Kelley_Chapter 4 Income Tax Withholding

Question 9: The Internal Revenue Service levies a small service fee for employers who utilize the Electronic Federal Tax Payment System. Answer: A. True В. False

Section 9-OTHER REPORTING RULES For all of the following questions, assume it is tax year 2020. Note: Students are not required to know any state-by-state due dates, percentages, ceilings, etc, for the national certification exam. The purpose of these exercises, the answers for which can be looked up in the workbook, is to underscore the fact that rules and dates for each state vary from the federal ones 1. By what date must a Pennsylvania employer submit Copy 1 of Form W-2 to the Pennsylvania state income tax agency? 2. By what date must a New Jersey employer submit Copy 1 of Form W-2 to the New Jersey state income tax agency? 3. By what date must employees receive Form W-2, Copy 2, if they work in: d. California e. New Jersey 4. Who is required to file Form 1009-MISC, and what triggers the requirement to file? tngih Sted at Text rediians On Accessibaty Unelable Focus 50

2 10 points How does an employer know how much to withhold from a your paycheck for federal income tax? Your employer withholds 27% of your gross pay per IRS Guideline WH-27. O You inform you employer how much you paid in taxes last year, then your employer divides that amount by this amount is then withheld. -- You complete and submit to your employer IRS Form W-4. Employers don't withhold federal income tax from paychecks -- this is a trick question.

B4. please answer 2 and 3 correctly. follow instructions carefully and show solution

11.A taxpayer is claiming tax preparation expense as a legal and professional fee.  They paid $430 at your office last year.  The forms breakdown by cost is as follows:  Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75  What is the correct amount that can be deducted on their Schedule C for the current year?  Choose one answer.   a. $280     b. $180     c. $355     d. $430

Computing Federal Income Tax Using the table (Refer to Figure 8-4 in the text.), determine the amount of federal income tax an employer should withhold weekly for employees with the following marital status, earnings, and withholding allowances: Marital Status Total Weekly Earnings Number of Allowances Amount of Withholding (a) S $364.80 2 (b) S 445.80 1 (c) M 493.40 3 (d) S 493.60 0 (e) M 702.70 5

Problem 10-52 (LO 10-2) Kendall, who earned $120,000 during 2021, is paid on a monthly basis, is married, (spouse does not work) and claims two dependents. who are under the age of 17. Use the Percentage Method Tables for Automated Payroll Systems. Use percentage method tables for automated systems. Required: a. What is Kendall's federal tax withholding for each pay period? b. What is Kendall's FICA withholding for each pay period? Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. Answer is not complete. Amount a. Federal tax withholdings b. Total FICA withholding 1,460.00

QUESTION 19 1. Use the 2018 Payroll Tax Withholding Tables from IRS Pub. 15. Circular E(see Mastering Payroll, 90-93), compute FITW for the following . Sandy is married, claims 3 allowances on her W-4 and is paid $645 a week. • Sofia is single, claims 6 allowances on her W-4 and is paid $1,500 every 2 weeks. • Carlos is married, claims 6 allowances on his W-4 and is paid $1,500 every week. • Sam is single, claims 0 allowance on his W-4 and is paid $959 every 2 weeks. For the toolbar, press ALT F10(P) or ALTIN+F1O (Mac) B Paragraph Arial 10pt Av I. F制制 x X, 田田用国 * () Sandys QUESTION 20 Clk Se and Suie to e and ir. Cick Se AllA ers se all ansers Save Al A ers !!

PSb 3-7 Calculate Federal Income Tax Withholding Using the Percentage Method (2020 Form W-4) For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a 2020 Form W-4. Refer to Appendix A, 2020 Federal Tax Tables in your textbook. Publication 15-T (2020) 1: Julia Jacobsen files as single on her tax return and earned weekly gross pay of 500. For each pay period she makes a 401(k) contribution of 2% of gross pay. Julia checked box 2c on Form W-4, entered $40 on line 4c of the form, and did not enter any information in step 3 of the form. Federal income tax withholding = | 2: Alejandro Wright files as single on his tax return and earned weekly gross pay of 1300. He does not make any retirement plan contributions. Alejandro entered 500 in step 3 of the form and did not enter any information in steps 2 & 4 of the form. Federal income tax withholding = $ Tentative Federal Income Tax Withholding = $ 3: Beatrice Nen files…

Please answer questions 2 and 3 only. Give me the right answers please

Complete Part 2 of Form 940 based on the following information: (Round your answers to two decimal places, if necessary.) Total payroll for the year $913,590 Payroll to employees in excess of $7,000 $421,930 Employer contributions into employees' 401(k) plans $23,710     Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. 3 Total payments to all employees   3 fill in the blank 1 4 Payments exempt from FUTA tax 4 fill in the blank 2     Select:   5 Total of payments made to each employee in excess of $7,000 5 fill in the blank 4   6 Subtotal (line 4 + line 5 = line 6) 6 fill in the blank 5 7 Total taxable FUTA wages (line 3 – line 6 = line 7) 7 fill in the blank 6 8 FUTA tax before adjustments (line 7 x .006 = line 8) 8 fill in the blank 7 b. If the employer is located in California, which has a credit reduction of 2.1%, what would be the amount of the credit reduction?$fill in the blank 8 c. Complete Part 5 of…

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Question 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 $90

Problem 9-13----2019The FUTA Tax (LO 9.6) Thomas is an employer with two employees, Patty and Selma. Patty's wages are $12,450 and Selma's wages are $1,310. The state unemployment tax rate is 5.4 percent. Calculate the following amounts for Thomas: Round your answer to two decimal places. a.  FUTA tax before the state tax credit $ b.  State unemployment tax $ c.  FUTA tax after the state tax credit $

Problem #3 Ernesto Enterprises uses the wage-bracket method to determine federal income tax withholding on its employees. Find the amount to withhold from the wages paid each employee. Employee Filing Status No. of Withholding Payroll Period Wage Amount to Be Allowances w = Weekly Withheld S = Semimonthly M= Monthly D= Daily Lily Troon MFJ N/A $1,250 Barry Ortega N/A 695 Pat Lopez N/A 915 Rex Kim MFJ N/A M 3,070 Ruth Horace MFJ N/A M 2,730 Tom Gleam MFJ N/A 1,200 Tom Abreu N/A 115 Holly Sanchez s Kathy Nee N/A N/A 2,040 MFJ M 3,500

Problem 9-3Withholding Methods (LO 9.1) Sophie is a single taxpayer. For the first payroll period in July 2021, she is paid wages of $2,200 monthly. Sophie claims one allowance on her pre-2021 Form W-4. Click here to access the withholding tables. IRS Publication 15-T, Federal Income Tax Withholding Method Pay period 2021 Allowance Amount Weekly $ 83   Biweekly 165   Semimonthly 179   Monthly 358   Quarterly 1,075   Semiannually 2,150   Annually 4,300   Round intermediate computations and your final answer to two decimal places. Question Content Area Use the percentage method to calculate the amount of Sophie's withholding for a monthly pay period. Sophie's withholding: $fill in the blank b40091006028014_1 Feedback Area Feedback Employers are required to withhold taxes from amounts paid to employees for wages, including salaries, fees, bonuses, commissions, vacation and retirement pay. Form W-4, showing the filing…