N paid the family's medical expenses for the current year which totaled $3,600. Medicals Net Income N $2,500 Spouse Child under age 18 700 400 $110,000 60,000 500 What is the maximum federal medical expense credit? (Enter the amount as a positive number.) EA
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- Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. What is the social security tax paid if jose 's gross income is $145,780.00 for the year.Compute Darryl's total Social Security and Medicare taxes for the third quarter, if she is self-employed and earns $1,820.00 on a weekly basis. O $278.46 O $1,809.99 O $1,951.95 O $3,619.98
- In 2020, the amount of FICA (Social Security) amount due is_6.2_% on the first $137,700 earned for the calendar year. In2020, the amount of Medicare due is_0.9%_on all wages earned for the calendar year. Use the Worksheet Below to Calculate the Social Security and Medicare expenses due for each Self Employed Business Owner. Annual Wages Earned Annual Social Security Due Annual Medicare Contribution Due 1 $ 10,650 $25,500 $5,500 $18,300 $20,300 $120,000 $140,000 $225,000 $8,500 $257,000 2 3 4 5 7 8 10 Calculate: Self-Employed Taxes Owe for Business Owners. Use the Tax Table (brackets) to calculate the amount of Taxes each Business Owner will have to pay. MARRIED FILING so - $19,400 HEAD OF RATE SINGLE HOUSEHOL So - $13,850 10% SO - $9,700 12% $9,700 s39,475 $19,400 $78,950 $13,850 $52,850 22% S39,475 - S84,200 S78,950 - $168,400 $52,850 - S84,200 24% S84,200 - $160,725 S160,400 - $321,450 s84,200 - $160,700 S160,725 - $204,100 S321,450 - $408,200 S160,700 - $204,100 32% 35% $204,100 -…For tax year 2023Cindy has work-related dependent care expenses of $3,200 for the care of one qualifying person, and work-related dependent care expenses of $3,800 for another qualifying person. What amount of these work-related expenses may Cindy use when figuring the Child and Dependent Care Credit? A) $2,800 B) $3.000 C) $7,000 D) $6,000Below is a graph of the Robinson's annual expenses. How much will the Robinsons pay in state/local taxes if their gross annual household income is S85,420? a.$3.559.17 b. $8,542.00 C. $20.500.80 d. $29,897.00
- Cory Hunter's earnings are subject to deductions for Social Security, Medicare, and FIT. To date his cumulative earnings are $110,000. This week Cory earns $2,000. Cory, who is married, is paid weekly and files jointly. Assume the Social Security rate is 6.2% on a maximum of $ 142,800 and 1.45% for Medicare. Use percentage method to calculate FIT. His net pay for the week is ? A $1, 956.17 B $2, 036.60 C $1, 672.60 D $2,031.70: If an individual whose filing status is single earns $256,000 during the year, what portion of the earnings are subject to Additional Medicare Tax, and what is the total (standard and Additional) Medicare Tax rate that will be applied to these earnings? Answer: A. $6,000 and 0.9% B. $6,000 and 2.35% C. $56,000 and 0.9% D. $56,000 and 2.35%Saved nework i Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $12,900. He is single and claims 1 deduction. Before this payroll, Barrett's cumulative earnings were $128,045. (Social Security maximum is 6.2% on $128,400 and Medicare is 1.45%.) Calculate FIT by the percentage method. (Use Table 9.1 and Table 9.2) (Round your answers to 2 decimal places.) FIT Social Security taxes Medicare taxes < Prev 10 of 16 Next
- Mary earned $49,258.75 for the past calendar year. How much did she pay for the year in social security and Medicare taxes? (Social Security Tax is 6.2% of gross wages up to $128,400. Medicare Tax is 1.45% of all gross wages.) A. $3,462.29 B $3,615.29 C. $3,768.29 D. $4,150.79Required: A married couple received $9,200 of social security benefits. a. Calculate the taxable amount of those benefits if the couple's provisional income is $20,500. b. Calculate the taxable amount of those benefits if the couple's provisional income is $38,000. c. Calculate the taxable amount of those benefits if the couple's provisional income is $56,000. Taxable amount of benefits a. b. C.Find the net pay for each of the following employees after FICA, Medicare, federal withholding tax, state disability insurance, and other deductions have been taken out. Assume that none has earned over $130,000 so far this year. Assume a FICA rate of 6.2% Medicare rate of 1.45% and a state disability insurance rate of 1%. Use the percentage method of withholding. 8. L. Soltero: $5410 monthly earnings, 1 withholding allowance, single, $47.80 in other deductions 9. Mike Jennings $4147.38 monthly earnings, 5 withholding allowances, mareied, union dues of $15, charitable contributions of $41.65, state withholding of $25.70 10. Carla Lorenz: $1468.25 weekly earnings, 4 withholding allowances, married, credit union savings of $18, charitable contributions of $10 Complete the following payroll ledger. Find the total gross earnings for each employee.
