Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax exempt income. She did not have minimum essential coverage for 8 months in 2018. Compute Susan's individual shared responsibility payment for 2018. The standard deduction for taxpayers filing single is $12,000. For 2018, the flat annual dollar amount is $695 per adult and $347.50 per child, limited to an annual maximum of $2,085 per household.

Q: Agnes, a resident taxpayer, has a taxable income of $50,000 for the income tax year ended 30 June…

A: PAYG is pay as you go is amount  of tax deducted by employer  at source. After filing income  tax…

Q: Julie, being self-employed, is required to make estimated payments of her tax liability for the…

A: In case estimated tax of an individual is $1,000 or more than quarterly payment of tax should be…

Q: Requirement What is David​'s AMT liability for 2019​?   Begin by computing David​'s alternative…

A: Solution-                                                Calculation of David Amt Liability for 2019…

Q: Shellie, a single individual, received her Bachelor's degree in 2020, and took a job with a salary…

A: Income tax- Income tax refers to the tax that is levied on the earnings/ income of a person or…

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A: A. In this situation L.A. and paula consider standard deduction only, because standard deduction…

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: For the following taxpayers determine which one is not required to file a tax return in 2018. a.…

A: Return filing Status: It is the status given to the taxpayers for determining their threshold for…

Q: Last year Juni earned $49,800 from her job, and $42 in interest income. Her employer withheld $4800…

A: Tax-deferred retirement account: It is an  employer-sponsored retirement savings plan , and employer…

Q: Skylar is single and earns $410,000 in salary during 2018. What is the amount of 0.9 percent…

A: Employers are required to withhold additional Medicare tax, above the 1.45% Medicare tax rate, at a…

Q: For each of the following situations, indicate whether the taxpayer(s) is (are) required to file a…

A: Monica received $ 500 as unreported tip and owes Social Security taxes on these tips. Total income…

Q: Aliya files her current year tax return on June 18 of the following year. On October 8 she pays the…

A: Late filling Penalities Internal Revenue Service imposes the late penalities whether the taxpayer is…

Q: Rajesh is filing single and he has an adjusted gross income (AGI) of $81,000 for the 2018 tax year.…

A: The tax liability indicates the income tax payable by the taxpayers on the taxable income. The…

Q: Clark, a widower, maintains a household for himself and his two dependent preschool children. For…

A: The Child and Dependent Care Credit can be worth from 20% to 35% of some or all of the dependent…

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: Ben had $88,000 of income from wages and $4,350 of taxable interest. Ben also made contributions of…

A: Taxable income seems to be the part of an individual's personal or a firm's income which is used to…

Q: LaTosha had $103,500 of income from wages and $3,550 of taxable interest. LaTosha also made…

A: Income tax is calculated on the taxable income which is equal to the total income less all the…

Q: During 2019​ ,Dale  incurs the following deductible​ expenses: $1,400 in state income​ taxes, $3,400…

A: Calculation of Dale's Taxable Income Particulars   Amount AGI   $38,000 Less: Itemized…

Q: Danielle Landerman (33), a single taxpayer, spent $2,800 for tuition and required course fees to…

A: Danielle qualifies for Lifetime Learning Credit tax benefits for education.

Q: During the 2020 tax year, Gwen supports her family as a physical therapist. She reports $90,000 of…

A: Health insurance is a type of insurance that pays for medical costs incurred as a result of an…

Q: Greg is single. During 2020, he received $60,000 of salary from his employer. That was his only…

A: Salary: Its a compensation to be paid to employees for contributing their time and providing…

Q: Sally, age 44, has 3 dependent children between age 6 and 17. The children live with her and qualify…

A: As Sally can file return as Head of Household, she can avail standard deduction.  For persons filing…

Q: Leslie is a single taxpayer who is under age 65 and in good health. For 2018, she has a salary of…

A: Requirement 1: Determine the amount of adjusted gross income. Individual taxpayers compute their tax…

Q: Determine whether the taxpayer in each of the following situations is in constructive receipt of…

A: Constructive receipt of income is an accounting concept under which an individual or business entity…

Q: In 2020, Mason, age 35 and single, earned wages of $75,000. Mason had no exclusions, and he had…

A: As per United State tax laws Itemized deduction are those deduction which can be claimed as…

Q: Jorge Gomez is a single taxpayer. His SSN is 412-34-5670, and he lives at 5037 Circle Court,…

A: 1040 for a Single taxpayer with no dependents 1040 PG 1 1040 PG 2 Schedule 1 Schedule B Schedule…

Q: taxpayers does not have to file a tax return

A: Tax return refers to the completion of documentation that tries to calculate the net income earned…

Q: Jaclyn Biggs, who files as a head of household, never paid AMT before 2021. In 2021, her regular tax…

A: Taxpayer should pay higher tax amount between AMT and regular Tax. Total Income Tax under AMTI…

Q: Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in…

A: Standard deduction refers to the non-taxable portion of income. It is based on the age, filing…

Q: Assume Edgar (age 45), a single taxpayer, has total itemized deductions of $19,252 for 2019, which…

A: Income tax:    It is the amount a person is liable to pay on the earned amount in an accounting…

Q: Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in…

A: The tax credit which is given as the tax relief to the taxpayers in order to bear the children…

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: Simon Millstone is 48 years of age and has employment income of S81,000. His employer withheld the…

A: Simon Millstone aged 48 years and his employment income = $81000 His wife, Candice aged 46 years and…

Q: Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax-exempt income. She did…

A: As per IRS it is mandatory to file 1040 form if the income earned in year 2018 is $12,000 or more…

Q: Tyler, a single taxpayer, generates business income of $3,000 in 2016. In 2017, he generates an NOL…

A: As per IRS, the net operating losses are the excess of tax-deductible expenses over taxable revenues…

Q: During 2019​, Dale incurs the following deductible​ expenses: $1,400 in state income​ taxes, $3,400…

A: Taxable income is the percentage of income used to determine the amount of tax that a person or a…

Q: In 2020, Mary, age 70 and head of household (unmarried), had income of $37,000 and exclusions of…

A: A tax is a compulsory contribution or financial charge that is levied by the government on the…

Q: Derek, a cash basis, unmarried taxpayer, had $610 of state income tax withheld during 2018. Also in…

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

Q: Carson Holiday has a federal tax levy of $4,119.90 against him. If Holiday is single with three…

A: Note: In the given question, it is assumed that the tax year is 2017 and taxes are to be filled in…

Q: Ms. Gleason, an unmarried taxpayer, had the following income items: $ 40,000 3,200 Salary Net income…

A: Tax is the amount of expenses that are charged by the government from the organisation and…

Q: nise is a full-time exempt employee living in St. George Utah who is $28,500 annually and is paid…

A: Federal Income Tax: When a person earn income from the various income sources, say salary, interest…

Q: In each of the following situations, determine whether the taxpayer(s) has/have a dependent and if…

A: Dependent: A dependent is a person who is financially reliant on another person, and this might…

Q: Jaclyn Biggs, who files as a head of household, never paid AMT before 2021. In 2021, her regular tax…

A: Compute the Jacklyn's total income tax for 2021:- Jacklyn's total income tax is $ 111,110…

Q: Arabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents. Last…

A: The part of your gross income that is used to determine how much tax you owe in a given tax year is…

Q: Preston and Anna are engaged and plan to get married. During 2019, Preston is a full-time student…

A: Preston filling single Anna filling single Gross income and AGI 5,800 55,000 Standard…

Q: Paige had $100,000 of income from wages and $3,650 of taxable interest. Paige also made…

A: Calculation of Paige's total income: Particulars Amount Income from Wages $100,000 Add:…

Q: Jane, a resident taxpayer, has a taxable income of $19,500 for the income tax year ended 30 June…

A: Assuming that the question pertains to Australian Income Tax (since Australia follows a July 1 to…

Q: During the year ended 30 June 2019 Rechelle, a resident taxpayer, received salary and wages income…

A: During year ended 30.06.2019, Rechelle, a resident tax payer salary and wages income = $34750…

Q: Ted Higgins is a single taxpayer with an AGI of $150,000, Taxable income of $90,000 and calculated…

A: Tax is the liability which has paid by the individual and the corporation to the Federal Government…

Q: Rajesh is filing single and he has an adjusted gross income (AGI) of $87,000 for the 2018 tax year.…

A: Taxation states the financial charge or obligation which is imposed through the government or…

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.