In the current year, Chastain takes a trip from Charleston, South Carolina to France primarily for business purposes. He is away from home from March 5 through March 16. He spends four days vacationing and eight days (including two travel days) conducting business. His airfare is $2,900, his meals amount to $180 per day, and lodging and incidental expenses are $420 per day. He is self-employed.In your computations, round any division to two decimal places and use rounded amounts in subsequent calculations.Chastain's deductible expenses are:Plane and taxi expenses: $ Lodging and incidental expenses: $ Meals: $

Uramilaben

Connor has an annual salary of $43,000, and his company pays him twice a month. How much is withheld for FICA on each paycheck that Connor receives?

Tyrell has a tax service and accounting business in Redwood City. He decides to move to Center City, which is 150 miles away and sells his accounting practice to Able and Baker, a CPA firm. In the sales contract, he agrees that he will refrain from practicing accounting anywhere within a 20-mile radius of Redwood City for a period of two years. However, on weekends he returns to his house in Redwood City, and when clients call him, he meets with them in his home. The sales agreement: Ois being violated by Tyrell. O is invalid, because it is an illegal restraint of trade. O is illegal, because it is a violation of public policy. O will be divided into an enforceable, valid portion and an unenforceable, invalid portion, which is the time provision, because the two-year period is too long.

Old Town Entertainment has two employees in Year 1. Clay earns $4,500 per month, and Philip, the manager, earns $10,700 per month. Neither is paid extra for working overtime. Assume the Social Security tax rate is 6 percent on the first $110,000 of earnings and the Medicare tax rate is 1.5 percent on all earnings. The federal income tax withholding is 15 percent of gross earnings for Clay and 22 percent for Philip. Both Clay and Philip have been employed all year. Required a. Calculate the net pay for both Clay and Philip for March. b. Calculate the net pay for both Clay and Philip for December. c. Is the net pay the same in March and December for both employees? d. What amounts will Old Town report on the Year 1 W-2s for each employee? Complete this question by entering your answers in the tabs below. Req A and B a. Clay Calculate the net pay for both Clay and Philip for March. Calculate the net pay for both Clay and Philip for December. (Do not round intermediate calculations and…

Mr. Joplin sells a line of computer software for a company in Western Canada. In 2023, he was paid a base salary of $56,000 and received sales commissions of $88,200. He did not receive an allowance, nor was he reimbursed by his employer for any of his expenses. During the year, Mr. Joplin has the following employment-related expenses. View the expenses. View the additional information. Required Determine Mr. Joplin's employment income for 2023. Ignore all GST/HST and PST implications. k First, calculate the deductible CCA on the automobile used by Mr. Joplin. Enter the employment-related usage proportion as a percentage. Full capital cost allowance Employment-related usage proportion Deductible CCA on automobile Expenses Airline tickets Office supplies and shipping expenses Purchase of laptop computer Client entertainment Cost of new automobile (not zero-emission) Operating expenses of automobile $ 2,380 420 2,095 1,770 47,000 10,700 C X Additional Information Assume that $390 of the…

Diana and Ryan Workman were married on January 1 of last year. Ryan has an eight-year-old son, Jorge, from his previous marriage. Diana works as a computer programmer at Datafile Incorporated (DI) earning a salary of $96,000. Ryan is self- employed and runs a day care center. The Workmans reported the following financial information pertaining to their activities during the current year. a. Diana earned a $96,000 salary for the year. b. Diana borrowed $12,000 from Dl to purchase a car. DI charged her 2 percent interest ($240) on the loan, which Diana paid on December 31. DI would have charged Diana $720 if interest had been calculated at the applicable federal interest rate Assume that tax avoidance was not a motive for the loan. c. Ryan received $2,000 in alimony and $4,500 in child support payments from his former spouse. They divorced in 2016. d. Ryan won a $900 cash prize at his church-sponsored Bingo game. e. The Workmans received $500 of interest from corporate bonds and $250 of…

Parker is a salaried, nonexempt administrator for Forise Industries and is paid biweekly. The annual salary is $66,600 with a standard workweek of 40 hours. During the pay period ending February 3, 2023, Parker worked 8 hours of overtime. Parker is married filing Jointly with two dependents under the age of 17. Required: Complete the following payroll register for Parker's pay. Note: Round your intermediate calculations and final answers to 2 decimal places. Company Forise Industries Name Filing Status Period Salary Hourly Rate Dependents Parker Total Period Ended: 2/3/2023 Number of Regular Hours Number of Overtime Regular Earnings Overtime Earnings Gross Earnings Hours $ 0.00 $ 0.00 $ 0.00

Herman Swayne is a waiter at the Dixie Hotel. In his first weekly pay in March, he earned $360.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($700.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, married, 2 allowances), social security taxes, and state income tax (2%). Enter deductions beginning with a minus sign (-). Round interim amounts to two decimal places. Use these values in subsequent computations then round final answer to two decimal places. Gross pay $ Federal income tax $ Social security taxes - OASDI $ Social security taxes - HI $ State income tax $ Net pay $

Through November, Cameron has received gross income of $128,500. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $9,210 of revenue at a cost to Cameron of $3,850, which is deductible for AGI. In contrast, engagement 2 will generate $6,700 of qualified business income (QBI), which is eligible for the 201 percent QBI deduction. Cameron files as a single taxpayer, and he did not contribute to charity during the year. Calculate Cameron's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has no itemized deductions. Description (1) Gross income before new work engagement (2) Income from engagement (3) Additional for AGI deduction (4) Adjusted gross income (6) Deduction for QBI Taxable income Engagement 1 Engagement 2