Aloiselle_Calculatechildsupport_021624 (1)

Ac. 2

Use the percentage method to compute the federal income tax to be withheld from each employee. Name Marital Status Gross Wages Anderson, J. Banks, M. Married Jointly Married Jointly $1,500 Weekly $750 Bi-Weekly Carter, D. Single Davis, L. Married Separate Harris, K. Single Justice, M. Single $3,500 Monthly $800 Semi-Monthly $1,000 Weekly $500 Weekly

Which equation could be used to identify one of the following levels of Federal Incomne Tax withholding? PERCENTAGE METHOD FOR FIT WITHHOLDING MARRIED PERSON WEEKLY PAYROLL PERIOD Allowance Rate = $63.46 The amount of FIT withholding is... each w %3D . If he Weekly Taxable Wage any rin Over But not over. $0.00 0.10(income 58) $36.00 + 0.12(income 222) $171.36 + 0.22(income 588) $1 $222 222 588 588 1,117 Select one: O A. FIT = 37.70 + 0.12g; where g = gross pay in dollars. O B. FIT = 36 + 0.22(g - 222); where g = gross pay in dollars. O C. FIT = 171.36g - 129.36; where g = gross pay in dollars. O D. FIT = 36 + 0.12g - 26.64; where g = gross pay in dollars. Outi

TABLE 2.3Personal tax rates for 2021 (Unmarried Individuals)  Taxable Income Tax Rate $ 0–9,950 10% 9,950–40,525 12 40,525–86,375 22 86,375–164,925 24 164,925–209,425 32 209,425–523,600 35 523,600+ 37 Duela Dent is single and had $187,200 in taxable income. Using the rates from Table 2.3, calculate her income taxes. What is the average tax rate? What is the marginal tax rate? Note: Do not round intermediate calculations and round your income tax answer to 2 decimal places, e.g., 32.16. Enter the average and marginal tax rate answers as a percent, rounded 2 decimal places, e.g., 32.16.

General Accounting Question please answer do fast

Required: A married couple received $9,200 of social security benefits. a. Calculate the taxable amount of those benefits if the couple's provisional income is $20,500. b. Calculate the taxable amount of those benefits if the couple's provisional income is $38,000. c. Calculate the taxable amount of those benefits if the couple's provisional income is $56,000. Taxable amount of benefits a. b. C.

K Use the 2021 marginal tax rates to compute the income tax owed by the following couple. Filing status: married filing jointly Gross income: $153,000 Adjustments: $21,500 Deductions: $4590 state taxes $10,700 mortgage interest $5400 property taxes $16,500 charitable contributions Tax credit: $7400 Click the icon to view the 2021 marginal tax rates The income tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)

Find the amount of income tax withheld from Karen's semimonthly gross paycheck of $1,737.50 using the percentage method tables in Exhibit 9-1 and Exhibit 9-2 from your text. Karen is married and claims 4 withholding allowances.   $56.49 $77.75     $132.48 $139.50

Problem 10-37 (Algorithmic) (LO. 6, 7, 8, 9, 10, 11) Amy and Mitchell share equally (50%) in the profits, losses, and capital of the accrual basis AM Products LLC. Amy is a managing member of the LLC (treated as a general partner) and is a U.S. person. At the beginning of the current tax year, Amy's tax basis capital account has a balance of $736,000, and the LLC has debts of $478,400 payable to unrelated parties. All debts are recourse to the LLC, but neither of the LLC members has personally guaranteed them. The following information about AM's operations for the current year is obtained from the LLC's records. Operating income W-2 wages Depreciation expense Interest income Long-term capital loss Long-term capital gain Charitable contribution (cash) Cash distribution to Amy Unadjusted basis of partnership property immediately after acquisition $1,104,000 200,000 300,000 11,040 7,360 22,080 11,090 55,200 1,600,000 Operating income equals revenue less operating expenses (other than…

1. The original Social Security tax rate was _____ of taxable earnings. Answer:   A.    10%     B.    1%     C.    5%     D.    7% 2. The 2021 Social Security wage base is _____. Answer:   A.    $100,000     B.    $113,700     C.    $125,000     D.    $142,800 3.  What is the earnings threshold over which an employee whose filing status is Married Filing Separately will be subject to the additional Medicare tax? Answer:   A.    $117,000     B.    $125,000     C.    $200,000     D.    $250,000

Income Tax Credits (LO. 6) Refer to Exhibit 8-5 and 8A-1 SCHEDULE EIC (EARNED INCOME CREDIT) 2018 EARNED INCOME CREDIT TABLE to answer the following questions. Determine the total allowable 2018 earned income credit in each of the following situations: a. Rina is single and earns $6,800 in salary for the year. In addition, she receives $2,200 in unemployment compensation during the year. b. C. Lachlan is single with one dependent child. During the year, he earns $8,000 as a waiter and receives alimony of $10,000 and child support of $5,000. Zorica is a single parent with two dependent children. She earns $19,000 from her job as a mechanic. She also receives $3,000 in child support from her ex-husband. d. Elliot and Pam are married and have three dependent children. Elliot and Pam earn $12,000 and $9,000 from their jobs, respectively. They receive $800 in interest and $1,000 in dividend income. Assume the taxpayer files a joint return.

You are provided with the following amounts for Sarah Feeley for the current year: View the amounts. Based on the amounts, what is the net income reported by Sarah Feeley pursuant to ITA 3 for the current year? OA. $60,180 O B. $65,080 OC. $57,680 O D. $72,480 Amounts Net employment income (ITA 5 to 8) Interest income (ITA 12) Taxable amount of dividends Taxable capital gains (ITA 38 to 55) Allowable capital losses (ITA 38 to 55) RRSP deduction (allowed pursuant to ITA 60) Print Done $ $ $ 62,000 7,600 1,380 4,900 7,400 10,800 - X

Self-Study Problem 1.7 What is the net effect of the EIP (economic impact payment) and RRC (recovery rebate credit) on each of the following taxpayers. The EIP is $1,400 for single taxpayers and $2,800 for married, filing jointly taxpayers. An additional $1,400 is allowed for each qualifying child. 1. Mirka and Liam are married and file jointly with AGI of $97,000 in 2021. In 2021 they received an EIP of $4,200 based on their filing status and having a dependent child at the end of 2020. 2. Phoebe was a dependent taxpayer in 2020 and had not filed a tax return. In 2021, she failed to request and did not receive an EIP, although she was no longer a dependent and had AGI of $28,000 as a single taxpayer. 3. Mahima received a $1,400 EIP in 2021. Due to the birth of her son in 2021, Mahima was classified as a head of household taxpayer with AGI of $47,000. 4. Jane and Marshall file jointly in 2021 and claim two dependents. They received a $5,600 EIP in 2021. Jane received a large bonus in…

General accounting

A Note: Enter ALL values as positive numbers and assume that Standard Withholding is used. Or F Michael Jordan is married (filing jointly) and earns $1,421 weekly. ga G Employee: Jordan, Michael de in Weekly Earnings $1,421.00 W Ai Federal Income Tax Withholding: Hope Solo is single and has biweekly wages of $1,165. Employee: Solo, Hope Biweekly Earnings $1,165.00 Federal Income Tax Withholding:

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Use the following information and the flow chart from the module to calculate: Adjusted gross income ( AGI) Taxable income Show your work for each calculation to receive full credit. An individual has the following information for the current tax year. Assume they do not itemize and they file as head of household. Income from wages, $80,000 Interest earned on savings, $150 IRA contribution, $5,000 Checking account interest earned, $75 Standard deduction for Head of Household: $20,800 Child and Dependent Care Tax credit, $3,000 Filing status: Head of Household

Problem 9-45 (LO. 6) Scott and Laura are married and will file a joint tax return. Scott has a sole proprietorship (not a "specified services" business) that generates qualified business income of $300,000. The proprietorship pays W-2 wages of $40,000 and holds qualified property with an unadjusted basis of $10,000. Laura is employed by a local school district. Their taxable income before the QBI deduction is $386,600 (this is also their modified taxable income). a. Determine Scott and Laura's QBI deduction, taxable income, and tax liability for 2020. QBI deduction $ 20,000 Taxable income $ 346,600 Tax liability 72,943 b. After providing you with the original information in the problem, Scott finds out that he will be receiving a $6,000 bonus in December 2020 (increasing their taxable income before the QBI deduction by this amount). Redetermine Scott and Laura's QBI deduction, taxable income, and tax liability for 2020. QBI deduction $ 20,000 Taxable income $ 352,600 Tax liability…