W-2 2023

True/False Personal income include personal taxes

Zippy works for Zips Company and received the following amounts. For each item, indicate how much is taxable. If the item is not taxable, put $0 in the taxable amount column. Item Amount Taxable Amount $75,000 2,500 6,000 Salary Health insurance premiums paid by employer Zippy fell at work and broke her arm. She received workers' compensation pay. Zippy had also purchased a loss of income insurance policy from her neighbor. She received benefits while her arm was 2,000 broken. Payment of tuition to attend college Fair value of copies made on work copier Bonus for meeting safety goals (to all employees in her dept) Amazon gift card for Christmas (to all employees) 7,500 200 1,000 150

Eric Yang earns $603.16 weekly, is married, and claims 3 withholding allowances. Use the Percentage Method to calculate tax withholding. FICA tax is 4.2% and Medicare tax is 1.45%. Find his net earnings for this pay period.

Calculate Your Taxes To find your net pay, you'll need to first calculate your taxes. Start period 02 | 01|2019 End period 02 | 15| 2019 Find the tax percentages for each type of tax on your pay stub and insert them here. Then, press the calculate button when you're ready. Gross Pay $1,837.00 Earnings Taxes Deductions FEDERAL % of $1,837.00 $1,837.00 Federal (8.24%) FICA Medicare (1.45%) FICA MEDICARE % of $1,837.00 FICA Social Security (6.20%) FICA SOCIAL SECURITY % of $1,837.00 State - OK (3.86%) STATE % of $1,837.00 Total Disclaimer: Tax numbers are for illustrative purposes only. Net Pay Calculate

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The accompanying table lists the incomes of five citizens of a hypothetical economy. Suppose the government introduces a new program for low-wage carners. Under this program, cach citizen is given a refund that is paid for with tax revenues and is equal to a percentage of the citizen's income. The chart shows applicable income brackets and the percentage to be refunded. Citizen Income ($) Income Range ($) Income Supplement (% of Original) Frankie 27000.00 0-17,000 40% Vinnie 33000.00 17,001-36,000 25% Artie 15000.00 36,001-52,000 10% Nicky 62000.00 52,001 and above 0% Jackie 25000.00 What is the amount of Frankie's refund? What is the amount of Artie's refund? What is the amount of Nicky's refund? Which of the following is a problematic feature of a welfare state that is mitigated by the supplement's gradual decline? the implicit marginal tax inflation a revenue shortfall recession

Ian McCarthy works for Willow Tree Homes. His rate of pay is $16.00 per hour and he is paid one and one-half times the regular rate for all hours worked in excess of 40 per week. During the last week of March of the current year he worked 45 hours. Ian is single and claims 2 withholding allowances on his W-4 form. His weekly wages are subject to the following deductions: a. Employee (Federal) income tax (use withholding table provided). b. Social Security tax at 6.2%. С. Medicare tax at 1.45%. d. Health insurance premium, $60. e. Credit union deposit, $140. f. United Way contribution, $15. Required: 1. Compute McCarthy's regular, overtime, gross, and net pay. If requíred, round your answers to the nearet cent. Regular pay Overtime pay Gross pay Net pay 2. Journalize the payment of his wages for the week ended March 26, crediting Cash for the net amount. When required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.

Under a dwelling property form DP-2 . Which of the following terms is used to describe on which payment is made for loss for rental income?   Claims Expense Rental reimbursement Fair rental value Actual cash value

Question 1 Use the numbers below for questions #1-3. Filing Status: Single Total Income: $73, 883 Income Adjustments: $0 Itemized Deductions: $14,239 What is the Adjusted Gross Income for this individual?

(1) nicol's 2013 income was $ 51,309. she is single and claims 2 exemptions and take the standard deducation. the 2013 tax exemption is $ 3,900 and the standard deduction for someone who is single is $ 6,100 . if nicole's tax braket is 25% and her tax is $ 4991.25+ 25% of the taxable income exceeding $36,250 . what is the total tax she owes for 2013 ?  (a) $4792.48 (b) $5975.75 (c) $5699.50 (d) $5700.00 (e) $5281.00

A woman earned wages of $35,600​,received ​$1600 in interest from a savings​ account, and contributed ​$2800 to a​ tax-deferred retirement plan.She was entitled to a personal exemption of ​$4050 and a standard deduction of ​$6300. The interest on her home mortgage was ​$8400​,she contributed $2600 to​ charity, and she paid $1675 in state taxes. Find her gross​ income, adjusted gross​ income, and taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction.       Her gross income is   ​ Her adjusted gross income is   Her taxable income is

You decide to work part-time at a local clothing store.  The job pays $8.50 per hour and you work 16 hours per week.  Your employer withholds 10% of your gross pay for federal taxes, 5.65% for FICA taxes, and 4% for state taxes.   What is your weekly gross pay? How much is withheld per week for federal taxes? How much is withheld per week for FICA taxes?

What are standard deductions?

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What are payroll taxes?

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John works from 7am to 4pm 5 days a week, he does not receive overtime He gets an hour unpaid lunch During the year john gets paid for : 10 holiday days, 10 sick days, 14 vacation days, 5 personal days John is paid $20 an hour Johns weekly federal income tax deduction is $65, social security tax is .062 of his gross wage, medicare tax is .008 of his gross pay, and state tax is $25 per week What would John's gross and net pay be for the year ending December 31st, 2021?

Use the table to answer the questions. In relation to taxes, Ramone will be filing as married filing jointly. Ramone is making $156,141.00 this year as an employee of Rust-Eze; he has no other income. Do not consider any deductions or expenses in this question. Married filing jointly or Married filing separ Single S0-$8,350 $8,351-S33,950 $33.951-$82,250 | $82,251-$171,550| |$171,551-$372,950| $372,951+ Tax rate qualified widow(er) SO-$16,700 $16,701-$67,900 S67,901-$137,050 $137,051-$208.850 $208,851-$372,950 $372,951+ S0-$8,350 SO-$11,950 S11,951-$45,500 S45,501-$117,450 $117,451-$190,200 10% $8,351-$33,950 $33,951-S68,525 S68,526-$104,425 | 25% 28% 33% 35% S104,426-$186,475 $190,201-S372,950 $186,476+ $372,951+ Use the table to calculate how much money Ramone will owe in taxes under a progressive tax program. Calculate how much money Ramone will owe in taxes under a proportional tax (flat tax) rate of 30%

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EXERCISE-8 PRESENT ECONOMY 11. The gross margin of a corporation is 45% of sales. Operating expenses such as sales and administration are 15% of sales. The corporation is in a 40% tax bracket. What percent of sales is their profit after taxes?

You decide to work part-time at a local clothing store.  The job pays $8.50 per hour and you work 16 hours per week.  Your employer withholds 10% of your gross pay for federal taxes, 5.65% for FICA taxes, and 4% for state taxes.  SUB PARTS TO BE SOLVED. How much is withheld per week for state taxes? What is your weekly net pay? What percentage of your gross pay is withheld for taxes?  Round to the nearest tenth of a percent.

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er In your current job, you earn $41,000. You take the standard deduction of $12,200. You have an offer of a new job working for a different employer. Your salary would rise by $6,500. Social Security taxes are 6.2%, and Medicare taxes are 2.9%. Assuming no state and local taxes, when federal income taxes and payroll taxes are deducted, about how much of the $6,500 do you get? For taxable but not over. ... the marginal income over... tax rate is: $0 $9,700 10% $9,700 $39,475 12% $39,475 $84,200 22% $84,200 $160,725 24% $160,725 $204,100 32% $204,100 $510,300 35% $510,300 37% $403 $1,372 $592 $5,128

Jayden was recently hired for a job with an annual income of $36,000.  Using the federal income rate of 15%. What amount should Jayden expect to pay in federal income tax?

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