Answered: 1. An employee whose current-year…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 51P: Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys...

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1. An employee whose current-year earnings subject to Social Security tax are $137,900 and whose earnings subject to Social Security tax during the current period are $6,450, owes Social Security tax of $_______ .

2. A small business, for which the SIMPLE IRA plan is designed, consists of fewer than _____ employees.

Answer:

100

500

1,000

3. The income threshold for Additional Medicare Tax levied is based on the _____.

Answer:

age of the employee

amount in the employee's Social Security account

Social Security income threshold

D.	employee's tax return filing status

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