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- Ava and her husband, Leo, file a joint return and are in the 24% Federal income tax bracket. Ava's salary is $106,150. Her employer offers a child and dependent care reimbursement plan that allows up to $4,750 of qualifying expenses to be reimbursed in exchange for a $4,750 reduction in the employee's salary. Because Ava and Leo have two minor children requiring child care that costs $5,225 each year, Ava is wondering if she should sign up for the program instead of taking advantage of the credit for child and dependent care expenses. Analyze the effect of the two alternatives. Do not round intermediate computations. If required, round your final answers to the nearest dollar. Click to view Percentage Credit based on Adjusted Gross Income. a. If Ava and Leo take advantage of the plan, they would v save income taxes because the reimbursement of child care expenses is excluded from v gross income. The income tax savings associated with participating in the plan would be X . In addition,…Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $100 each week to her company's 401(k) plan and has $30 put into her health savings account (nonqualified) each week. Her employer matches this $30 each week. Determine Whiteweiler's take-home pay if she is head of household. Enter deductions beginning with a minus sign (-). Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2020 FICA rates have been used. Click here to access the Wage-Bracket Method Tables. Gross pay $930 HSA contributions -30 401(k) deductions -100 OASDI tax -57.66 HI tax -13.49 FIT Net pay $Neville has an annual salary of $90,000. He contributes 27.5% of his pre-tax income to his mortgage and 401(k), and he pays $500 per month for car and health insurance (pre-tax, deducted after mortgage and 401(k)). All taxes are calculated based on Neville’s adjusted gross income (pay remaining after mortgage, 401(k), and insurance payments). He must pay: 8% tax on the first $8,000 in income, 18% tax on any income between $8,001 and $40,000, 28% tax on income between $40,001 and $100,000, and a 4% tax on his total adjusted gross income. What is Neville’s approximate quarterly take-home pay after all deductions have been made? (A) $10,511.00 (B) $11,272.50 (C) $12,003.34 (D) $14,504.50
- Shiloh is an employee at Jankoski Cycles and earns an annual salary of $37,765, paid semimonthly. Shiloh contributes to the following fringe benefits and other deductions: Medical insurance: $220 per pay period Dental insurance: $15 per pay period 401(k): 6 percent of gross pay • Additional withholding: $125 per month Required: What is the total annual amount of Shiloh's fringe benefits and other deductions? Note: Round your answers to 2 decimal places. Fringe benefits Medical insurance Dental insurance 401(k) Additional withholding Total annual amount of Shiloh's fringe benefits and other deductions AmountR.D. Kagen employs Audrey Lopez at a salary of $32,900 a year. Kagen is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on Lopez's salary. In addition, Kagen must pay SUTA tax at a rate of 5.4% and FUTA tax at a rate of 0.6% on the first $7,000 of Lopez's salary. Compute the total cost to Kagen of employing Lopez for the year.B. F. Goodson employs Eduardo Gonzales at a salary of $47,400 a year. Goodson is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on Gonzales's salary. In addition, Goodson must pay SUTA tax at a rate of 5.3% and FUTA tax at a rate of 0.6% on the first $7,000 of Gonzales's salary.
- Tyler earns $80,000 per year and has a 22 percent marginal tax rate. His employer is willing to provide health insurance coverage for Tyler if he will agree to a salary reduction. The insurance will cost the employer $4,680. How much salary should Tyler be willing to forgo to receive the $4,680 in health insurance coverage?lan McCarthy works for Willow Tree Homes. His rate of pay is $16.00 per hour and he is paid the regular rate for all hours worked for 40 hours per week. His Federal 11% of his salary . lan is single and claims 1 withholding allowances on his W-2 form. His weekly wages are subject to the following deductions.Sophie Gowna, 47 years old, works for an Ontario company with a Bi-weekly pay cycle. She earns $18.5 per hour and receives over-time paid at time and a half for any hours worked over 44 in a week. Sophie has worked 92 hours in this pay period. She receives $100 of cash gifts and awards in this pay and 4% vacation in each pay. She also receives $85 of monthly cash automobile allowances for compensating the kilometres driven for business use of her personal vehicle. The company paid $45 life insurance premium per month to Sunlife Insurance for all employees, and paid $55 cell phone service fees to Bell Canada for her personal use. Sophie pays $15 per month in union dues and contributes 5% of her regular hours' wage to a Registered Retirement Savings Plan each pay cycle. What is Sophie's insurable earnings for this pay cycle? A D. S 1,954.71 (B) A. $ 1,908.56 C C.S 1,993.94 D B. $ 1,973.18 Last saved 1:32:5
- Kevin owns a small business with two employees. For one payroll period the total withholding tax for all employees was 1,536. The total employees Social security tax was $168 and the total employers social security tax was $251. The total employees Medicare tax was $110 How much John deposit as the employer's share of social security tax and Medicare tax? What is the total tax that must be deposited?Mr. Esposito, a petroleum engineer, earns an $84,500 annual salary, while Mrs. Esposito, a homemaker, has no earned income. Under current law, the couple pays 20 percent in state and federal income tax. Because of recent tax law changes, the couple’s future tax rate will increase to 28 percent. If Mrs. Esposito decides to take a part-time job because of the rate increase, how much income must she earn to maintain the couple’s after-tax disposable income? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)Jasmine works in Saskatchewan employer and earns 500 weekly. calcule her employer insurance premium.
