A single person has taxable income of $52,000 per year. He contributes $1,000 to his company’s flexible spending account (FSA), how much will this save him in federal income taxes?
Q: A married couple with 2 twin 7 year children makes $30,000 in combined income and had $3,000…
A: The refund of tax is calculated as the excess of the tax withheld as compare with the tax liability…
Q: Eminem received the following benefits. 13th month pay, P40,000 14th month pay, P40,000 Christmas…
A: As per the laws prescribed under taxation provisions of Philippines, 13th month pay and other…
Q: How much is the taxable compensation income?
A: Tax or Taxes : It the amount paid by the consumers (Individual or business entities) to the…
Q: Rudolph Fabrizio earned gross pay of $3,600. Each period he contributes 4% of gross pay to a…
A: The wage base cap for social security tax for 2020 is $ 137700. As Rudolph fabrizio current year…
Q: ong earns $100,000 taxable income as an interior designer and is taxed at an average rate of 20…
A: solution : part a) given : song earns =$100,000 taxable income current average tax rate…
Q: In 2020, what is the amount of self-employment tax that would be paid by Andy for the year assuming…
A: The self-employment tax is the tax that is paid by the freelance and sole proprietor on his net…
Q: A certain executive made so much money per year that the extra $100,000 income offered to him in his…
A: The warrants are a type of derivative that gives a holder the right but not an obligation of selling…
Q: Miguel, a single teacher, earns $1,500 every two weeks (biweekly). He claims two allowances. What is…
A: Federal Income tax Withhold For calculating the Federal Income tax with by using Wage bracket method…
Q: Wei has four employees: Anna, Kenny, Stan, and Seth, who were paid $12,000, $5,000, $6,000, and…
A: Federal unemployment tax act (FUTA): This is the act that enables the federal government to provide…
Q: In each of the following cases, discuss how the taxpayers might respond to a tax rate increase in a…
A: When there is an increase in the rate of taxes, it may discourage people to work efficiently in the…
Q: For tax purposes, "gross income" is all the money a person receives in a given year from any source.…
A:
Q: suppose a certain a government employee earns a cna of 18,000 290 1.0.9 at 13th month pay of 27891…
A: The Collected Negotiation Agreement (CNA) between the government and government…
Q: Gosney Corporation has two employees. During the current year, Clinton earns $80,000 and Trahn earns…
A: Social security wage base for the year 2021 is $142,800.
Q: K is self-employed. His annual estimated tax payment for 2021 to be $4500. K has over payment of…
A: Given, Tax payment amount is $4,500 Over payment amount is $120
Q: Nicole’s employer, Poe Corporation, provides her with an automobile allowance of $26,000 every other…
A: Fringe benefits include: Health insurance Life insurance Tuition assistance Cafeteria subsidies,…
Q: Esposito's yearly taxable income totals $78,000, and he pays $20,050 in federal income tax every…
A: Espsito's Yerly taxable income is $78,000 Tax paid is $20,050 To Find: Net Federal income tax…
Q: During a recent week, Charlie Scott works 37 regular hours. He earns $9/hour and contributes 3% of…
A: Taxable income is the portion of your gross income that the IRS deems subject to taxes. It consists…
Q: Harvey is a self-employed accountant with earned income from the business of $120,000 (after the…
A: Retirement Plan: Retirement plan is the retirement income goals of an individual. It includes…
Q: Cardo works in a private company. he received de minimis benefit during the taxable year. How much…
A: Non taxable De minimis are allowances which are exempted or partially exempted from tax.
Q: Ann earns $95,000 per year in salary. She pays 25% federal income tax, 6% state income tax, 6.2%…
A: The question is based on the calculation of gross monthly income and net monthly income . Net income…
Q: Allan has a gross income of P400,000 in 2020. His employer deducted P5,000 SSS, P4,000 PHIC, P3,000…
A: Answer: The final tax due is calculated on the net income of the person. The deductions is allowed…
Q: Based on ph Joji, a resident citizen, has the following cumulative data from January to June 30,…
A: Sales and Salary expenses reported in the income tax return: Whether all the revenue from sales or…
Q: Beatrix’s annual salary is ₱430,000.00. While she is single, she has one dependent declared under…
A: Taxable income is the net income earned by an individual on which the tax is payable. It is…
Q: Michael earns $10,000, and his tax liability for the current year is $8,000, double what it was the…
A: The tax liability refers to the part of taxable income which becomes liability of taxpayer towards…
Q: Yellow Corporation, a calendar-year taxpayer, made estimated tax payments of $40,000 for 2020…
A: Impact on Yellow Corporation's E&P of the payment of estimated taxes and the receipt of the…
Q: Marcus faces a progressive federal income tax structure that has the following marginal tax rates:0…
A: Income Tax - It is a tax imposed on the individuals or company for the income earned during a…
Q: Marco Leopizzi earns £45,000 in tax year 2021-22. He also received bonus of £20,000 in a year, house…
A: Introduction:- Marco Leopizzi will be paid £45,000 in the fiscal year 2021-22. He also earned a…
Q: During the year, Brenda (70), a single taxpayer, received $18,000 in social security benefits. Her…
A: Introduction:- Calculation of how much of Brenda's social security benefits are taxable as follows:-…
Q: My daughter earns a salary of $40,800 per year, payable monthly. She is married and claims four…
A: Calculate total withholding allowance.
Q: In 2020, Shelly had net earnings from her business of $160,000. What is the amount of Shelly’s…
A: Self-employed tax is a combination of social security tax and Medicare taxes. The self-employment…
Q: A man earned wages of $54,400, received $1200 in interest from a savings account, and contributed…
A: An itemised deduction seems to be an expense that may be deducted from your adjusted gross income…
Q: In connection with the previous problem, suppose a certain government employee earns a performance…
A: Any bonus or supplementary compensation received in addition to an employee's normal hourly or…
Q: Peter's gross income is $80,000 a year, and Wendy earns $100,000 a year. They put $3,000 each into…
A: a. Gross income = Peter’s gross income + Wandy gross income = $80000 + $100000 = $180000 b.…
Q: Malcolm Moore, single, had medical expenses of $5,000 last year and was able to deduct $3,000 of…
A: Gross Taxable Income: Gross income is defined as any income you earn that is not specifically…
Q: Jamie receives a basic pay of P29,880 a month and a 2% commission on her sales. She sold P505,000 in…
A: Total Taxable Income will be Salary (P29880*12) P358560 Commission (P505,000 * 2%) P10,100…
Q: Self-employed persons can make contributions for their retirement into a special tax-deferred…
A:
Q: Delta Cron, the president of the VARIANT COMPANY, receives 15% of the net income (after deducting…
A: Bonus = 15% of the Net Income after taxes but before bonus. Net Income after Tax and Bonus =…
Q: For tax purposes, "gross income" is all the money a person receives in a given year from any source.…
A: In the given Question, the tax rates shown in the table are for For Married Individuals Filing Joint…
Q: Find the gross income, the adjusted gross income, and the taxable income. A single man earned wages…
A: Option 1 is correct. Gross income is $44,900 The adjusted gross income is $42,400. Taxable income is…
Q: Dick DeWolf and his wife have a total taxable income of $60,000 this year and file a joint federal…
A: Future value of taxable income return is the value of taxable income at a specified future date…
Q: Song earns $100,000 taxable income as an interior designer and is taxed at an average rate of 20…
A: Income tax is the liability of the business which is paid to the government for using its resources.…
Q: A retiree working part-time as a greeter had a gross income of $7925 last year. If his federal tax…
A: Under FICA Employee pays Social Security tax 6.2% (only the first…
Q: eason. You find that you paid $3,296.44 in Federal Taxes. Using your taxable income and the tax…
A: Answer You receive a tax refund of $280.44 because you paid more taxes last year than you should…
Q: Colby's gross income was $93,000 last year. If he had $1646.92 withheld for federal income tax from…
A: The gross income of a salaried person is the cost to the company. First, all the exemptions and…
Q: A single person has taxable income of $52,000 per year. He contributes $1,000 to his company’s…
A: Flexible Spending Account : It is a type of account which is like savings account for keeping aside…
Q: Suppose you made $92,747 of income from wages and $386 of taxable interest. You also made…
A: Adjusted gross income: It is a gross total income of the individual after subtracting the specific…
Q: In 2021, Mr. Crisanto Reyes, a Minimum Wage Earner, received the following from his employer:…
A: Republic Act No. 9504 states that Minumum wage earner are exempted from income tax
Q: Brody’s gross monthly salary amounts to ₱34,600.00 per month subject to the following deductions:…
A: Income tax is a direct tax charged by the central or state government authority on the total income…
Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…
A: Cash basis accounting: In cash basis accounting, revenue is recognized when payment is received and…
A single person has taxable income of $52,000 per year. He contributes $1,000 to his company’s flexible spending account (FSA), how much will this save him in federal income taxes?
Step by step
Solved in 2 steps with 1 images
- How much taxable income should each of the following taxpayers report? a. Kimo builds custom surfboards. During the current year, his total revenues are 90,000, and he incurs 30,000 in expenses. Included in the 30,000 is a 10,000 payment to Kimos five-year-old son for services as an assistant. b. Manu gives hula lessons at a local bar. During the current year, she receives 9,000 in salary and 8,000 in tips. In addition, she engages in illegal behavior, for which she receives 10,000.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?In each of the following problems, identify the tax issue(s) posed by the facts presented. Determine the possible tax consequences of each issue that you identify. Ariel has worked for Sander Corporation for 30 years. Sander has a pension plan in which it matches employee contributions by up to 5 percent of the employees salary. Ariel, who is single, retires during the current year when she is 66 years old. Her pension plan contains payments and earnings of 300,000, half of which are attributable to payments made by Ariel and half attributable to payments made by Sander. Under the plan, Ariel is to receive 2,000 per month until she dies.
- 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.During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amountFred, a self-employed taxpayer, travels from Denver to Miami primarily on business. He spends five days conducting business and two days sightseeing. His expenses are 400 (airfare), 150 per day (meals), and 300 per night (lodging). What are Freds deductible expenses?
- Sheila, a single taxpayer, is a retired computer executive with a taxable income of 100,000 in the current year. She receives 30,000 per year in tax-exempt municipal bond interest. Adam and Tanya are married and have no children. Adam and Tanyas 100,000 taxable income is comprised solely of wages they earn from their jobs. Calculate and compare the amount of tax Sheila pays with Adam and Tanyas tax. How well does the ability-to-pay concept work in this situation?Troy, a cash basis taxpayer, is employed by Eagle Corporation, also a cash basis taxpayer. Tray is a full-time employee of the corporation and receives a salary of 60,000 per year. He also receives a bonus equal to 10% of all collections from diems he serviced during the year. Determine the tax consequences of the following events to the corporation and to Troy: a. On December 31, 2019, Troy was visiting a customer. The customer gave Troy a 10,000 check payable to the corporation for appraisal services Troy performed during 2019. Troy did not deliver the check to the corporation until January 2020. b. The facts are the same as in part (a), except that the corporation is an accrual basis taxpayer and Troy deposited the check on December 31, but the bank did not add the deposit to the corporations account until January 2020. c. The facts are the same as in part (a), except that the customer told Troy to hold the check until January 2020 when the customer could make a bank deposit that would cover the check.
