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- What portions of an employees take-home pay are exempt from a federal tax levy?a. Assume that Eva is concidered to be an employee. What amount of FICA taxes is she required to pay for the year? b. What is her regular income tax liability for the year? c. Assume that Eva is concidered self-employed contractor. What is her self-employment tax liability and additional medicare tax liability for the year? d. Assume Eva is concidered to be self employed contractor. What is her regular tax liability for the year?The Social Security payroll tax is split equally between the employee and the employer. Would it make any difference if the entire tax was imposed on employees? Would employees be helped if all the tax was imposed on employers?
- Manuel pays insurance premiums for his employees. What type of insurance premium is not deductible as compensation paid to the employee?The substituted Filing of Tax Return is applicable where (choose the exception) The employee earns pure compensation income The employee has only one employer The tax withheld by the employer is correct The employee is also engaged in the exercise of a professionIf an employee does not complete a Form W-4, the employer must withhold tax as if the employee were single with no exemptions? True or False
- All of the following income items are includible in an employee's gross income except: a, Severance pay for cancellation of employment b, Unemployment compensation c, Payments from employer while sick or injured d, Medical insurance premium paid by employer for employee and spouse e, Moving expense reimbursementExplain the tax treatment of provision of accommodation or housing benefit to an employeeMrs. Y, wife of a deceased employee, received financial benefits voluntarily voted upon by the Board of Directors of the employer-company in recognition of her husband’s long and loyal service and primarily to help her meet financial needs. Which of the following is false? A. Mrs. Y is not subject to income tax on the financial benefits she received because there were no services rendered by Mrs. Y. B. Mrs. Y is subject to income tax on the financial benefits she received because such amount is in consideration of her deceased husband’s employment. C. The amount is not considered as income of the deceased employee because the giving was not in payment for services rendered. D. A and B
- Virginia Pecson is an MWE working in Quezon City. As such, her employer did not withhold any tax from her compensation. In addition to her Statutory Minimum Wage (SMW), she also earned a one-time commission from her employer in September of taxable year 2018. In what months of the taxable year shall her employer withhold income tax from her SMW? (a) When she received the commission in September, she ceased to be an MWE. Her employer shall withhold income taxes from her compensation (which includes the SMW) received in the months of September thru December 2018. (b) None. Her employer may not withhold income taxes from the SMW she received in all the 12 months of 2018. Her employer shall withhold the CWT only from the commission she received in September 2018. (c) In all the months of 2018. (d) None of the above.A married taxpayer files a separate tax return from his wife and does not participate in an employer-sponsored retirement plan at work. The taxpayer has moved out of the couples' home, but lived with his spouse part of the year. The taxpayer cannot deduct any contributions he makes to his traditional IRA if his modified AGI exceeds $_______________?When a person is claimed as a dependant by another taxpayer, qualified tuition and expenses paid by that person during the tax year are instead considered as paid by the taxpayer who is entitled to the dependency deduction.
