Frederick is married, he earned $2,655 last week, and had year-to-date earnings of $141,344. Use the 2021 tax rates to find Social Security and Medicare deductions for the problem.
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Frederick is married, he earned $2,655 last week, and had year-to-date earnings of $141,344.
Use the 2021 tax rates to find Social Security and Medicare deductions for the problem.
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- Find the gross income, the adjusted gross income, and the taxable income. A single man earned wages of $43,200, received $1700 in interest from a savings account and contributed $2500 to a tax-deferred savings plan. He is entitled to a personal exemption of $3800 and a standard deduction of $5950. The interest on his home mortgage was $7500, he paid $2000 in property taxes taxes, and he contributed $2500 to charity. $44,900; $42,400; $26,600 $44,000; $42,000; $26,600 $44,900; $42,000; $26,600 $42,900; $42,000; $26,000Married taxpayers Otto and Ruth are both self-employed and file a joint return. Otto earns $352,000 of self-employment income and Ruth has a self-employment loss of $44,700. How much 0.9 percent Medicare tax for high-income taxpayers will Otto and Ruth have to pay with their 2020 income tax return? If required, round your final answer to nearest dollar.Marvin, age 66, is retired and single. He earned the following income in 2022. To determine if any of his Social Security is taxable, he should compare how much of his income to the $25,000 base amount? Part-time job Interest on checking account Social Security Taxable pension Total $10,500 $4,000 $16,500 $7,000 $38,000
- During 2021, taxpayer, who is not self-employed, paid the following expenses: $13,000 for health insurance premiums, $3,000 to doctors and hospitals for medical treatment. $1,250 for prescription drugs, $130 for over-the-counter cold remedies, and $4,000 for cosmetic surgery to improve Taxpayer's appearance. In addition, Taxpayer received $2,000 in reimbursements from their health insurance company during the year. If Taxpayer's AGI is $110,000, determine the amount of itemized deduction for medical expenses Taxpayer may deduct after all applicable limitations. $7,000 $7,130 $8,250 $9,000 $11,000Griffin is a server at a la Jolla restaurant. Griffin received 1200 in unreported tips during 2022 and owes social security and Medicare tax on these tips. His total income for the year including tips is 3400. Is Griffin required to file an income tax return for 2021?Social Security is paid in with after-tax dollars but may be subject to tax if annual income exceeds a base amount. A single taxpayer’s base is $25,000. Married taxpayers filing jointly have a base of $32,000. Married taxpayers filing separately have a base of zero. Suppose Eric is retiring this year at age 67. The following table shows his data. Part-time salary $30,500 Annual savings account interest $300 Annual dividends $2,750 Annual interest on Dallas municipal bonds $1,550 Based on the income calculated, Eric will have % of his Social Security benefits taxed.
- Toby and Nancy are engaged and plan to get married. During 2023, Toby is a full-time student and earns $6,700 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Nancy is employed and has wages of $85,800. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Toby Filing Single $ $ 6,700 Nancy Filing Single $ $ $ 85,800See picture for detailsA new client, Mery, is your first client. She requires to lodge her income tax for 2020/21. Furthermore, she hasdone some charitable works this year. So, she wants to know about the legal provisions and asks what types ofentities are exempt from income tax? Answer the question.Furthermore, she gave her annual income and deduction below. Calculate her Total Assessable Income, TaxableIncome, Total tax Liability, including Medicare Levy and Medicare Levy Surcharge, if applicable, for the taxpayer(Mery ) with the information below:• Mery is a resident single mom with one dependent child (7 years old) taxpayer of Australia for the tax year2020-2021• Her Taxable Salary earned is $102,000 (Including tax withheld) having no private health insurance.• She had a $7,000 deduction.• Mery has a student loan outstanding for his previous studies at Queensland University technology of$42,000.• Mery’s employer pays superannuation guarantee charge of 10% on top of her salary to her nominatedfund.• Mery…
- Determine the taxable amount of Social Security benefits for the following situations. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". a. Tyler and Candice are married and file a joint tax return. They have adjusted gross income of $40,000 before considering their Social Security benefits, no tax-exempt interest, and $14,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. b. Assume Tyler and Candice have adjusted gross income of $17,600 before considering their Social Security benefits, no tax-exempt interest, and $19,360 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. c. Assume Tyler and Candice have adjusted gross income of $106,000 before considering their Social Security benefits, no tax-exempt interest, and $15,900 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.Determine the taxable amount of Social Security benefits for…Malcolm and Megan Johnson are both over age 65, married and are filing a joint tax return for 2020. The joint Social Security is 644-47-7833. The couple has AGI of $ 28,108 for 2020 and provided the following information all which can be verified for 2020: Medical related expenses: Medical insurance premiums $ 1,200 Premiums in insurance policy that pays $100 per day for each day that Megan is hospitalized 400 Medical care and lodging 80 Hospital bills 2,200 Doctor bills 750 Dentist bills 240 Prescription drugs and medicines 360 Over-the-counter medicines 510 Marriage counseling 400 The couple drove 90 miles for medial transportation and their insurance reimbursed them $850 for the above expenses. Taxes related expenses: Megan’s employer withheld State income tax $ 3,400 Megan paid additional state income tax for 2019 600 Real estate taxes on home 2,100 Personal property taxes based on home value 130 State gasoline taxes 80 General sales tax for the year 1,200 Federal income taxes…34.For 2020, the maximum percentage of Social Security benefits that could be included in a taxpayer’s gross income is: 0% 25% 50% 75% 85% 36. Dana and Larry are married and live in Texas. Dana earns a salary of $45,000 and Larry has $25,000 of rental income from his separate property. If Dana and Larry file separate tax returns, what amount of income must Larry report? $0 $22,500 $25,000 $47,500 None of the above
