SWFT Comprehensive Vol 2020
43rd Edition
ISBN: 9780357391723
Author: Maloney
Publisher: Cengage
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Students have asked these similar questions
The maximum tax bases and percentages for 2022 for the two portions of the self-employment tax are which of the following?
Social Security
Medicare
a.
$ 147,000; 12.4%
Unlimited; 2.9%.
b.
$ 147,000; 12.4%
Unlimited; 15.3%.
c.
$ 142,800; 12.4%
Unlimited; 2.9%.
d.
$ 142,800; 15.3%
Unlimited; 15.3%.
Which of the following U.S. programs has a cap on the amount of income that can be taxed? Question 31 options: A) Medicaid B) Social Security C) Medicare D) 401(k) retirement plan
Use 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.
As we go to press, the federal income tax rates for 2023 are being determined by budget talks in Washington, and are not available for publication. For this edition, the 2022 federal income tax tables for Manual Systems with Forms W-4 from 2020 or Later with Standard Withholding and 2022 FICA rates have been used.
Click here to access the Percentage Method Tables.
EmployeeNo.
Employee Name
Filing Status
No. of WithholdingAllowances
Gross Wageor Salary
Amountto BeWithheld
1
James, A.
MFJ
N/A
$1,610
weekly
2
Lake, R.
S
N/A
825
biweekly
3
Walls, S.
MFJ
N/A
925
semimonthly
4
Free, Y.
MFJ
N/A
2,875
monthly
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- you sent the percentage but i need the Approximate state income tax $ Approximate federal tex $ Combined effective income tax rate $ and the ATCF for the year 2109 $arrow_forwardUse (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. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2020 FICA rates have been used. Click here to access the Percentage Method Tables. Click here to access the Wage-Bracket Method Tables. Amount to BeWithheld Employee FilingStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Lennon, A. S N/A $675 weekly $fill in the blank 1 $fill in the blank 2 Starr, P. S N/A 1,365 weekly fill in the blank 3 fill in the blank 4 McNeil, S. MFJ N/A 1,775 biweekly…arrow_forward1. What self-employment tax rate is applied to earnings that exceed $142,800 in a year and also do NOT exceed the additional Medicare tax threshold? Answer: A. 15.3% B. 12.4% C. 2.9% D. 1.45% 2. What is the standard credit applied to the FUTA tax rate in non-credit reduction states? Answer: A. 0.6% B. 0.9% C. 5.4% D. 6% 3. An employer in a non-credit reduction state would pay FUTA taxes of _____ for an employee whose year-to-date earnings prior to the current period are $7,200 and who earns $1,100 during the current period. Answer: A. $0 B. $6.60 C. $43.20 D. $49.80arrow_forward
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