Question 18: What is the total Medicare tax rate for an employee who is subject to both standard Medicare tax and Additional Medicare tax? Answer: А. O 2.35% В. O 2.45% С. O 6.2% D. O 7,65%
Q: what first triggers the calculation of the additional child tax credit
A: The calculation of the additional child tax credit is triggered when a taxpayer is unable to fully…
Q: What percent of the average worker's preretirement earnings is replaced by Social Security?,…
A: Social Security is a social insurance program in the United States that provides financial support…
Q: Use the 2020 FICA Tax Rates to calculate the social security tax for a self-employed individual with…
A: Social Security Tax is paid on gross income. Social Security is a federal program that pays…
Q: Question 12: Match the payment due dates with the type of depositor. Following Friday Semiveekly…
A: Payment Due Date: In business, a due date is the latest date by which a payment on an invoice or…
Q: Question 11: Which statement regarding the calculation of taxes is accurate?
A: Q 11 Correct answer is Option D Reason - Because the tax are computed on net income after deducting…
Q: Question 10: What types of wage garnishments are typically satisfied before others? Answer: A.…
A: Wage garnishment means a person have unpaid debt then the court can issue an order to its employer…
Q: QUESTION 17 Calculate the total Social Security and Medicare tax burden on a sole proprietorship…
A: Type - Single Sole Proprietor Year - 2018 Profit - $300,000
Q: What percent is the additional tax on HSA distributions not used for unreimbursed medical expenses?…
A: Even though an individual at present is not eligible for contributions that made to HSA he can…
Q: Question 24 When an employer makes contributions to an employer-sponsored retirement plan, the value…
A: There are two types of employer sponsored retirement plans : Defined Benefit PlanDefined…
Q: Question 5: The contribution limit for a Payroll Deduction IRA increases once an employee reaches…
A: The correct answer is option (c)50
Q: Problem 9-7 The FICA Tax (LO 9.3) (No COVID-19 provisions) Lamden Company paid its employee, Trudy,…
A: Since the federal government forces companies to deduct these taxes from individuals' paychecks,…
Q: Question 15: Under the wage-bracket method for an employee who completed the 2021 Form W-4, what…
A: Withholding tax is the amount of money that an employer deducts from an employee's gross salary and…
Q: 1: Medicare tax A. Mandatory В. Voluntary 2: State income tax withholding A. O Mandatory В.…
A: Mandatory requirements are the necessary and important that need to be complied irrespective of…
Q: withholding
A: Tax indexing is actually the adjustment of different rates of taxation in response to inflation to…
Q: Social Security and Medicare tax: Multiple Choice Are paid only by employees i Have different rates…
A: Social security and Medicare tax are paid to the government for the future benefits may or may not…
Q: In which life stage(s) will you likely have low taxable income and fewer deductions or exempti O a.…
A: In different stages of life there are different amount of taxes to be paid depending on the income…
Q: Question 20: Which statement about Social Security tax is accurate? Answer: А. O During the pay…
A: Social security tax is mandatory or necessary payroll tax which is must for both employees and…
Q: What is the penalty for sending a required tax payment (unless specifically allowed) directly to the…
A: The federal revenue arm of the United States government, the Internal Revenue arm (IRS), is in…
Q: 22 What must an employer disclose in a defined contribution plan? The amount to be paid by the…
A: A Defined Contribution Plan is a retirement savings arrangement where employers and employees…
Q: Part V. Self-Employment Tax Computation 2019 Net Schedule-C income (from page 2): 184880___…
A: Self Employment Tax Internal Revenue Service (IRS) imposed to collect the taxable amount whether the…
Q: Problem 14-11 (Static) [LO 14-3, 14-4, 14-5) Terrell, an unmarried individual, has the following…
A: Terrel will be considered as head of the household as he has with him one dependent child.QBI…
Q: .of any sum payable to a resident will be disallowed if tax on the same is not O 30%. deducted or…
A: Tax deducted at source is a compulsory provision in income tax act , which says that if any tds has…
Q: Question 11: The taxable earnings threshold over which FUTA tax is not levied is: Answer: A. S7,000…
A: the taxable earnings threshold over which FUTA tax is not levied is $7,000.
Q: PSC 3-6 Calculate Federal Income Tax Withholding Using the Wage-Bracket Method (2020 or Later Form…
A: Here's how to calculate the federal income tax withholding for each employee using the wage-bracket…
Q: QUESTION 10 To assist pensioners with more than one source of income, legislation was introduced to…
A: Pensioners can have different sources of income. It makes the taxation of their income to be…
Q: QUESTION 19 1 Use the 2018 Payroll Tax Withholding Tables from IRS Pub. 15. Circular E(see Mastering…
A: Calculation of Federal Income Tax Withhold It is noted that there is two method to calculate the…
Q: Your client has a child at McNeese that is a full time student. Your client claims this child as a…
A: Answer:- Child tax credit:- Different nations offer parents with dependent children a tax advantage…
Q: QUESTION 14 If you are in the highest tax bracket. your tax rate on long-term capital gains is O a.…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Which of the following correctly describes defined benefit (DB) pension plans? A-A typical example…
A: Defined benifit is also written as DB. It is the pension plan in which the employee will receive the…
Q: Proofing Accessibilit E29 X✓ fx B The Chungs are married with one dependent child. They report the…
A: Calculate Adjusted Gross Income (AGI)1.1. Total Income Calculation:Schedule C net profit:…
Q: 031017 033117 ********* *** ***10,000.00 *********.68 32,100. 32,106.68 32,105.34 42,105.34 28634…
A: Formula for calculation of Withholding Tax = Tax Deducted/Amount Credited * 100 Case 1: Amount…
Q: Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment…
A: Marginal Tax Rate = Change in Tax LiabilityChange in Taxable Income
Q: In 2021, Lucy and Evan Stuart have a daughter who is 2 years old. The Stuarts are full-time students…
A: Introduction: AGI begins with your gross income and is subsequently lowered by various "above the…
Q: Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to…
A: Withholding Taxes - Percentage method Taxes that are withheld from an employee's pay or compensation…
Q: Question 21 The standard deduction is $12,200 for a single person. Suppose you file as a single…
A: The correct answer to this question is:○ $22,800.Here's a step-by-step explanation of how we arrive…
Q: PSb 5-4 Calculate SUTA Tax For each of the following independent circumstances calculate the SUTA…
A: Given, The rate of SUTA tax is 3.4% and taxable earning threshold is $ 8,500 2. Two employees…
Q: What is the treatment of disability pension income? Choose one answer. a. None of these b. Not…
A: The treatment of disability pension income depends on the type of disability pension and the…
Q: Wages and Salaries Expense Employee Federal Income Tax Payable United Way Contributions Payable…
A: The taxes that are paid by both the employer and the employee to support the country's employee…
Q: Which taxes are major taxes on income? That is, which taxes are normally paid in the form of…
A: The major taxes on income that are typically deducted from a worker's paycheck include:Income Tax:…
Q: Question 12: In general, when the number of withholding allowances increases for an employee who has…
A: For employees, withholding is the amount of federal income tax withheld from your paycheck. The…
Q: Taxable income Marginal tax rate 0-12.000 € 0% 12.001-30.000€ 29% 30.001-75.000 € 39% άνω 75.000 €…
A: on the taxable income the tax recharge by the government on the basis of income . generally as the…
Q: A defined-contribution plan specifies the benefits the employee will receive at the normal…
A: Defined Contribution Employer Contributes specific periodic amounts of contribution to the plan…
Q: QUESTION 10 FICA Rate (Social Security + Medicare Withholding) 7.65% (6.2% + 1.45%) Employee 7.65%…
A: The FICA Rate (Social Security + Medicare withholding) is 7.65% with a maximum of 6.2% as social…
Q: During the week ended June 15, Wiley Automotive's employees earned $2,650 of gross wages and had…
A:
Step by step
Solved in 2 steps
- Plz question no. 3 answer4G " 10:12 O O B 01:58:14 Remaining Multiple Choice X, a resident citizen, had the following income for taxable year 2019: Compensation Income P750,000 Non-taxable Compensation Income 80,000 Gross Business Income 370,000 Deductions 490,000 Other Gross Income 60,000 Compute for the Income Tax due/ payable of Mr. X P67,500 P82,500 P97,500 P670,000 17 of 60D42 Enter X 21 Gross FUTA Tax DUE 22 23 Problem 4 24 25 26 27 28 29 30 Total Futa Taxable Wages 31 Credit against FUTA (assume applicable) 32 33 34 Problem 5 35 36 37 38 39 40 Gross FUTA Tax DUE 41 Credit against FUTA (assume applicable) 42 NET FUTA tax: With the following data, compute the Credit against FUTA: (assume applicable as well as the Maximum Credit allowed). Esc B With the following data, compute the NET FUTA Tax. Instructions Accessibility: Good to go ☆ Type here to search F1 fx 3650 Problem 1 4₁ @ 2 F2 # F3 Problems 2-5 3 $ 127,000 (c) $ Ş ZI -¤- CỌ: C (b) 6,750 3,100 (d) 3650 $ O E F4 4 F5 % 5 F6 8 AS b F7
- Question 12: Employees are required to contribute toward the purchase of disability insurance in all 50 states. Answer: А. O True В. O Falsea. Into which type of account are employer's payroll contributions entered? i. Asset Expense Revenue Retained Earnings ii. iii. iv. b. What type of account is the Employee Advances account? i. Asset ii. iii. iv. c. What is the employer premium amount for Employment Insurance? i. 3.3 times the employee premium ii. iii. iv. Liability Equity Expense ii. iii. iv. d. What is the employer contribution amount for Canada Pension Plan (CPP)? The same as amount as the employee's premium i. The same amount as the employee premium 1.4 times the employee premium None of the above iii. iv. 3.3 times the employee's premium 1.2 times the employee's premium 1.6% of the employee's premium e. The payroll taxes are remitted to the i. ii. Ontario Revenue Agency Ministry of Finance Canada Revenue Agency Receiver General of CanadaQuestion 9: The Social Security wage base for 2021 is $142,800. Answer: A. O True В. O False
- Question 14 What is your average tax rate if you pay taxes of $7134 on taxable income of $57920? (Reminder: Enter your answer as a decimal, not a percentage.) Your Answer: Answer2020 Tax Rate Schedules Single-Schedule X Head of household-Schedule Z If taxable of the If taxable of the income is: But not атоunt income is: But not атоunt Over- over- The tax is: over- Over- over- The tax is: over- $ 9,875 .........10% 2$ $ $ 14,100 .........10% 2$ 9,875 40,125 $ 987.50 + 12% 9,875 14,100 53,700 $ 1,410.00 + 12% 14,100 40,125 85,525 4,617.50 + 22% 40,125 53,700 85,500 6,162.00 + 22% 53,700 85,525 163,300 14,605.50 + 24% 85,525 85,500 163,300 13,158.00 + 24% 85,500 163,300 207,350 33,271.50 + 32% 163,300 163,300 207,350 31,830.00 + 32% 163,300 207,350 518,400 47,367.50 + 35% 207,350 207,350 518,400 45,926.00 + 35% 207,350 518,400 156,235.00 + 37% 518,400 518,400 154,793.50 + 37% 518,400 Married filing jointly or Qualifying widow(er)- Schedule Y-1 Married filing separately-Schedule Y-2 If taxable of the If taxable of the income is: But not атоunt income is: But not атоunt Over- over- The tax is: over- Over- over- The tax is: over- 2$ $ 19,750 .........10% $ $ $ 9,875…[Item #7] Multiple Choice
- QUESTION ONE Mr Stephen Ncube is a resident of Zambia. The following detail relate to his employment in the tax period ended 31 July 2020. Salary Bonus Cost of living allowance Refund from medical aid society Cell phone allowance Cash in lieu of leave Expenses Doctor's consultation fees Contribution to retirement annuity fund Contribution to medical aid Contribution to medical pension fund Additional information provided by the employer ZMW 240 000 52 000 16 000 6 000 8 000 000 4 18 000 30 000 36 000 39 000 Requirements Calculate Stephen Ncube's tax liability for the year ended 31 December 2020. 1. The employer provided him with a well-furnished company house in April, however, according to the Rentals Board, market related rentals for the house was 6 000 ZMW per month. According to the employer the upkeep of the house was 2 000 ZMW per month. Stephen paid 2 500ZMW per month to his employer. 2. In March the employer provided him with the free use of a car with an engine capacity 3 200…2c . Under the current tax treatment of employer-sponsored healthinsurance, how much is $100 of insurance worth for a worker whoseeffective tax rate is 25%? How much is $100 of insurance worth for aworker whose effective tax rate is 35%? -- show your calculationsand discuss the implications.Types of taxes
