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The maximum amount of Work opportunity tax credit in 2021 is
a) 24,000
b) 6,000
c) 2,400
d) None of the above
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Solved in 2 steps
- How much is the excessive tax benefits to be credited to tax expense on January 2, 2019 according to the ASU 2016-09? Answer is $90 million. Please explain the reasoning and calculationsQuestion 3: How much FUTA tax would an employer in a non-credit-reduction state owe if an employee has earned $6,400 to date and has current period taxable pay of $1,500? Answer: A. O $3.60 В. O 59 C. O $36 D. O $901. What self-employment tax rate is applied to earnings that exceed $142,800 in a year and also do NOT exceed the additional Medicare tax threshold? Answer: A. 15.3% B. 12.4% C. 2.9% D. 1.45% 2. What is the standard credit applied to the FUTA tax rate in non-credit reduction states? Answer: A. 0.6% B. 0.9% C. 5.4% D. 6% 3. An employer in a non-credit reduction state would pay FUTA taxes of _____ for an employee whose year-to-date earnings prior to the current period are $7,200 and who earns $1,100 during the current period. Answer: A. $0 B. $6.60 C. $43.20 D. $49.80
- Calculate the amount of the child and dependent care credit allowed before any tax liability limitations or other credits for 2021 in each of the following cases, assuming the taxpayers had no income other than the stated amounts. TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES Adjusted Gross Income Applicable Percentage Over But Not Over $0 – $15,000 35% 15,000 – 17,000 34% 17,000 – 19,000 33% 19,000 – 21,000 32% 21,000 – 23,000 31% 23,000 – 25,000 30% 25,000 – 27,000 29% 27,000 – 29,000 27% 29,000 – 31,000 27% 31,000 – 33,000 26% 33,000 – 35,000 25% 35,000 – 37,000 24% 37,000 – 39,000 23% 39,000 – 41,000 22% 41,000 – 43,000 31% 43,000 – No limit 20% Question Content Area a. William and Carla file a joint tax return. Carla earned $27,500 during the year, while William attended law school full-time for 9 months and earned no income. They paid $3,500 for the care of…Hw.68. what is the maximum earned income tax credit that a taxpayer can claim in 2021? $4,000, $1700, $2500, or $1502?LO.2 Oak Corporation has the following general business credit carryovers. If the general business credit generated by activities during 2019 equals 36,000 and the total credit allowed during the current year is 60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2019 income tax liability? What is the amount of unused credit carried forward to 2020?
- What is the maximum that can be deducted as an above the line deduction for the amount that you pay to social security for self-employment taxes? a. 25% b. 100% C. 50% d. none e. 75%The itemized deduction for state and local taxes in 2020 is a.Total taxes less 10 percent of AGI b.Limited to no more than $10,000 c.Deductible if your home value is less than $750,000 d.Only deductible if the taxes are business related e.UnlimitedFor 2022 the overall federal self-employment tax is ___on the first____of net earnings from selfemployment
- ments and provides you with the following information: 2018 2019 2020 2021 Annual tax liability $31,000 $32,000 Est $35,000 Est. $37,000 Annual tax withheld $27,000 $30,000 Est $31,000 Advise Michelle as to her instalment payment options for 2021 the minimum payment amount when instalment payments are due how much tax would have to be withheld in 2021 to avoid liability for instalment payments?The following unemployment tax rate schedule is in effect for the calendar year 2021 in State A, which uses the reserve-ratio formula in determining employer contributions: Reserve Ratio Contribution Rate 0.0% or more, but less than 1.0% 6.7% 1.0% or more, but less than 1.2% 6.4% 1.2% or more, but less than 1.4% 6.1% 1.4% or more, but less than 1.6% 5.8% 1.6% or more, but less than 1.8% 5.5% 1.8% or more, but less than 2.0% 5.2% 2.0% or more, but less than 2.2% 4.9% 2.2% or more, but less than 2.4% 4.6% 2.4% or more, but less than 2.6% 4.3% 2.6% or more, but less than 2.8% 4.0% 2.8% or more, but less than 3.0% 3.7% 3.0% or more, but less than 3.2% 3.4% 3.2% or more 3.1% Hyram Company, which is located in State A, had an average annual payroll of $860,000 for the three 12-month periods ending on June 30, 2020 (the computation date for the tax year 2021). As of June 30, 2020, the total contributions that had been made to Hyram Company's reserve account,…P12.4 (LO 1)Excel (Payroll Tax Entries) The following is a payroll sheet for Otis Imports for the month of September 2025. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $142,800. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $142,800 per employee. Name B.D. Williams D. Raye K. Baker F. Lopez A. Daniels B. Kingston Instructions Earnings to Aug. 31 $ 6,800 6,500 7,600 13,600 131,300 136,300 September Earnings $ 800 700 1,100 1,900 13,000 16,000 Income Tax Withholding FICA Unemployment Tax Federal State a. Complete the payroll sheet and make the necessary entry to record the payment of the payroll. b. Make the entry to record the payroll tax expenses of Otis Imports. c. Make the entry to record the payment of the payroll…
