Marc Batchelor, a self-employed sales consultant, has estimated annual earnings of $309,000 this year. His social security tax rate is 12.4% up to the wage base, Medicare is 2.9%, and his federal income tax rate is 24%. How much estimated tax (in $) must Marc send to the IRS each quarter

Haru is a self-employed cash-method, calendar-year taxpayer, who made the following cash payments related to his business this year. Calculate the after-tax cost of each payment assuming Haru has a 37 percent marginal tax rate. b. $3,300 of interest on a short-term loan incurred in September and repaid in November. Half of the loan proceeds was used immediately to pay salaries and the other half was invested in municipal bonds until November.

The following information applies to the questions displayed below.] Haru is a self-employed cash-method, calendar-year taxpayer, who made the following cash payments related to his business this year. Calculate the after-tax cost of each payment assuming Haru has a 37 percent marginal tax rate.   a. $500 fine for speeding while traveling to a client meeting. b. $800 of interest on a short-term loan incurred in September and repaid in November. Half of the loan proceeds was used immediately to pay salaries and the other half was invested in municipal bonds until November. c. $600 for office supplies in May of this year. Haru used half of the supplies this year, and he will use the remaining half by February of next year. d. $450 for several pairs of work boots. Haru expects to use the boots about 80 percent of the time in his business and the remainder of the time for hiking. Consider the boots to be a form of clothing.

Neville has an annual salary of $90,000. He contributes 27.5% of his pre-tax income to his mortgage and 401(k), and he pays $500 per month for car and health insurance (pre-tax, deducted after mortgage and 401(k)). All taxes are calculated based on Neville’s adjusted gross income (pay remaining after mortgage, 401(k), and insurance payments). He must pay: 8% tax on the first $8,000 in income, 18% tax on any income between $8,001 and $40,000, 28% tax on income between $40,001 and $100,000, and a 4% tax on his total adjusted gross income. What is Neville’s approximate quarterly take-home pay after all deductions have been made?   (A) $10,511.00 (B) $11,272.50 (C) $12,003.34 (D) $14,504.50

1. Ms. Evelyn is tax compliance officer at the Bureau of internal revenue earning a monthly salary P35,196.00. How much is Ms. Evelyn's take home pay? 2. Allan S. Gala is a sales representative at a private pharmacy. He is given a monthly rice subsidy of P2,000.00. Over his monthly salary of P24,300.00. How much is his monthly net pay?

Dr. Josef Young earns an adjusted gross weekly income of $2,472. How much Social Security tax should be withheld the first week of the year? How much Medicare tax should be withheld? The Social Security tax rate is 6.2% from earnings to be taxed to a maximum annual wage of $118,500. The Medicare tax rate is 1.45% from all earnings to a maximum annual wage of $200,000.   The Social Security tax is $??? (Type an integer or a decimal. Round to the nearest cent as needed.)   The Medicare tax is $??? (Type an integer or a decimal. Round to the nearest cent as needed.)

My 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

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?

Kenneth McFarland's weekly gross earnings for the week ending March 9 were $2,170, and her federal income tax withholding was $390.60. Assuming the social security tax rate is 6% and Mcdicarc tax is 1.5% of all carnings, what is McFarland's net pay? If required, round your answer to two decimal places.

Sky Company employed Tom Mills in Year 1. Tom earned $5,900 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $130,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom's federal income tax withholding amount is $870 per month. Use 5.4 percent for the state unemployment tax rate and 0.6 percent for the federal unemployment tax rate on the first $7,000 of earnings per employee