If you receive your full bonus at the end of the year, what is your total (gross or before tax) pay for the year?
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SINGLE Persons |
|||||
|
If the Adjusted Wage Amount (line 1d) is |
The tentative amount to withhold is… |
Plus this percentage… |
of the amount that the wage exceeds… |
|
|
|
at least… |
But less than… |
|
|
||
|
A |
B |
C |
D |
E |
|
|
$0 |
$4,350 |
$0.00 |
0% |
$0 |
|
|
$4,350 |
$14,625 |
$0.00 |
10% |
$4,350 |
|
|
$14,625 |
$46,125 |
$1,027.50 |
12% |
$14,625 |
|
|
$46,125 |
$93,425 |
$4,807.50 |
22% |
$46,125 |
|
|
$93,425 |
$174,400 |
$15,213.50 |
24% |
$93,425 |
|
|
$174,400 |
$220,300 |
$34,647.50 |
32% |
$174,400 |
|
|
$220,300 |
$544,250 |
$49,335.50 |
35% |
$220,300 |
|
|
$544,250 |
$162,718.00 |
37% |
$544,250 |
|
- Assume you are offered a job with a salary of $42,000 and a bonus of 7.5% based on your performance during the year.
- If you receive your full bonus at the end of the year, what is your total (gross or before tax) pay for the year?
Assume you are filing under single status. Using the income tax table provided below, answer the following questions.
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- Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Amount to BeWithheld Employee MaritalStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Corn, A. S 2 $675 weekly $fill in the blank 1 $fill in the blank 2 Fogge, P. S 1 1,960 weekly fill in the blank 3 Felps, S. M 6 1,775 biweekly fill in the blank 5 fill in the blank 6 Carson, W. M 4 2,480 semimonthly fill in the blank 7 fill in the blank 8 Helm, M. M 9 5,380 monthly fill in the blank 9Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee. If an amount is zero, enter "0". If required, round your calculations and final answers to the nearest cent. EmployeeNo. Employee Name Marital Status No. of WithholdingAllowances Gross Wageor Salary Amountto BeWithheld 1 Amoroso, A. M 4 $1,610 weekly $fill in the blank 1 2 Finley, R. S 0 825 biweekly fill in the blank 2 3 Gluck, E. S 5 9,630 quarterly fill in the blank 3 4 Quinn, S. M 8 925 semimonthly fill in the blank 4 5 Treave, Y. M 3 2,875 monthlyQuestion text Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI-6.2% both on $128,400; HI-1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9 percent on wages in excess of $200,000 was not applicable. PROBLEM: During 2019, Amanda Hines, president of Dunne, Inc., was paid a semimonthly salary of $7,100. Determine the following amounts. OASDI HI (a) The amount of FICA taxes to withhold from her 9th pay is ______ ______ (b) The amount of FICA taxes to withhold from her 19th pay is ______ ______ (c) The amount of FICA taxes to withhold from her 24th pay is ______ ______
- Thirteenth month pay is exempt from income taxation? Group of answer choices No, only the excess to P82,000.00 No, only the excess to P90,000.00 Yes, it is income received. Yes, compensation income does not allow deductions.Question text Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Aaron Norman earned $24,900 for the year from Marcus Company. The company is subject to a SUTA tax of 4.7% on the first $9,900 of earnings. Determine: a) the employer's FUTA tax on Norman's earnings __________. b) the employer's SUTA tax on Norman's earnings __________.Assume the FUTA tax rate is 0.6% and the SUTA tax rateis 5.4%. Both taxes are applied to the first $7,000 of anemployee’s pay. What is the total unemployment tax anemployer must pay on an employee’s annual wages of$40,000? a. $2,400 b. $420 c. $42 d. $378 e. $0; employee’s wages exceed the $7,000 maximum.
- 1. Mr. Dacanay is a minimum wage earner (MWE) with a following date in a year: Compensation income (salary) ……………………. P 144,000.00 Mandatory contribution to govt (SSS Philhealth And HDF) 6,000.00 13th Month pay ------------------------------- 12,000.00 Compute the income tax present computation properly. 2. Mr. Malabag is not a minimum wage earner. He had the following data for the year. Taxable Compensation income--------------- P 280,000.00 13th month pay and other benefit exempt from Income tax ---------------------------------- 105,000.00 SSS 5,000.00 Compute the Income tax and present computation properly. 3. Mr. Cho had the following data in a calendar year. Gross sales from self-employment P 2,000,000.00 Interest on Philippine…Single person (including head of household) If amount of wages (after subtracting withholding allowance) is: The amount of income tax withholding is: Not over $43 $0 Over– But not over– of excess over– $43 –$222.......$0.00 plus 10% –$43 $222 –$767.......$17.90 plus 15% –$222 $767 –$1,796....$99.65 plus 25% –$767 $1,796 –$3,700....$356.90 plus 28% –$1,796 $3,700 –$7,992....$890.02 plus 33% –$3,700 $7,992 –$8,025....$2,306.38 plus 35% –$7,992 $8,025 .................$2,317.93 plus 39.6% –$8,025 Using an $80 value for each exemption and the tax rate schedule above, what is Woods' federal income tax withholding? Round your answer to two decimal places.Question text Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI-6.2% both on $128,400; HI-1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9 percent on wages in excess of $200,000 was not applicable. PROBLEM. Karlie Hastings is a writer (employee) for the Santa Fe Gazette and has an annual salary of $49,000. This year, she also realized net self-employment earnings of $85,000 from a book she wrote. What portion of her self-employment earnings is subject to the two parts of the social security tax? (a) OASDI taxable self-employment earnings __________ (b) HI taxable self-employment earnings __________ (c) OASDI self-employment tax __________ (d) HI self-employment tax __________
- Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Aaron Norman earned $24,900 for the year from Marcus Company. The company is subject to a SUTA tax of 4.7% on the first $9,900 of earnings. Determine: (Round your answers to two decimal places, if necessary.) a. the employer's FUTA tax on Norman's earnings $fill in the blank 1. b. the employer's SUTA tax on Norman's earnings $fill in the blank 2.An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the FICA Medicare tax rate is 1.45%. What is the employees FICA taxes responsibility? A. $535.50 B. $612 C. None, only the employer pays FICA taxes D. $597.50 E. $550CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 loss