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- What is the maximum that can be deducted as an above the line deduction for the amount that you pay to social security for self-employment taxes? a. 25% b. 100% C. 50% d. none e. 75%Review your friend Johnny's weekly paystub/earning's statement and answer questions #1 -4 that follow it. 121213 EARNINGS STATEMENT Pay Perlod: 2018 - 042018 Abstract United Jamaica, NY. 11433, USA Pay Date 0O2018 Employee 2214 Johnny Brave Marital Status Single Exemptions: 0 Jamaica NY. 4564I, USA Secial Security ss6 bEDUCTIONS YTD TOTAL B1.20 347 20 631.40 2.00 EARNINGS RATE 10 HOURS TOTAL 400.00 0.00 0.00 0.00 0.00 0.00 YTD TOTAL TOTAL 5.600.00 Salary Overtime Holiday Vacatin Bonus Ploat Fica- Medicare Fica- Social Secunty Federal Tax State Ta 0.00 240 45.10 2000 0.00 0.00 00 0.00 DEDUCTION TOTAL 95.70 GROSS PAY 400.00 S00.00 NET PAY 30430 420.20 1. For the one week pay period ending 04/03/2018, what is Johnny's gross pay? (Section 4.2) Page 9 2. How much was deducted for federal income tax in this pay period? (Section 4.2) 736 DMProblem Solving Directions: 1. Compute for the gross taxable income and tax due of Ms. Myra dela Torre, supervisor of the telecommunication company. Basic salary of P1,401,148.83, 13th-month pay, and other benefits P90,000.00, de minimis benefits of P40,000.00, SSS/GSIS/, PHIC, and Pag-ibig contributions P16,570.60. 2. Explain the procedure of how you computed the gross taxable income and tax due of Ms. dela Torre.
- Take home pay or net pay means: a. gross pay less all deductions b. gross pay plus the amount paid for you by your employer for SSS premiums and Medicare Contributions c. amount earned per hour times number of hours worked d. gross pay less income tax withheldFind the Social Security tax and the Medicare tax paid by Jeff Mendi for the current pay period. Assume all Jeff's earnings are subject to both taxes and that the FICA rate is 6.2% and the Medicare rate is 1.45%. Earnings Current Pay Period $484.88 Employee FICA @ 6.2% Medicare @ 1.45% Mendi, J. .... What is the FICA tax deducted from Jeff's current gross earnings? (Round to the nearest cent.) The Medicare deduction from Jeff's current gross earnings is $ (Round to the nearest cent.)Question 3: How much FUTA tax would an employer in a non-credit-reduction state owe if an employee has earned $6,400 to date and has current period taxable pay of $1,500? Answer: A. O $3.60 В. O 59 C. O $36 D. O $90
- . A resident citizen has the following data on income and expenses in 2018: Gross compensation income ₱ 200,000 Gross sales 900,000 Cost of sales 500,000 Business expenses 200,000 He avails himself of the Optional Standard Deduction. How much is the OSD? a. ₱80,000 b. ₱160,000 c. ₱200,000 d. ₱360,000 ANSWER:If an employee X has CNA =₱18,291.09, 13th month pay = ₱27,891.00, other benefits = ₱10,000, and ₱3,000 of the other benefits is the clothing allowance. How much of his benefits is taxable? How much is Non- Taxable?1. 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. $49.80
- If I receive a return to work payment of $20,000 and it is classified under statory income. What difference would it make if this was classified under ordinary income?Exercise 9-11 (Algo) Computing payroll taxes LO P2, P3 Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4 % of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows. Employee Ken S Tim V Steve S Cumulative Pay $ 5,200 44,400 91,000 Employee Ken S Tim V Complete this question by entering your answers in the tabs below. Required A Compute the amounts in this table for each employee. Pay Subject to FICA Social Security Steve S Julie W Michael M Zach R Christina S Kitty O John W Totals a. Compute the amounts in this table for each employee. b. For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes. Hint Remember to include in those totals any employee share of taxes that the company must collect. Required B Employee Julie W…Which taxes are major taxes on income? That is, which taxes are normally paid in the form of deductions from a worker's paycheck? Major Tax Sc property tax Medicare tax income tax 1 Not a Major Tax Q A 2 ZI option WS # 3 X H command c E D S4 JAR 19 CRF +++ % 5 sales tax Search or type URL Social Security tax VT 6 GY B tv 7 H SHIVA UN* CO 8 J1 M 9 K(+ OH com