Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Question
Chapter 9, Problem 13MCQ
To determine
Concept Introduction:
FICA taxes: The Federal Insurance Contribution Act imposes the Social Security and Medicare Tax that provide benefits to qualified retired and disable workers. Both employers and employees are allowed to pay FICA taxes.
To indicate: The form in which employers file tax return
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Income Tax Fundamentals 2020
Ch. 9 - Prob. 1MCQCh. 9 - Abbe, age 56, is married and has two dependent...Ch. 9 - Prob. 3MCQCh. 9 - Prob. 4MCQCh. 9 - Prob. 5MCQCh. 9 - Estimated payments for individual taxpayers are...Ch. 9 - Prob. 7MCQCh. 9 - Prob. 8MCQCh. 9 - Prob. 9MCQCh. 9 - Prob. 10MCQ
Ch. 9 - Ran's wage income is $47,350 in 2019. The combined...Ch. 9 - Prob. 12MCQCh. 9 - Prob. 13MCQCh. 9 - Prob. 14MCQCh. 9 - Prob. 15MCQCh. 9 - Prob. 16MCQCh. 9 - Prob. 17MCQCh. 9 - Prob. 18MCQCh. 9 - Prob. 19MCQCh. 9 - Prob. 20MCQCh. 9 - Prob. 21MCQCh. 9 - Bonnie is getting close to retirement and realizes...Ch. 9 - Prob. 1PCh. 9 - Prob. 2PCh. 9 - Prob. 3PCh. 9 - Prob. 4PCh. 9 - Kana is a single wage earner with no dependents...Ch. 9 - Lamden Company paid its employee, Trudy, wages of...Ch. 9 - Fiduciary Investments paid its employee, Yolanda,...Ch. 9 - Thuy worked as the assistant manager at Burger...Ch. 9 - Prob. 11PCh. 9 - Prob. 13PCh. 9 - Prob. 14PCh. 9 - Allen (age 32) takes a distribution of $20,000...
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- Shanna, a calendar year and cash basis taxpayer, rents property to be used in her business from Janice. As part of the rental agreement, Shanna pays 8,400 rent on April 1, 2019, for the 12 months ending March 31, 2020. a. How much is Shannas deduction for rent expense in 2019? b. Assume the same facts, except that the 8,400 is for 24 months rent ending March 31, 2021. How much is Shannas deduction for rent expense in 2019?arrow_forwardKaren, 28 years old and a single taxpayer, has a salary of $33,000 and rental income of $33,000 for the 2019 calendar tax year. Karen is covered by a pension through her employer. What is the maximum amount that Karen may deduct for contributions to her IRA for 2019? $__________________________ If Karen is a calendar year taxpayer and files her tax return on August 15, what is the last date on which she can make her contribution to the IRA and deduct it for 2019? $__________________________arrow_forwardDarrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.arrow_forward
- Arthur Wesson, an unmarried individual who is age 68, reports taxable income of 510,000 in 2019. He records positive AMT adjustments of 80,000 and preferences of 35,000. Arthur itemizes his deductions, and his regular tax liability in 2019 is 153,694. a. What is Arthurs AMT? b. What is the total amount of Arthurs tax liability? c. Draft a letter to Arthur explaining why he must pay more than the regular income tax liability. Arthurs address is 100 Colonels Way, Conway, SC 29526.arrow_forwardDuring 2019, Matti Conner, president of Maggert Company, was paid a semimonthly salary of 6,000. Compute the amount of FICA taxes that should be withheld from her:arrow_forward
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