What is TTT Corporation's after-tax cost of paying Lynette's salary excluding FICA taxes?
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![Lynette is the CEO of publicly traded TTT Corporation and earns a salary of $272,500 in the current year.
What is TTT Corporation's after-tax cost of paying Lynette's salary excluding FICA taxes?
After-tax cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F18b254ad-58ba-41b7-ae2b-9a10da4b5067%2F03da690f-7e1c-48f2-9fd7-d052a1cac899%2Fe0zugg_processed.jpeg&w=3840&q=75)
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- a. Hunter Corporation has $250,000 in gross income, $125,000 in deductible business expenses, and a $12,000 business tax credit. Determine the corporation's net tax liability. b.Maria is a single individual with taxable income of $75,000 in 2018. What marginal tax rate should she use to determine the tax savings from a $2,000 deductible expense? c. Denise files her 2018 tax return on February 4, 2019. If there is no material understatement of income on her return and the return is properly signed and filed, when does the statute of limitations expire for Denise's 2018 tax return?Timechex operates as a Nevada business. The employees annual earnings for the past calendar year are as follows: Will, $360,240: Adalia, $36,686: Brian, $21,190: ans Amanda, $6,000. What is Timechex's FUTA tax liability for the year?Lynette is the CEO of a publicly traded company TT company and earns a salary of $380,000 in the current year. What is TTT Corporation's after-tax cost of paying Lynette's salary excluding FICA taxes?
- 1. Luis Gomez is an operations manager for a large manufacturer. He earned $74,500 in 2018 and plans to contribute the maximum allowed to the firm's 401(k) plan. Assuming that Luis is in the 25 percent tax bracket, calculate his taxable income and the amount of his tax savings. Assume an individual employee can put as much as $18,500 into a tax-deferred 401(k) plan. The standard deduction for 2018 is $12,000. If necessary, round the answer for tax savings to the nearest cent. 1A. Taxable Income: 1B. Amount of his tax savings: 2. How much did it actually cost Luis on an after-tax basis to make this retirement plan contribution? If necessary, round the answer to the nearest cent. $_______The Diamond Corporation has two employees, Emily and Mary. Assume Diamond does not defer payroll tax payments or claim employee retention credits or sick and family leave credits. a. If Emily earns wages of $26,000 for 2020, calculate the total amount of the FICA tax that must be paid: by Emily by Diamond Corporation Total b. If Mary earns wages of $164,000 for 2020, calculate the total amount of the FICA tax that must be paid: by Mary by Diamond Corporation Total1. For computing the OASDI taxes, the maximum self-employment earnings of any individual is $200,000. a. True b. False 2. If the self-employed individual is also an employee of another company, the wages received can reduce the amount of self-employment income that is taxed. a. True b. False 3. Ramsey Smith receives wages amounting to $93,500. His net earnings from self-employment amount to $68,600. Smith must count determining taxable self-employment income for OASDI taxes. a. $68,600 b. $147,000 c. $53,500 d. $93,500 of his earnings in
- Kristen, the president and sole shareholder of Egret Corporation, has earned a salary bonus of $30,000 for the current year. Because of the lower tax rates on qualifying dividends, Kristen is considering substituting a dividend for the bonus. Assume that the tax rates are 24% for Kristen and 21% for Egret Corporation. Question Content Area a. How much better off would Kristen be if she were paid a dividend rather than salary? If Kristen were paid a bonus, she would receive $fill in the blank bcbd0cf5affa04c_1 22,800 after taxes. If Kristen receives a dividend rather than salary, she would receive $fill in the blank bcbd0cf5affa04c_2 25,500 after taxes. Thus, she would be better off by receiving the dividend . Feedback Area Feedback Closely held corporations have considerable discretion regarding their dividend policies. In the past, the double tax result provided strong motivation to avoid the payment of dividends. Instead, the incentive was to bail out corporate profits in a…Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $133,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer 7.65% on first $118,500 paid in wages Self-Employed Rates 15.3% on first $118,500 of net profits Employee's Rates 7.65% on first $118,500 of income 1.45% of income in excess of $118,500 1.45% of wages paid in excess of $118,500 2.9% of net profits in excess of $118,500 FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.)K is the president and chief executive officer of KL, Inc., an S corporation that is owned equally byindividuals K and L. K receives a salary of $83,000, and her share of the net income, after deductingexecutive salaries, is $50,000. What is the proper income tax and payroll tax (F.I.C.A. or self‐employmenttax) treatment of each of the following to K for the current calendar year?a. The salaryb. The net income of $50,000.c. Calculate the payroll tax for K
- In 2016, Landon has self-employment earnings of $195,000. Compute Landon’s self-employment tax liability and the allowable income tax deduction of the self-employment tax paid: Toal self-employment tax liability = ? Self-employment tax deduction = ?Kristen, the president and sole shareholder of Egret Corporation, has earned a salary bonus of $264,500 for the current year. Because of the lower tax rates on qualifying dividends, Kristen is considering substituting a dividend for the bonus. Assume that the tax rates are 24% for Kristen and 21% for Egret Corporation. Round your answers to nearest dollar, if required. a. How much better off would Kristen be if she were paid a dividend rather than salary? If Kristen were paid a bonus, she would receive s 201,020✔ after taxes. If Kristen receives a dividend rather than salary, she would receive 224,825✔ after taxes. Thus, she would be better off by receiving the dividend Feedback Check My Work b. How much better off would Egret Corporation be if it paid Kristen a salary rather than a dividend? The net after-tax cost of the bonus for Egret Corporation would be s 7,975 X Therefore, Egret would be better off by s be s Check My Work 208,955✔ and the net after-tax cost for the dividend would…Gerry is a resident of Quebec and has been with the same employer, XYZ company for the last 3 years. Facts: Gerry’s gross salary in 2022:$96,000 ignore non-refundable tax credits for this problem Using Table A, 2022 tax rates, calculate Gerry’s taxes payable Gerry’s Taxes Payable Calculate Gerry’s average tax rate and marginal tax rate: Tax calculation Average tax rate Marginal tax rate Table A