During the year, X Co., a small business corporation pays out $1,000 to its only shareholder Sam. How much must Sam add to his income? Multiple Choice $1,380 $1,150 $1,000 $0
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During the year, X Co., a small business corporation pays out $1,000 to its only shareholder Sam. How much must Sam add to his income?
Multiple Choice
-
$1,380
-
$1,150
-
$1,000
-
$0
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- Betty is a manager at a Big 4 accounting firm. She earns $120,000 per year. How much is her low income rebate? a. $1,200 b. $600 c. Nil d. $445LO2 Joyce Lee earns 30,000 a year. Her employer pays a matching Social Security tax of 6.2% on the first 118,500 in earnings, a Medicare tax of 1.45% on gross earnings, and a FUTA tax of 0.6% and a SUTA tax of 5.4%, both on the first 7,000 in earnings. What is the total cost of Joyce Lee to her employer? (a) 32,295 (b) 30,000 (c) 30,420 (d) 32,715LO4 Explain why each of the following expenditures is or is not deductible: a. Lumbar, Inc., pays 12,000 as its share of its employees Social Security tax. The 12,000 is deductible. b. Leroy pays a cleaning service 250 per month to clean his real estate office. The 250 is deductible. c. Janice pays a cleaning service 75 per month to clean her personal residence. The 75 is not deductible. d. Leyh Corporation purchases land to use as a parking lot for 35,000. The 35,000 is not deductible. e. Martin spends 50 per month on gasoline for the car he uses to drive to his job as a disc jockey. The 50 is not deductible.
- Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.Sarah just started a new job. Her employer has a 401k match of 75% up to 6% of her gross salary Sara's gross income is $55,000. She contributes $2.500 of her gross income to the 401k every year. How much free money is she missing out on? $800 $600 $3,000 $6.000What is George’s gross income if he has the following: Salary = $78,000; Dividends = $4,000; interest on city of San Francisco bonds = $2,000; a gain of $14,000 on a stock sale and a $4,000 loss on a small sole proprietorship that he owns. a. $78,000 b. $84,000 c. $92,000 d. $96,000
- 2. Sarah takes a full-time position that pays a salary of $80,000 per year with paid vacation/sick days. The government takes out 6.2% for Social Security, 1.45% for Medicare, and 15% for Federal income tax. Health insurance is $350 a month and retirement is $300 a month. GAI: $ Process to get GMI: GMI: $ Process Add up Total Tax%: Subtract total tax from 100: Move decimal & multiply by GMI: ATM: $ Expenses Vacation/sick days: Health Insurance: Retirement: Expenses: Total: $ Process to get Net Income: (ATM – Expenses) Net: $Tamara works for FunCorp. She makes $65,000 per year in salary. How much does she pay in FICA taxes for the year? $4,030.00 O $4,972.50 O $8,060.00 O $9,945.00want a self-employed during the tax year he had the following income and expenses grocer seats 80, 000 advertising 1,000 office expense $300 rent 10,000 liability insurance 3000 bookkeeping fees 500 utilities 2000 business meals purchase that restaurants 1,000 what is Juan's net profit or loss for the tax year
