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: Question 1 and 2
A: Dear student as there are 3 different questions asked by you as per norms we will…
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: Water Cruises rents canoes and other water crafts to campers and hikers. On February 15, 2021, Water…
A: Payroll register is a tool that contains information regarding wages like gross pay, income tax,…
Q: QS 9-19A (Algo) Net pay and tax computations LO P5 The payroll records of Speedy Software show the…
A: Payroll cost in business costs of salaries and other benefits paid to the employees and then after…
Q: Use the following to answer questions 14 – 18 - You have been working at a local distributor for the…
A: given Your bi-weekly salary is $1,500. Your average income tax rate is 12% plus FICA taxes at 7.65%.…
Q: REVISED WITHHOLDING TAX TABLE FOR COMPENSATION DAILY 1 2 3 4 5 6 Compensation Range 685 and…
A: The amount which is deducted by an employer from the gross wages of the employees and an employer…
Q: Which of the following types of employee benefits are not covered by AASB 119/IAS 19?
A: The correct answer is: (D) Share- based payments. Because AASB 119/AS 19 are related to employee…
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: mployee's Rates Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $118,500 of…
A:
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: What is the yearly employee contribution to the U.S. Social Security tax on a salary of 40,000…
A: Social Security Tax: Employers and employees are both subject to the Social Security tax, which is…
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: Saved Help Required payroll deductions include pension and health contributions, health and life…
A: The payroll deductions are the deductions, which are made by the employer over the gross salary of…
Q: QUESTION 3 The following amounts are paid by the employer for an employee, Jessica Jones, during the…
A: To calculate the total Section 6 taxable benefits for Jessica Jones, we need to sum up the values of…
Q: Exercise 10.8 (Algo) Determining federal income tax withholding. LO 10-5 Data about the marital…
A: The income tax withholding per employee was based on Federal Withholding Tax Tables (Partial). Each…
Q: Question 3 Kansas State Income Taxes rates for Singles are 3.1% I $30,000 4 pts Where I is taxable…
A: Part 2: Explanation:1. Step 1: Calculating the taxable income by subtracting the standard deduction…
Q: Metro Media Company pays its employees monthly. Payments made by the company on October 31 follow.…
A: It is given that, use an earnings ceiling of $132,900 for social security taxes. That means the…
Q: d. Smithers is self-employed and is also married. Smithers's spouse, Samantha, is employed full time…
A: Self-employed people frequently bear the cost of their health insurance premiums. This can be…
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: Suppose Mondaire has $96,700 of income from work and is not self-employed. How much will Mondaire…
A: Introduction: FICA means the Federal Insurance Contributions Act. It is the legislation that forces…
Q: Question 7: Which of these taxes is NOT remitted with Form 941? Answer: A. O Federal income tax В. O…
A: Note: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered…
Q: Payments Taxable Income Basic Salary Commission Over time pay Deductions SSS Contribution Pag ibig…
A: (a) Gross Taxable Income = P91500 Total non taxable income = P4750 Total Gross payment = Gross…
Q: How much withholding tax on compensation will Near Eastern University. withhold on the salary of…
A: The amount of tax that is deducted by an organization and has to be paid to the tax authority is…
Q: PR The following data for Throwback Industries Inc. relate to the payroll for the week ended…
A: Payroll Summary - It is a report which also known as payroll activity summary report, which shows a…
Q: Exercise 10.6 (Algo) Determining social security withholding. LO 10-3 The monthly salaries for…
A: If employee gross pay is below the limit of earnings base then entire amount of social Security tax…
Q: Question 13: Which of the following payroll register columns can contain a combination of multiple…
A: A payroll register is measure to maintain wage records/ information about gross pay, deductions, tax…
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: PSa 3-7 Calculate Federal Income Tax Withholding Using the Percentage Method (2020/2021 Form W-4)…
A: Federal income tax is a tax imposed by the United States federal government on the income of…
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: FUTA Tax Payable, $84 SUTA Tax Payable, $414 Federal Income Tax Payable, $4,622 Instructions 1.…
A: Federal tax is the money used by the government of a country to pay for the growth and upkeep of 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: Question 6 of 40 The first section of Form 1120 requests O A. income by category O B. the tax…
A: The first section of Form 1120 requests the name of the corporation and the income generated from…
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: Required information Problem 6-4A & 6-5A (Algo) [The following information applies to the questions…
A: Introduction:SUTA and FUTAFUTA refers to the Federal Unemployment Tax Act which states that every…
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: Question 9: The Internal Re venue Senvico levies a small senvice fee for emplovers wbo utilize the…
A: The Internal Revenue Service is the taxation authority in the USA. It takes…
Q: How does an employer know how much to withhold from a your paycheck for federal income tax? Your…
A: Employers must deduct federal income tax from workers' paychecks.The amount withheld is not…
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:
Q: 3. Danielle Curtain files as married fing jointly on her tax retum and earned weekly gross pay of…
A: The wage bracket method can be used by employees who are claiming a maximum of 10 allowances. The…
Q: Problem 4 With the following data, compute the Credit against FUTA (assume applicable as well as the…
A: FUTA refers to the Federal Unemployment Tax Act which states that every employer requires to pay 6%…
Step by step
Solved in 2 steps
- 43. REVISED WITHHOLDING TAX TABLE FOR COMPENSATION DAILY 1 2 3 4 5 6 Compensation Range 685 and below 685-1,095 1,096-2,191 2,192-5,478 5,479-21,917 21,918 and above Prescribed Withholding Tax 0 0 + 20% over 685 82.19 + 25% over 1,096 356.16 + 30% over 2,192 1,342.47 + 32% over 5,479 6,602.74 + 35% over 21,918 WEEKLY 1 2 3 4 5 6 Compensation Range 4,808 and below 4,808-7691 7,692-15,384 15,385-38,461 38-462-153,845 153,846 and above Prescribed Withholding Tax 0 0 + 20% over 4,808 576.92 + 25% over 7,692 2,500 +30% over 15,385 9,423.08 + 32% over 38,462 46,346.15 + 35% over 153,846 SEMI-MONTHLY 1 2 3 4 5 6 Compensation Range 10,417 and below 10,417-16,666 16,667-33,332 33,333-83,332 83,333-333,332 333,333 and above Prescribed Withholding Tax 0 0 + 20% over 10,417 1,250 + 25% over 16,667 5,416.67 + 30% over 33,333 20,416.67 + 32% over 83,333…PSb 3-7 Calculate Federal Income Tax Withholding Using the Percentage Method (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 2020 Form W-4. Refer to Appendix A, 2020 Federal Tax Tables in your textbook. Publication 15-T (2020) 1: Julia Jacobsen files as single on her tax return and earned weekly gross pay of 500. For each pay period she makes a 401(k) contribution of 2% of gross pay. Julia checked box 2c on Form W-4, entered $40 on line 4c of the form, and did not enter any information in step 3 of the form. Federal income tax withholding = | 2: Alejandro Wright files as single on his tax return and earned weekly gross pay of 1300. He does not make any retirement plan contributions. Alejandro entered 500 in step 3 of the form and did not enter any information in steps 2 & 4 of the form. Federal income tax withholding = $ Tentative Federal Income Tax Withholding = $ 3: Beatrice Nen files…Question 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: AnswerProblem 9-13----2019The FUTA Tax (LO 9.6) Thomas is an employer with two employees, Patty and Selma. Patty's wages are $12,450 and Selma's wages are $1,310. The state unemployment tax rate is 5.4 percent. Calculate the following amounts for Thomas: Round your answer to two decimal places. a. FUTA tax before the state tax credit $ b. State unemployment tax $ c. FUTA tax after the state tax credit $[Item #7] Multiple Choice
- ROUP 2: sodiaschow slicerbot been ad bloco il todos) letovarlad su OBLEMS 2.1 2.1 1. Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross income for the 2021 tax year. a. Welfare payments b. Commissions RIFOITD2 to nourt woll |||||||| Piruvor anolaulox3 ban Questions and Proble orli € 1697 6 002,02 c. Hobby income 122 d. Scholarships for room and board avea ins e. $300 set of golf clubs, an employee award for length of service f. Severance pay j. Gifts k. Tips and gratuities noorain id yd g. Ordinary dividend of $50gms bash. Accident insurance proceeds received for personal bodily injury i. Inheritances 20 2. Jane is a roofing contractor. Jane's friend needed a new roof but did not have the cash to pay. Jane's friend instead paid with a used truck that Jane could use in her roofingAnswer fully and correctly u will get upvoteQUESTION 8 FICA Rate (Social Security + Medicare Withholding) 7.65% (6.2% + 1.45%) 7.65% (6.2% + 1.45%) Employee Employer 15.3% Self-Employed (12.4% + 2.9%) Note: For employed wage earners, their Social Security portion is 6.2% on earnings up to the taxable maximum. Their Medicare portion is 1.45% on all earnings. Based on the above schedule, if Rosa owns a small hair salon, what is her FICA rate? O 7.65% O Her rate is dependent upon her taxable income bracket O 15.3% O 6.2%
- Question 7: What is the highest number of withholding allowances an employee using the wage-bracket method can claim on a pre-2020 Form W-4? Answer: А. В. С. 10 D. 48047. REVISED WITHHOLDING TAX TABLE FOR COMPENSATION DAILY 1 2 3 4 5 6 Compensation Range 685 and below 685-1,095 1,096-2,191 2,192-5,478 5,479-21,917 21,918 and above Prescribed Withholding Tax 0 0 + 20% over 685 82.19 + 25% over 1,096 356.16 + 30% over 2,192 1,342.47 + 32% over 5,479 6,602.74 + 35% over 21,918 WEEKLY 1 2 3 4 5 6 Compensation Range 4,808 and below 4,808-7691 7,692-15,384 15,385-38,461 38-462-153,845 153,846 and above Prescribed Withholding Tax 0 0 + 20% over 4,808 576.92 + 25% over 7,692 2,500 +30% over 15,385 9,423.08 + 32% over 38,462 46,346.15 + 35% over 153,846 SEMI-MONTHLY 1 2 3 4 5 6 Compensation Range 10,417 and below 10,417-16,666 16,667-33,332 33,333-83,332 83,333-333,332 333,333 and above Prescribed Withholding Tax 0 0 + 20% over 10,417 1,250 + 25% over 16,667 5,416.67 + 30% over 33,333 20,416.67 + 32% over 83,333…Match with the right answer
