FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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1. Warren Cavanagh (single; 0 federal withholding allowances) earned weekly gross pay of $620. For each period, he makes a 401(k) retirement pan contribution od 5% of gross pay.
Using wage-bracket method; Ferderal income tax withholding=$
Using percentage method, Federal income tax withholding=$
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- 1. Alfred Morneau earned gross pay of $640. Each period he makes a 401(k) contribution of 7% of gross pay, and his current year taxable earnings for Social Security tax, to date, are $58,300.Total Social Security tax = $ 3. 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 $158,900.Total Social Security tax = $arrow_forwardSuppose you made $70,390 of income from wages and $178 of taxable interest. You also made contributions of $6400 to a tax deferred retirement account. You have 2 dependents and file as single. The standard deduction is 3900 and the exemption is 5900 per exemption. What is your Taxable Income? Answer to the nearest dollar.arrow_forwardTaxpayer in 2022 has following amounts: W-2 wages: $125,000 @ 7.65% Sch. C Net income: $125,000 @ 15.30% How much of the correct amount of combined self-employment tax and FICA tax is attributable to the Sch. C Net Income?arrow_forward
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