PSb 5-1 Determine the Applicable FUTA Tax Rate For each of the following businesses, determine the applicable FUTA tax rate for 2020 based on the locations listed below:   1: A business operating in the U.S. Virgin IslandsFUTA tax rate =  % 2: A business operating in Columbus, OhioFUTA tax rate =  % 3: A business operating in Austin, TexasFUTA tax rate =  % 4: A business operating in Oakland, CaliforniaFUTA tax rate =  % 5: A business operating in Birmingham, AlabamaFUTA tax rate

Question 1: What is the self-employment tax rate levied on the first $142,800 of 2021 net self-employment income? Answer: А. 2.9% В. 12.4% C. 15.3% D. 18.2%

Question 5 (Manda Based on 2018 tax schedules, the first dollar of personal taxable income is taxed at which of the following marginal tax rates? a) 20.0% b) 10.0% c) 15.0% d) 5.0% Question 6 (Mandatory Based on 2018 tax schedules, the first dollar of corporate income is taxed at which of the following tax rates? a) 15.0% b) 21.0% c) 10.0% d) 25.0% Question 10 (Mar Which of the following is not a likely source of first-round financing during the survival stage of a venture's life cycle? a) family and friends b) venture capitalists c) suppliers and customers d) commercial banks

PSc 3-5 Calculate Federal Income Tax Withholding Using Two Methods (pre-2020 Form W-4) For each employee listed, use both the wage-bracket method and the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to the Federal Tax Tables in Appendix A of your textbook. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Publication 15-T (2020) 1: Michael Daugherty (married; 5 federal withholding allowances) earned weekly gross pay of $855. For each period, he makes a 403(b) retirement plan contribution of 12% of gross pay. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $ 2: Carol Harrison (single; 0 federal withholding allowance) earned daily gross pay of $250. For each period, she makes a 401(k) contribution of 10% of gross pay. Using wage-bracket…

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Question 3: How much FUTA tax would an employer in a non-credit-reduction state owe if an employee has earned $6,400 to date and has current period taxable pay of $1,500? Answer: A. O $3.60 В. O 59 C. O $36 D. O $90

PSb 3-4 Calculate Federal Income Tax Withholding Using the Percentage Method (pre-2020 Form W-4) For each employee listed. use the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4 to the Federal Tax Tables in Appendix A of your textbook. Note: For simplicity. all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1. Juan Hoffman (single; 2 federal withholding allowances) earned weekly gross pay of $445. Federal income tax withholding=$

PSb 3-4 Calculate Federal Income Tax Withholding Using the Percentage Method (pre-2020 Form W-4) For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to the Federal Tax Tables in Appendix A of your textbook. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Publication 15-T (2020) 1: Juan Hoffman (single; 2 federal withholding allowances) earned weekly gross pay of $445. Federal income tax withholding = $ 2: William Harrison (single; 1 federal withholding allowance) earned biweekly gross pay of $990. He contributes $75 to a flexible spending account during the period. Federal income tax withholding = $ 3: Loretta Goulet (married; 3 federal withholding allowances) earned monthly gross pay of $2,800. For each period, she makes a 401(k) contribution of 14% of gross pay. Federal…

PSc 3-4 Calculate Federal Income Tax Withholding Using the Percentage Method (pre-2020 Form W-4) For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to the Federal Tax Tables in Appendix A of your textbook. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Publication 15-T (2020) 1: Tony Daniels (Married; 4 federal withholding allowances) earned weekly gross pay of $800. Federal income tax withholding = $ 2: Mario Gonzales (married; 5 federal withholding allowances) earned biweekly gross pay of $2,025. He participates in a flexible spending account, to which he contributes $100 during the period. Federal income tax withholding = $ 3: Angela Brown (single; 3 federal withholding allowances) earned monthly gross pay of $5,170. For each period, she makes a 401(k) contribution of 12%…

1. What self-employment tax rate is applied to earnings that exceed $142,800 in a year and also do NOT exceed the additional Medicare tax threshold? Answer:   A.    15.3%     B.    12.4%     C.    2.9%     D.    1.45% 2. What is the standard credit applied to the FUTA tax rate in non-credit reduction states? Answer:   A.    0.6%     B.    0.9%     C.    5.4%     D.    6% 3. An employer in a non-credit reduction state would pay FUTA taxes of _____ for an employee whose year-to-date earnings prior to the current period are $7,200 and who earns $1,100 during the current period. Answer:   A.    $0     B.    $6.60     C.    $43.20     D.    $49.80