Jessica makes $24,000 a year, but receives weekly paychecks. If 12% of her checks is withheld for federal taxes,what is her required weekly deduction including FICA?
Q: Nitai, who is single and has no dependents, was planning on spending the weekend repairing his car.…
A: Tax is the liability which has to be paid by the individual and the corporation to the Federal…
Q: To help Janette cover her college expense, parents provide Janette with a monthly allowance of $340.…
A:
Q: Suzanne works in a garment factory and is paid a basic rate of $19.26 for each hour worked between…
A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…
Q: Alex makes $80,000 per year and pays about 30% of his gross monthly income in federal and state…
A: Federal and state tax are the mandatory deductions from the income. Income left after tax will be…
Q: In 2021, Lance earns $39,000 from his job in total income. He contributes $3,000 to his Roth 401(k),…
A: Roth 401(k) is a account which in which a small contribution is deposited by employee to generate…
Q: Jordan earns $55,945 per year and is paid semi-monthly how much would jordan pay for Medicare tax?
A: Tax refers to the amount charged by the government on the earnings earned by the individual or…
Q: The bank requires that the Dotkoms pay their homeowner's insurance, property taxes, and mortgage in…
A: The term mortgage refers to the loan taken from bank against which bank against some collateral…
Q: What penalties will Chip owe if his current year tax is $41,000? $35,800? nonalty)
A: Unpaid taxes are subject to their own charges. Even if a customer files his / her returns or…
Q: Nitai, who is single and has no dependents, was planning on spending the weekend repairing his car.…
A: Opportunity cost can be defined as the loss of what is given up when choosing the alternative over…
Q: What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly…
A: Payroll tax: This is the tax which is withheld by an employer from the pay of the employee and…
Q: A caterer earns £1375 per month. How much income tax will she pay for the year?
A: Income tax is a type of policy legislative or regulatory on income made by organizations and…
Q: Jose is a member of a credit cooperative. The first P 50,000 of his savings earns interest at a rate…
A: A dividend refers to the earnings that a company earns on stocks. Stocks offer dividends to…
Q: Martin has $4,200 in doctor bills for the year. His deductible is $300. His policy pays 80% once he…
A: Martin pay including his deductible=$4,200-$300×80100+$300=$3,420
Q: maggie vitteta, single, works 40 hours per week at $12.00 an hour. how much is taken out for federal…
A: (1) Employee - Maggie Vitteta (2) Status - Single (3) Number of Hours Worked = 40 hours per week (4)…
Q: Sherry, who is 52 years of age, opened a Roth IRA three years ago. She has contributed a total of…
A:
Q: Angelo has a yearly salary of $65,800. If he pays a 15% federal tax, a 6.2% social security tax, a…
A: YEARLY salary =65800 Total tax=15+6.2+6+3.5=30.7%
Q: Sherry, who is 52 years of age, opened a Roth IRA three years ago. She has contributed a total of…
A: After tax amounts are the net earnings which are left for the tax payer after paying all expenses,…
Q: Sammy Jo charged $1,000 worth of merchandise one year ago on her MasterCard. which has a stated…
A: Credit cards, other digital payments are used for short-term financing. Credit cards and master…
Q: Leanne is a government employee and has 10 days sick leave credits and 7 days vacation leave…
A: If a person , who is government employee can pay for the sick leave and vacation leave also, if he…
Q: Karen Most has a federal tax levy of $2,100.50 against her. If Most is single with two personal…
A: Tax: It is levied on individual and the Corporation by the Federal Government of the country.
Q: A single person has taxable income of $52,000 per year. He contributes $1,000 to his company’s…
A: A flexible spending account is a saving account which provides specific tax benefits to the holder…
Q: Samantha works for IBM and is entitled to receive a monthly salary of $5,000. Samantha enters into a…
A: Given, Monthly salary = $5,000 Paid for child-support agreement = $2,000 Deposited into Ex’s bank…
Q: Maile is a full-time exempt employee in Boca Raton, Florida, who earns $1,559.15 per biweekly…
A: GIVEN DATA Maile is a full-time exempt employee in Boca Raton, Florida, who earns $1,559.15 per…
Q: Francisco's gross income this year is $29,550. His employer withholds $55 per month to pay for his…
A: The taxable income is used to calculate the total gross income which is deduct with the employer pay…
Q: Marc Batchelor, a self-employed sales consultant, has estimated annual earnings of $303,000 this…
A: The estimated tax must M sent to IRS is $29,769.75 (each quarter).
Q: Robert and Nicole Patterson, both age 26, have been married for four years and have no children.…
A: Here both Robert and Nicole Patterson are married couple 4 years before and has no children.…
Q: 9. Joe is married and claims three allowances. The gross earnings on his last biweekly check were…
A: The federal withholding tax rate is applicable based on the filing status of the taxpayer and the…
Q: Sherry, who is 52 years of age, opened a Roth IRA three years ago. She has contributed a total of…
A: As per the given question, Sherry receives $ 14,000 as a withdrawal of distribution from the Roth…
Q: Kim earned $30,000 from Pfizer before she was laid off. She then collected $7,000 of unemployment…
A:
Q: Michael earns $10,000, and his tax liability for the current year is $8,000, double what it was the…
A: The tax liability refers to the part of taxable income which becomes liability of taxpayer towards…
Q: If he does this, how much will he owe in taxes and penalties on this distribution if he is in the…
A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any…
Q: Connor has an annual salary of $43,000, and his company pays him twice a month. How much is withheld…
A: FICA includes three kind of withheld:- 1) Social Security Tax - 6.2% from the first $137,700 an…
Q: Santos, a retired public school teacher, relies on her pension from the GSIS and the interest income…
A: Here there are some list of items which are incurred are excluded from the gross income of the…
Q: Marcus faces a progressive federal income tax structure that has the following marginal tax rates:0…
A: Income Tax - It is a tax imposed on the individuals or company for the income earned during a…
Q: Pat receives a series of four annual federally subsidized student loans, each for $5500 at 6.6%…
A: Pat receives a series of four annual federally subsidized student loans, each for $5500 at 6.6% .…
Q: Samantha makes $28.00 per hour and is paid for a 40 hour work week. She pays 15% federal income tax,…
A:
Q: My daughter earns a salary of $40,800 per year, payable monthly. She is married and claims four…
A: Calculate total withholding allowance.
Q: Sammy's employer pays for 40% of her annual health insurance premium of $5,150.00. Sammy pays the…
A: As the employer is paying 40% of the premium Sammy will pay the balance of 100% - 40% = 60%
Q: Thomas earns $52,000 per year in salary. You pay 15% for federal income tax, no state taxes, no…
A:
Q: Sarah had been contributing $300 pre-tax per month to a retirement account that pays 2.16% interest…
A: The penalty amount will be applicable on the future value amount after 10 years
Q: Self-employed persons can make contributions for their retirement into a special tax-deferred…
A:
Q: Reggie makes $400 per week and has a cash taxable benefit of $5 00 per pay He is paid weekly How…
A: 1: Calculate the basic pay-period exemption Divide the basic yearly exemption ($3,500 for 2021) by…
Q: Steven takes a full-time position that pays an hourly wage of $32. The job assumes that he will work…
A: Salary - It is the amount of compensation will paid by the employer to employee for the performance…
Q: Daryl purchases $250,000 worth of life insurance at a rate of $15 per $1000. If he pays quarterly,…
A: When a person Purchases or sells Property , property taxes are paid. Life Insurance is a contract…
Q: To help Janette cover her college expense, parents provide Janette with a monthly allowance of $340.…
A: Present value denotes the present worth of money by discounting the future cash flows whereas future…
Q: Colby's gross income was $93,000 last year. If he had $1646.92 withheld for federal income tax from…
A: The gross income of a salaried person is the cost to the company. First, all the exemptions and…
Q: Carolyne is paid $2,000.00 biweekly. This year, to date, she has earned $23,300.00. What will be the…
A: Payment of $2000 is done biweekly, which means paycheck is received biweekly. Calculation of total…
Q: Calculating the tax on the taxpayer's income, Ahmed only
A: Taxpayer's are those individuals, businesses, or organizations who pay off some portion of their…
Q: Alys makes $450 per week. How much will be withheld from her weekly check for Social Security…
A: In the given question we require to calculate the amount withheld from her weekly check for Social…
Jessica makes $24,000 a year, but receives weekly paychecks. If 12% of her checks is withheld for federal taxes,what is her required weekly deduction including FICA?
Gross pay = Total annual pay /no of pay periods
Total deduction /withholding =Federal tax +FICA deduction
FICA deduction -
A. Social security - 6.20%
B. Medicare - 1.45%
Total 7. 65 % of Gross pay- FICA withholding
Since no information for state taxes given, these are ignored
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Dianne earns 19,600 per year. Her employer deducts 2,800 per year for income and social security taxes. How much money does she have for other expenses each month?Jamie receives a basic pay of P29,880 a month and a 2% commission on her sales. She sold P505,000 in December 2021. How much is her Taxable income? How much is her Tax due? PMy daughter earns a salary of $40,800 per year, payable monthly. She is married and claims four withholding allowances. What is her federal income tax? Gross monthly is $3400
- Shirley Riddle earns $2,338 biweekly. She is single and claims no withholding allowances. She saves 2% of her salary for retirement and pays $22.82 in nonexempt insurance premiums each pay period. The Social Security Tax is 6.2% from earnings to be taxed. The Medicare tax is 1.45% from all earnings. What are her net earnings for each pay period?Louise's monthly gross income is $2,700. Her employer withholds $540 in federal, state, and local income taxes and $216 in Social Security taxes per month. Louise contributes $108 per month for her IRA. Her monthly credit payments for Visa, MasterCard, and Discover cards are $36, $39, and $21, respectively. Her monthly payment on an automobile loan is $289. (a) What is Louise's debt payments-to-income ratio? (Enter your answer as a percent rounded to 1 decimal place.) Debt payments-to-income ratio % (b) Is Louise living within her means? O Yes O NoLouise’s monthly gross income is $2,800. Her employer withholds $560 in federal, state, and local income taxes and $224 in Social Security taxes per month. Louise contributes $112 per month for her IRA. Her monthly credit payments for Visa, MasterCard, and Discover cards are $44, $34, and $21, respectively. Her monthly payment on an automobile loan is $355. (a) What is Louise’s debt payments-to-income ratio? Im not sure how to answer this as a percent rounded to 1 decimal place. (b) Is Louise living within her means?
- Luna, a self-employed accountant, currently earns $100,000 annually. Luna has been able to save 18% of her annual Schedule C net income. Assume that Luna paid $11,000 in Social Security taxes, and that she plans to pay off her mortgage at retirement, thereby relieving her of her only debt. Luna presently pays $1,500 per month toward the mortgage principal and interest. Based on the information provided herein, what do you expect Luna's wage replacement ratio to be at retirement? Question 2 options: a. 49% b. 53% c. 59% d. 63%Miguel, a single teacher, earns $1,500 every two weeks (biweekly). He claims two allowances. What is his federal income tax withholding for each biweekly paycheck?John, a single father, has AGI of $83,000 in 2021. During the year, he pays $4,000 in qualified tuition for his dependent son, who just started attending Small University. What is John’s American Opportunity tax credit for 2021? $0 $1,750 $2,250 $2,500 $4,000
- K is self-employed. His annual estimated tax payment for 2021 to be $4500. K has over payment of $120 of last year's taxes which he will apply in his first quarter estimated payment. What should be the amount of tax voucher for the first quarter? O $255 $365 $250 O $260Nicole’s employer, Poe Corporation, provides her with an automobile allowance of $26,000 every other year. Her marginal tax rate is 32 percent. Answer the following questions relating to this fringe benefit. What is Nicole’s after-tax benefit if she receives the allowance this year? What is Poe’s after-tax cost of providing the auto allowance?Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare, and Federal Income Tax withholding (FIT) may be incorrect. Larren is paid a salary of $4,100 weekly. She is married, filing jointly and prior to this payroll check has total earnings of $140,000. What are the correct deductions for Social Security, Medicare, and FIT? Assume a rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. Note: Round your answers to the nearest cent. Social Security taxes Medicare taxes FIT Deductions $ $ $ 254.20 59.45 8.99