Teng works for a company that uses a percentage method to compute the federal income tax withheld. Larry is single and claims one additional dependent. The weekly exempt amount as claimed on the W-4 is $61.54 each. He earns $680 a week. What amount should be withheld from his gross pay? a. $68.69 b. $69.90 c. $81.90 d. $90.65
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- Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?Eagle Life Insurance Company pays its employees 0.30 per mile for driving their personal automobiles to and from work. The company reimburses each employee who rides the bus 100 a month for the cost of a pass. Tom collected 100 for his automobile mileage, and Mason received 100 as reimbursement for the cost of a bus pass. a. What are the effects of the above on Toms and Masons gross income? b. Assume that Tom and Mason are in the 24% marginal tax bracket and the actual before-tax cost for Tom to drive to and from work is 0.30 per mile. What are Toms and Masons after-tax costs of commuting to and from work?Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
- Use the following federal tax table for biweekly earnings of a single person to help answer the question below. Emeril has gross biweekly earnings of $784.21. By claiming 1 more withholding allowance, Emeril would have $13 more in his take home pay. How many withholding allowances does Emeril currently claim? a. 3 b. 4 c. 5 d. 61) Nancy has cumulative earnings of $104,500 and earns $7,800 during the current pay period.If the FICA rate is 4.2 percent for Social Security, with a limit of $106,800, and 1.45 percent forMedicare, applied to all earnings, calculate the total FICA tax to be withheld for this pay period.a. $440.70.b. $209.70.c. $113.10.d. $96.60.e. $231.00. 2) Ernie White has $6,800 cumulative earnings during the calendar year and earned $950 duringthe current pay period. If the state unemployment tax is 5.4 percent of the first $7,000, the federalunemployment tax is 0.6 percent of the first $7,000, the FICA Social Security tax is 6.2 percent ofthe first $106,800, and FICA Medicare tax is 1.45 percent on all earnings, the amounts placed inthe Taxable Earnings columns of the payroll register are: a. state unemployment, $0; federal unemployment, $0; Social Security, $850; Medicare,$850.b. state unemployment, $950; federal unemployment, $950; Social Security, $950; Medicare,$950.c. state unemployment,…1. For computing the OASDI taxes, the maximum self-employment earnings of any individual is $200,000. a. True b. False 2. If the self-employed individual is also an employee of another company, the wages received can reduce the amount of self-employment income that is taxed. a. True b. False 3. Ramsey Smith receives wages amounting to $93,500. His net earnings from self-employment amount to $68,600. Smith must count determining taxable self-employment income for OASDI taxes. a. $68,600 b. $147,000 c. $53,500 d. $93,500 of his earnings in
- verlay/Index 6. Use the figure below. George Clinton works for a company that uses a percentage method to compute the income tax withheld. Clinton is single and claims one allowance. The weekly withholding for each allowance is $61.54. He earns $421 a week. Find the amount of income tax withheld. SINGLE PERSONS-WEEKLY PAYROLL PERIOD If the amount of wages (after subtracting withholding allowances) is: withheld shall be Under $51- The amount of income tax to be Over - But not over - of excess over- $51 S188 10% $51 $188 $606 $13.70 plus 15% $188 $606 $1,341 Clarion University of Penneyvania $76.40 plus 25% $606 OA $25.72 B $39.42 OC $53.92 D $67.62Kamryn Brown is single and earns $65,000 in taxable income and will use the following tax rate schedule to calculate the taxes he owes. 0 - 10,275 10% 10,276-41,775 12% 41,776-89,075 22% 89,076-170,050 24% Calculate the dollar amount of taxes that Kamryn owes. Select one: O a. $2,737.66 O b. $9,916.66 O c. $10,000.00 O d. $17,587.66 Oe. $14,300Q) Find the federal withholding tax using the wage bracket method for each of the following employees. Kerry Cook: 1 withholding allowance, single, $2165.17 monthly earnings Mary Jackson: 2 withholding allowances, married, $639.80 weekly earnings Julie Pendleton: 0 withholding allowances, single, $1843.19 monthly earnings L. Sanchez: 3 withholding allowances, married, $521.10 weekly earnings B. Maynard: 4 withholding allowance, married, $2484.97 monthly earnings
- John Woods’ weekly gross earnings for the present week were $2,500. Woods has two exemptions. Using an $80 value for each exemption and the tax rate schedule below, what is Woods’ federal income tax withholding? Single person (including head of household) If amount of wages (aftersubtractingwithholding allowance) is: The amount of income taxwithholding is: Not over $43 $0 Over – But not over – of excess over – $43 –$222.......$0.00 plus 10% –$43 $222 –$767.......$17.90 plus 15% –$222 $767 –$1,796....$99.65 plus 25% –$767 $1,796 –$3,700....$356.90 plus 28% –$1,796 $3,700 –$7,992....$890.02 plus 33% –$3,700 $7,992 –$8,025....$2,306.38 plus 35% –$7,992 $8,025 .................$2,317.93 plus 39.6% –$8,025 Dennis receives $11,100 during the current tax year from Blanca for some office space in Anaheim, California. The rent covers eight months, from August 1 of the current year to March 31 of the following year. The amount also includes a security deposit of $1,500. How much should Dennis report as rental income in the current tax year? a. $1,200. b. $6,000. c. $9,600. d. $11,100.