In 2019, household employees are not required to pay FICA taxes on cash payments of less than $2,100 paid to any household employees in a calendar year. True or False

An employee works 35 regular hours during a workweek in September of 2023. The employee was hired twelve years ago, earns a salary of $122,500/year, and is exempt from the overtime provisions of the FLSA. To date, he has received no compensation beyond his annual salary. He has requested that his employer withhold 10% of gross pay, which is to be contributed to a 403(b) plan. Taxable income for federal income tax withholding = $ Taxable income for social security tax = $ Taxable income for medicare tax = $

Valentina is single and claims no dependents. Assume that Valentina has only one job or that step 2 of Form W-4 is not checked. Use the Wage Bracket Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later available online in Publication 15, Publication 15-T. "Federal Income Tax Withholding Methods." Use the appropriate wage bracket tables for a manual payroll systems Required: a. If Valentina is paid weekly and her annual wages are $82,680, what is the amount of withholding per paycheck? b. If Valentina is paid monthly with annual wages of $68,640, what is the amount of withholding per paycheck? c. If Valentina is paid biweekly with annual wages of $63,960, what is the amount of withholding per paycheck? d. If Valentina is paid semimonthly with annual wages of $77,160, what is the amount of withholding per paycheck? Amount a Withholdings per paycheck (b Withholdings per paycheck e Withholdings par paycheck d. Withholdings pet payg

Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the lastquarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amountof federal income taxes withheld each month is $1,040. Journalize the payment of wages, and recordthe payroll tax on November 29.

All the listed benefits paid by an employer are required to be included in an employee's income for a tax year except one. Which one?   Question 4 options:   a)  Tuition fees for training that relates to employer's work   b)  Medical expenses of an employee   c)  Forgiveness of employee debt   d)  Cost of life insurance

Lorna Hall’s real estate tax of $2,010.88 was due on December 14, 2019. Lorna lost her job and could not pay her tax bill until February 27, 2020. The penalty for late payment is  612%612% ordinary interest. (Use Days in a year table.)a. What is the penalty Lorna must pay? (Round your answer to the nearest cent.) Penalty Pay   b. What is the total amount Lorna must pay on February 27? (Round your answer to the nearest cent.) Total Amount

During 2023, Jacob, a 19-year-old full-time student, earned $4,500 during the year and was not eligible to participate in an employer-sponsored retirement plan. The general limit for deductible contributions to an IRA during 2023 is $6,500. How much of a tax-deductible contribution can Jacob make to an IRA?   Multiple Choice $0 (Full-time students are not allowed to participate in IRAs) $1,500 $4,500 $6,500

n 2020, Juergen made after-tax contributions of $24,300 to his employer's qualified plan. In August 2021, he requested a nonperiodic distribution. At that time, his account balance was $78,000 and he received a one-time distribution of $13,000. How much of the distribution is tax-free?    $0  $4,050  $11,300  $13,000

For 2018, the Social Security portion of the FICA tax is imposed at a rate of (not including any additional tax for high-income earners): a.6.2 percent for the employee and 7.65 percent for the employer. b.6.2 percent for only the employer. c.6.2 percent for the employee and 6.2 percent for the employer. d.6.2 percent for only the employee. e.None of these choices are correct.

The payroll of Swifty Company for September 2019 is as follows.Total payroll was $ 444,000, of which $ 120,000 is exempt from Social Security tax because it represented amounts paid in excess of $ 128,400 to certain employees. The amount paid to employees in excess of $ 7,000 (the maximum for both federal and state unemployment tax) was $ 401,000. Income taxes in the amount of $ 77,900 were withheld, as was $ 8,700 in union dues. The state unemployment tax is 3.5%, but Swifty Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee’s wages to $ 128,400 and 1.45% in excess of $ 128,400. No employee for Swifty makes more than $ 135,000. The federal unemployment tax rate is 0.8% after state credit.Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No…