Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,820. Each period he makes a 401(k) contribution of 10% of gross pay and contributes $150 to a dependent care flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $92,500. Social Security tax = $ Medicare tax = $

Q: During 2018, the Smiths and the Joneses both filed joint tax returns. For the tax year ended…

A: Answer:        Tax on Smith taxable income of $130000 based   on tax rates for joint returns…

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: Anthony and Susan are married filing jointly. Their combined income is currently $98,000. Both have…

A: Increment of 8,500 will push the taxable income to the level of = Old income + increment = 98,000 +…

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: Harry and Wei may claim a credit for child and dependent care expenses of:

A: Income Tax Expenses:   The expenses which are related to the taxable income of the individuals and…

Q: Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,650.…

A: According to the IRS- Internal Revenue Service of United States,the rate for contribution to social…

Q: Compute the additional Medicare tax for the following taxpayers. If required, round your answers to…

A: Medicare tax is a tax that is deducted from the paybacks of people to cover medicare expenses.…

Q: Forest is a full-time employee in Marlboro, South Dakota, who earns $58,450 annually, paid biweekly.…

A: the maximum amount that may be held from his pay for a child-support garnishment = up to 50% of your…

Q: Victor and Roberta Sanchez file jointly and had a combined income of $87,700 last year. They…

A: Tax liability is the amount of taxes that need to be paid to the government.

Q: Paul Robinson's filing status is married filing jointly, and he has earned gross pay of $2,800. Each…

A: The standard medicare tax rate is 1.45% of gross pay. However, if married filling jointly has…

Q: Rafael and Lucy, married taxpayers, each contribute $2,900 to their respective § 401(k) plans…

A: In case AGI ranging between $38,000 and $41,000 they may claim a credit  for their  retirement plan…

Q: Bruce Miller's filing status is married filing separately, and he has earned gross pay of $3,200.…

A: Medicare tax rate is 1.45% and if total earnings are above $200000, then additional tax rate of 0.9%…

Q: Robert and John are married and have 5 dependent children and earn a gross biweekly salary of…

A: Income tax refund arises when there is a mismatch between the tax amount paid and and the actual…

Q: 1:Paul Robinson's filing status is married filing jointly, and he has earned gross pay of $2,650.…

A: We will answer only the first question as it is not specified which question is to be answered.…

Q: Victor and Roberta Sanchez file jointly and had a combined income of $85,700 last year. They…

A: With held tax - It is the amount held by an employer on behalf of employee from their salaries /…

Q: Calvin Bell makes a 401(k) retirement plan contribution of 6% of gross pay. He is single, claims two…

A: Answer:- Calvin Bell: Federal Income Tax Withholding :  =(417.93-25.08-259.76)*0.15  = $19.9635…

Q: Sally, who turned age 72 this year, owns 12% of Apex Company. She has accumulated $5 million in her…

A: Income Tax - It is a direct tax imposed by the government levies on the individual over a particular…

Q: Lukas Douglas' filing status is married filing separately, and he has earned gross pay of $2,100.…

A: Earned gross pay = $2100 Contribution = 11% x 2100 = $231 Flexible pay spending = $80   Gross pay…

Q: Robert and Mary file a joint tax return for 2021 with adjusted gross income of $104,000. Robert and…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Kyle Struck's filing status is single, and he has earned gross pay of $2,340. Each period he makes a…

A: Medicare tax refers to the tax levied by the government that helps in funding the Hospital…

Q: Charlie Lilly's filing status is married filing jointly, and he has earned gross pay of $1,850. Each…

A: The social security taxes and medicare taxes are the combined taxes that are withheld under the…

Q: Frederick is married, he earned $2,655 last week, and had year-to-date earnings of $141,344. Use…

A: An employee who makes $141,344 a year . Though Medicare tax is due on the entire salary, only the…

Q: Zebulon is single, earned $2,655 last week, and had year-to-date earnings of $141,344. Use the 2021…

A: The Social Security tax rate for both employees and employers is 6.2% of employee compensation (for…

Q: Robert and John are married and have 5 dependent children and earn a gross biweekly salary of…

A: The answer is stated below:

Q: Victor and Roberta Sanchez file jointly and had a combined income of $87,700 last year. They…

A: The tax rate for married employees, filing jointly for the year 2021 is as follows: Taxable…

Q: Susan, who is a qualifying widow, has a monthly gross income of $5,750.78 Calculate her net earnings…

A:

Q: Jason and Peggy are​ married, file​ jointly, and have one dependent​ (12-year old qualifying​…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: ll of 2020 after having completed her junior year during the spring of that year.  Both Devona and…

A: Calculation of American Opportunity credit available to Jerome and Kelly for 2020 American…

Q: Grady received $8,760 of Social Security benefits this year. Grady also reported salary and interest…

A: Married filing jointly is a status of income tax filing that is available to any couple who was…

Q: Robert and John are married and have 4 dependent children and earn a gross biweekly salary of…

A: The tax owed to the government by the employer or entity that made payment to the recipient is…

Q: Ava and her husband, Leo, file a joint return and are in the 24% Federal income tax bracket. Ava's…

A: Tax Bracket: A tax bracket is the range of income which is subject to various income tax rates.…

Q: orest is a full-time employee in Marlboro, South Dakota, who earns $58,450 annually, paid biweekly.…

A: Garnishment : It is the legal process for collecting monetary judgement on behalf of debtor and…

Q: Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,650.…

A: Medicare tax are used for fund hospital, hospice, and nursing home expenses for elderly and disabled…

Q: Jermaine and Kesha are married, file a joint tax return, have AGI of $75,000, and have two children.…

A: Concept used: Maximum up to tax liability or Actual paid or 2500 whichever amount is lower will be…

Q: Grady received $8,320 of Social Security benefits this year. Grady also reported salary and interest…

A: 1. Gross Income - Gross Income includes all gross pay before deduction by way of pay checks from…

Q: Rex and Dena are married and have two children, Michelle (age seven) and Nancy (age five). During…

A: Tax credits: Tax credit reduces the tax liability of the tax payer. Through tax credit an individual…

Q: Kyle Struck's filing status is single, and he has earned gross pay of $2,360. Each period he makes a…

A: Given information: Gross pay = $2,360.

Q: b.  George and Shirley are married and file a joint return in 2018. During the year, George earns…

A: Situation: Married and filing jointly.Rule: The additional Medicare tax is 0.9% on wages above…

Q: Stephen Belcher's filing status is single, and he has earned gross pay of $1,840. Each period he…

A: Answer: Gross pay = $1840 Flexible spending account = 1840*3% = 55.20Taxable Earnings for Medicare…

Q: Married taxpayer Otto and Ruth are both self-employed and file a joint return. Otto earns $352,000…

A: Medicare tax is a type of payroll tax which is deducted by the employer to make contribution towards…

Q: Caleb Griffin's filing status is married filing jointly, and he has earned gross pay of $3,100. Each…

A: Given   current year earning for Medicare tax = $198400 Therefore, rate applicable = 2.90% / 2 =…

Q: Shawn Buffett's filing status is married filing separately, and he has earned gross pay of $2,680.…

A: General Medicare Tax Rate = 1.45% Additional Medicare Withholding Rate (in case individual Medicare…

Q: Desmond Carroll's filing status is married filing separately, and he has earned gross pay of $4,120.…

A: It must be noted that the social security tax rate for the year 2020 is 6.2% of employee…

Q: Victor and Roberta Sanchez file jointly and had a combined income of $84,700 last year. They…

A: Income tax: It refers to a financial charge imposed by the government on the taxable income of the…

Q: 18. Sam files jointly with his wife, and they have 2 children. The family's gross income is $125,…

A: Internal revenue services: It is  the income administration for the United States central…

Q: Stephen Belcher's filing status is single, and he has earned gross pay of $1,840. Each period he…

A: Medicare tax is a federal tax that has to be paid by each working citizen. This tax is a part of…

Q: Karen’s Moore is married, claims five withholding allowances, and earns $3,500 per month. In…

A: State tax = gross pay * tax rate = 3500 * 2.1% = $73.5 State disability insurance = gross pay * 1/2…

Q: Social Security tax =

A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any…

Q: Bill Clay's filing status is married filing separately, and he has earned gross pay of $1,900. Each…

A: current-year-to-date total taxable earning for medicare tax              =      $199,600…

Q: Malcolm and Megan Johnson are both over age 65, married and are filing a joint tax return for 2020.…

A: All amounts are in dollars ($).

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.