The Standard Corporation paid wages of $140,000 to it chief accountant in 2020. Determine the amount withheld from his wages for (i) social security and (ii) Medicare

Q: AJ, a rank-and-file employee received the following compensation and benefits received during 2021:…

A: Following is the calculation of employee's taxable net income:

Q: Jon, age 45, had adjusted gross income of $26,000 in 2019. During the year, he incurred and paid the…

A: Deduction Limit=10%×Adjusted gross income=10%×$26,000=$2,600

Q: Groupe Alimentaires is preparing the 2020 year-end information slips for their employees. Claire had…

A:

Q: uan, an employee of SSS, received his 13th month pay of P30,000 last December 14, 2020. His total…

A: Answer: We have  13th month pay = P 30,000 : It is not included in taxable compensation Total…

Q: usan received £ 15,000 salaries and £ 10,000 bonuses during the tax year 2020-21. Her employer…

A: In United Kingdom an employee has to pay taxes on all the type of benefits or allowances claimed by…

Q: At the end of 2019, Ms. Shelly Sampson has unused RRSP deduction room of $6,000 and undeducted RRSP…

A: The following calculations are done for Ms. Shelly Sampson.

Q: The payroll of Buffalo Company for September 2019 is as follows. Total payroll was $468,000, of…

A: Debit the salary, salary and company payroll taxes you paid. This will increase your expenses for…

Q: An accountant agrees to perform $410 of tax services for an auto mechanic who has agreed to perform…

A: TAXABLE INCOME YEAR ACCOUNTANT MECHANIC 2021 $410 $0…

Q: An individual taxpayer uses the cash method. Which of the following transactions results in gross…

A: A taxpayer who uses the cash method is the one who records income and deductions in the financial…

Q: In 2018, Ronnie Alonte received from his employer a promissory note with a face value of P 50,000…

A: Notes Receivable Notes receivable which are received in the form of services which are provided to…

Q: In 2020, David, age 66, had adjusted gross income of $32,000. During the year he paid the following…

A:

Q: An employee whose current-year earnings subject to Social Security tax are $137,600 and whose…

A: Solution:- Rate of Social Security tax applied on payroll earnings = 6.2% Maximum Payroll earnings…

Q: Lamden Company paid its employee, Trudy, wages of $47,000 in 2018. Calculate the FICA tax: Withheld…

A: Medicare: Medicare is one of the two components of FICA (Federal Insurance Contributions Act) tax.…

Q: The EPBO for Branch Industries at the end of 2021 was determined by the actuary to be $20,000 as it…

A: APBO (Accumulated Post-retirement Benefit Obligation) is the proportion of EPBO (Expected…

Q: During the summer of 2019, college student Jason worked for his uncle, a painting contractor, for…

A: Tax is a charge which is charged on the taxable income of a taxpayer. A self-employment tax is…

Q: Richard, who retired on April 30, 2020, receives a monthly employee annuity benefit of $1,400…

A: Given that: Monthly employee annuity benefit = $1400 Contribution = $29400

Q: In September 2019, Manson Paint Corporation began operations in a state that requires new employers…

A: FUTA and SUTA are two payroll taxes, which are also known as Federal Unemployment taxes and State…

Q: A taxpayer is contributing to an RRSP for the 2021 tax year. The taxpayer's earned income in 2020…

A: GIVEN A taxpayer is contributing to an RRSP for the 2021 tax year. The taxpayer's earned income in…

Q: In 2019, household employees are not required to pay FICA taxes on cash payments of less than $2,100…

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Matilda works for a company with 1,000 employees. The company has a hospitalization insurance plan…

A: (1) Employee must pay the first $3,000 of their Medical Expenses. (2) Matilda's Employer has…

Q: On January 1, 2019, Lee Software Company adopted a healthcare plan for its retired employees. To…

A: Definition:

Q: Z was an employee with the following information from her employment in 2021. Salaries and wages -…

A: Employment income includes all the salaries and wages paid by the employer as well as the taxable…

Q: Taxable income for federal income tax withholding = Taxable income for social security tax = Taxable…

A: The taxable income is referred to as the determined portion of income over which the tax liability…

Q: 2019   Thuy worked as the assistant manager at Burger Crown through August 2019 and received wages…

A: Social security tax is charged on employer and employees to fund the social security programs. The…

Q: In 2021, Dan Davis, age 85 and single, received Social Security benefits of $14,000, dividend and…

A: Introduction: The Internal Revenue Service (IRS) utilizes your adjusted gross income (AGI). To…

Q: During 2021, Robert has the following cash receipts: Wages: $50,000 Interest from City of Jackson…

A: As per Internal Revenue Services [IRS] definition ,  Gross Income includes…

Q: Thuy worked as the assistant manager at Burger Crown through August 2020 and received wages of…

A: Solution-   Maximum limit  for Social Security taxes in 2020=$137700 Particular $Amount…

Q: mpute the OPRB expense for 2019 if Vasby uses the average remaining service life to amortize the…

A:

Q: Allie started her new job in 2020. She received the following payments or benefits paid on her…

A: Allie started her new job in 2020. Payments or benefits paid by her employer are 1. Salary = $84000…

Q: In 2020, Ava, an employee, who files single, has AGI of $38,700 and incurred the following…

A: The question lists down the expenses incurred by Ava and seeks answers on what would be itemized…

Q: Z was an employee with the following information from her employment in 2021. Salaries and wages -…

A: Net employment income= Salary + Any benefit received from employer- RRSP contribution.

Q: Reese works in Prince Edward Island and has 2022 payroll totals of regular earnings of $62,700.00,…

A: Here discuss about the details of the total to be recorded in Box 14 of T4 Information.  According…

Q: Thuy worked as the assistant manager at Burger Crown through August 2018 and received wages of…

A:

Q: For the 2019 taxation year, Sylvia Ivany has net employment income of $90,000, spousal support…

A: The RRSP deduction limit is the amount that can be deposited as an RRSP contribution. This is…

Q: On January 1, 2019, Vasby Software Company adopted a healthcare plan for its retired employees. To…

A: SOLUTION- JOURNAL ENTRIES  ARE RECORDS OF FINANCIAL TRANSACTIONS FLOWING IN AND OUT OF YOUR…

Q: Jun, a minimum wage earner, works for a foundation. He is not engaged in business nor has any other…

A: Compensation Earner - an invidual whose income is depend entire on employee and employeer relation.…

Q: omplete Part 1 of Form 941, reproduced on the next page. # of employees for pay period that…

A:

Q: The payroll of Swifty Company for September 2019 is as follows. Total payroll was $ 444,000, of…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Olin Packett is a CGA-CPA and is employed by a Canadian private corporation. For 2020, his gross…

A: ANSWER:    $116,992     EXPLANATION : Gross Salary   82000 Less: Deduction     Federal…

Q: On 30 June 2020, an employee has been paid a total of $60,000 in salary payments, yet will only…

A: Tax on salary is charged based on the principle of ‘due or receipt basis’, whichever is earlier. For…

Q: An employee works 55 hours (55 - 40 were overtime hours) during a workweek in November of 2020. The…

A: SOLUTION TAXABLE INCOME IS THE MONEY THAT IS EARNED WHICH IS SUBJECTED TO TAXATION BY FEDERAL OR…

Q: Minette's Québec payroll totals for the 2022 taxation year were as follows: salary of $51,900.00,…

A: Payroll: Payroll refers to the amount earned by an employee in the form of salary and other…

Q: An employee works 45 hours (45 - 40 were overtime hours) during a workweek in October of 2020. The…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: Carol was an employee during 2019 with the following income and benefits received from her employer:…

A: Particulars Amount Salaries $60,000 Add: Bonus accrued $5,500 Carol’s…

Q: Allan, an officer of Jetti Corporation, earned in 2018 an annual compensation of P1,300,000…

A:

Q: The November 2019 payroll of Walnut Company is $17,500,000, of which $2,150,000 is exempt from…

A: Prepare the journal entries to record payroll expense.

Q: During 2021, Garth has a job as a civil engineer where he earns a salary of $120,000. He also has…

A: FICA taxes include social security taxes and Medicare tax. Social security tax wage limit is $…

Q: Jon, age 45, had adjusted gross income of $26,000 in 2019. During the year, he incurred and paid the…

A: Deduction: The amount which are subtracted from the the individual or the corporation taxable income…

Q: 2019 Thuy worked as the assistant manager at Burger Crown through August 2019 and received wages of…

A: The limit for Social Security taxes in 2019 was $132,900.

Q: (COVID provisions) Lamden Company paid its employee Trudy, wages of $61,500 in 2020. Of this amount,…

A: According to IRS rules relating to COVID sick leave provision, an employer pays sick leave pay for…