest peso. CORRECT > 1000 INCORRECT --> 1,000 INCORRECT ---> 1,000.00 INCORRECT ---> 1000.00 1). Total exclusion from gross income is 2). Taxable net income is 3). Income tax due is 4). Total inclusion to gross income is
Colyong, a government employee, receives a full 13rth month pay of 20,000 exclusive of 14,000 other benefits. He was deducted 18,000 during the year for premium for his SSS, PHIC, and HDMF contributions. Compute Colyong's taxable compensation income * 222,000 226,000 240,000 254,000
Exercise 9-20 (Algorithmic) (LO. 8) In 2022, Ava, an employee, who files single, has AGI of $20,000 and incurred the following miscellaneous itemized deductions this year: • Union dues and work uniforms: $1,080 • Home office expenses: $3,240 • Unreimbursed employee expenses: $1,512 Gambling losses to the extent of gambling winnings: $2,700. What is Ava's total itemized deduction related to these items?
Karen Kaled received the following income from her employment in 2021: Gross salaries P400,000 Deductions for: SSS 10,000 PhilHealth 8,000 Pag-Ibig 7,000 Union dues 2,000 Withholding tax 67,400 Loans repayment 50,000 Tardiness and absences 15,000 Net pay: P 240,600 Compute Karen Kaled's taxable compensation income. a. 240,600 b. 290,600 c. 358,000d. 400,000
28. Yvonne i s an employee of Goldfish Company which closed its business during the year Yvonne's last paycheck shows the following details: Unpaid salary in the last two months P 30,000 Current month salary Separation pay Total pay 15,000 100,000 P 145,000 Which of the following will be included in the gross income subject to regular income tax a. P 145,000 О Б.Р45,000 О с.Р 100,000 O d. P 30,000
_____1. Employees FICA tax rates A. Severance pay _____2. Form SS-4 B. By the 15th day of the following month _____3. Semiweekly depositor C. Employers Quarterly Federal Tax Return _____4. Taxable for FICA D. Application for Employer Identification Number _____5. Nontaxable for FICA E. 6.2 percent and 1.45 percent _____6. Self-employeds FICA tax rates F. Employees application for social security card _____7. Form 941 G. Cumulative wages of 128,400 _____8. Monthly depositor H. More than 50,000 in employment taxes in the lookback period _____9. OASDI taxable wage base I. 12.4 percent and 2.9 percent _____10. Form SS-5 J. Employers matching contributions into employees deferred compensation arrangements
Lori Kinmark works as a jeweler for a local company. She earns 1,000 per week, plus a year-end bonus of 2,000. Kinmark also earns an additional net self-employment income of 28,000 per year. ____1.Compute Kinmarks annual earnings from employment. ____2.Compute Kinmarks total earnings from her job and from self-employment income. ____3.How much self-employment income should Kinmark include in computing taxable self-employment income for OASDI taxes? ____4.What are the total FICA taxes on her self-employment earnings?
3 Assume the year is 2021. On March 15, Juneau Inc. pays each of 15 employees gross wages of $50,000. They withheld $123,300 FIT, $48,000 SIT, applicable FICA, and $200 union dues. FUTA is $140, SUI is $220. Prepare the following journal entries: a. Payment of employee salaries, including deductions. b. Juneau Inc. remits its payroll taxes. c. Juneau Inc. remits employee union dues.
Employee earned gross pay of $920 during a recent pay period. She contributes 2% of gross pay to a 401(k) retirement plan and 3% of gross pay to a dependent care flexible spending account. Taxable earnings = $ NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. INFO: $875.00 is incorrect
Paycheck Calculation Vasquez. an unmarried employee. works 43 hours in the week ended January 15. Her pay rate is $18 per hour Her wages are subject to no deductions other than FICA-Social Security, FICA- Medicare, and federal income taxes. She claims two withholding allowances. ● Required: o Compute her regular pay o Overtime pay (overtime premium is 50% of the regular rate for hours in excess of 40 per week) o Gross pay o His FICA tax deduction (use 6.2% for the Social Security portion and 1.45% for the Medicare portion) o Income tax deduction (use the wage bracket withholding table of Exhibit 9A.6) o Total deductions, and o Net pay. (Round tax amounts to the nearest cent.)
Requlred Information (The following information applies to the questions displayed below] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 29% of the first $7,000 paid to its employee. Gross Pay through August $ 6,200 19,900 113,900 dross Pay for September $1,600 3,800 9,700 a. b. c. Assuming situation a, prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its elated liabilities. (Round your answers to 2 decimel places.) Employer Payroll taxes September eamings subject to tax Tax Rate Tax Amount 0.00
Example 3-1 During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly salary of $9,000. Compute the amount of FICA taxes that should be withheld from her. Note: Rachael's tax return status s single. If an amount is zero, enter "0". a. 9th paycheck b. 17th paycheck c. 22nd paycheck d. If Lopez's year-to-date earnings as of her 24th paycheck are $216,000, and her year-end bonus is $100,000, how much additional 0.9% HI tax would be deducted for the year? $ $ OASDI 558 186 ✓ 0 ✓ $ HI 1,044 ✔