What Form is required?Explaining why this is the correct form? 2.9 Tax Forms ScenariosFile Edit View Insert Format Tools Add-onsNormal textComfort100%Directions: Fill in the choart to deteSCENARIOWIErik thinks that he paid more intaxes last year than he shouldhave. He wants to comparewhat he actually paid to whathe actually owes.Leticia heard that she has topay taxes on all money shegains throughout the year fromany source. She has a savingsaccount thoat earns 1% interestand she needs to see how muchinterest she earned tis yegr

Tax is a charge for having excess income over the specified exemption limit. A tax is paid to the…

Answered: SCENARIO Erik thinks that he paid more…

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter4: Income Tax Withholding

Section: Chapter Questions

Problem 3SSQ

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Required information [The following information applies to the questions displayed below] Allie received a $50,000 distribution from her 401(k) account this year that she established while working for Big Stories, Incorporated. Assume that her marginal ordinary tax rate is 24 percent. c. Allie is 67 and retired. How much tax and penalty will Allie pay on the distribution? Tax and penalty 3
Activity 5Answer the following questions below using the graduated tax table. Write your answer on the space provided after every questions.a. How much is the tax due on a taxable income of P150,000?Answer:b. How much is the tax due on a taxable income of P290,000?Answer:c. Ms. Carol earns compensation income of P3,230,000 during a taxable year. How much is the tax due of Ms. Carol? Answer:d. Mrs. Emily married earns compensation income of P460,000 during 2019. How much 1s the tax due of Mrs. Emily? Answer: Week 5 ACTIVITIES 5 29 Fundamentals of Accountancy, Business and Management 2e. The payslip of Mr. Budoy shows the following information:Basic salary P348,000SSS contribution 6,976PhilHealth contribution 4,500Pag-IBIG contribution 1,210How much is the tax due to Mr. Budoy?Answer:
From: AhmedSent: Thursday, 17 September 2020, 11:23AMSubject: Lisa Eastwood – additional informationGood morning, Lisa has sent through the following information. Can you pull this togetherwith what you have examined already so we can have a tax estimate readyto go. B.1 Calculate Lisa’s Medicare Levy Surcharge. Show all workings. B.2 Calculate Lisa’s Net Tax Payable. Show all workings. Wages (Melbourne employment) - $125,000 net wages, PAYG withheldof $43,000 plus a bonus of $5,000 was paid. Wages (Darwin employment) - $25,000 net wages, PAYG withheld of$1,500 Interest income $1,000Allowable general deductions $3,300 Allowable specific deductions $1,000 Lisa is single with no private health insurance. Lisa has no reportable fringe benefits or reportable superannuationcontributions. Again, I need this by the end of Friday.Ahmed.Senior AccountantM&M Tax Accountants
Question content area top Part 1 Determine how much the following individual will save in taxes with the specified tax credits or deductions. Rosa is in the 28% tax bracket and claims the standard deduction. How much will her tax bill be reduced if she makes a $500 contribution to charity?
ESTIMATING TAXABLE INCOME, TAX LIABILITY, AND POTENTIAL REFUND. Hannah Owens is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned 55,000 as a sales assistant for Business Solutions: 3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of 142. She takes the standard deduction. Calculate her taxable income, tax liability, and tax refund or tax owed for 2015.
ront Peragraph Styies Edting Senitty Now let's do a problem where we know the person's taxes and want to find their taxable income, and their AGI You may find the functions you determined in the question above helpha 6. Suppose someone paid $17,500 in taxes What could this person's adjusted gross income be? 1040 Linels) Description Amount 1 and Sb Wagen, salanes, and Sps Adjusted gross income (AGI) Standard deduction and exemption (singie. nondependent) Subtract line 5 trom line 4 Taxable income Total Tax (hom schedule) Elfective tax rate (tax asacentage of all income) 11a $12 200 11b $17.500 2019 Tax Schedule (NOT ued for HW- separate Tax Schedules previded wm Single Taxable Income Tax Brackets and Rates, 2019 If taxxable income is over- but not oer the tax i $0,700 $0,700 $39,475 584 200 $160,725 $204, 100 $30 475 $94.200 $160,725 $204.100 $610,300 10% of the amount over $0 $970 plus 12% of the amount over $0,700 $4,543 plus 22s of the amount over $39475 $14,382 plus 24 of the amount…
Question 4 Use the following Total Tax / Annual Income relationship to determine which of the following is Beverly's total tax for last year if her income last was $164,000. What total income tax did Beverly pay in income tax. Group of answer choices $52,480.00 $33,495.50 $32,800.00
Question A Determining a Refund or Taxes Owed. Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in2019? LO2Net income, $48,190Deductions to determine net income, $11,420Federal income tax withheld, $6,784Total non-refundable tax credit amounts, excluding medical expenses, $12,069Medical expenses, $2,300 Don't work in Excel Full explainthe this question very fast solution sent me step by step Don't ignore any part all part work u Text typing work only not allow paper work
SEARCH ASK CHAT Question Carlos is a resident citizen. He maintains a savings account deposit with the BPI-Baguio City Branch. For the current year, his savings earned a total of P6,000 interest. How much is the final tax on said income? a. P300 b. P720 c. P1,200 d. P1,500
Activity 3 Use the following information for the next two questions. Write your answer on a separate sheet of paper. Mr Danny earns the following business income in a taxable year. Sales P 3,900,000 Sales returns and discounts 100,000 Inventory, beg. 30,000 Purchases 1,800,000 Operating expenses (itemized deductions) 780,000 Inventory, end. 80,000 1. How much is the tax due if Mr Danny chose the option to use the itemized deductions? _____________ 2. How much is the tax due if Mr Danny chose the option to use the optional standard deduction? _____________ Assessment 3 Use the following information
Using the Tax Schedule for Head of Household, calculate the tax for a head of household with a taxable income of $200,000. 2017 Tax Rate Schedules Schedule X-Single Schedule Z-Head of household If line 5 is: The tax is: of the Íí line 5 is: The tax is: of the junowe Jou In OVerー Ovar- ーノ10 ーBAO ーan0 $0+ 10% S9,325 $0+10% $13,350 9,325 37,950 932.50 + 15% 9,525 13,350 1,335+ 15% 13,350 37,950 5,226.25 + 25% 50,800 131,200 6,952.50+25% 50,800 191,650 16,713.75 + 28% 131,200 212,500 27,052.50 + 28% 131,200 49,816.50 + 33% 117,202.60 + 35% 212,500 416,700 191,650 416,70D 46,643.75 +33% 191,650 212,500. 416,700 416,700 444,550 and greater 416,700 418,400 120,910.25+35% 416,700 418,400 and greater 121,505.25 + 39.6% 418,400 444,550 126,950+39.6% 444,550 Schedule Y-2-Married filing separately Schedule Y-1-Married filing jointly or Qualifying widow(er) of the lf line 5 is: of the amount If line 5 is: The tax is: The tax is: But no! Over- ーノPAQ $9,325 Over- OVerーーJBA0 $18,650 $0 + 10% $0+10%…
Title Record these transactions in the General Journal, complete with suitable explanations. Ask your... Description Record these transactions in the General Journal, complete with suitable explanations. Ask your instructor which of the following tax rates to use: i. Add 5% GST only ii. Add 13% HST iii. Add 5% GST 1 7% PST 1. Rita Jackson, owner of a grocery store, withdrew merchandise for her own use, $55 plus tax(es). 2. Issued cheque to the Provincial Telephone Co. to pay the following: company telephone bill, $45.50 plus tax(es), and owner’s home telephone bill, $41.10. 3. Owner has given you the receipt for a bouquet of flowers sent to her husband. The amount was paid by company cheque, $25. 4. Owner took used printer, valued at $225 plus tax(es), from the business for personal use at home. 5. Issued cheque for $500 to Ms. Jackson for personal use. 6. Owner took office supplies for own use, $15 plus tax(es). 7. Paid owner’s personal dry-cleaning bill, $15.50, with a…

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