. Currently, Jan receives a salary of $48,000 and pays premiums of $2,000 toward the group insurance packages that the employer provides as a fringe benefit. Jan's income tax rate is 24%. The employer is considering reducing Jan's salary by $2,000 to $46,000 and paying the $2,000 insurance premiums. How much money will Jan save if the employer makes the change? a.$46,000 b.$2,000 c.$480 d.$48,000 e.$11,520

Q: Hermione's employer pays $2,356 in health insurance and $156 in life insurance per year. She also…

A: Yearly health insurance = 2356 Life insurance yearly = 156 Paid time for off per year = 3626 Monthly…

Q: ompensation income of P1,140,000, net of statutory payments. Tax exempt 13th month pay and other…

A: Taxable compensation income refers to the sum total of all the income derived from various…

Q: 1. Jonas Brown is employed as a mechanic in Country A. His emoluments is $40,000 per week . He…

A: To calculate Jonas Brown's annual deductions, we need to consider the various components of his…

Q: Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not…

A: For an employee earning $159,000, FICA taxes consist of Social Security and Medicare taxes.Social…

Q: 16. If you have an employee no exempt with $64,500 yearly salary, with 1 withholding single and…

A: The income tax deduction refers to the amount of money withheld from an individual's paycheck by…

Q: Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is self-employed…

A: In this scenario, we're calculating the FICA taxes for a self-employed taxpayer who earns $156,000…

Q: Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not…

A: The tax payer is not self employed. He will therefore be governed by the employee's tax rates.Income…

Q: Carla earns 137,100 from January through November 2020, before resigning to work for a new employer…

A: Rules: 1. 6.2% Social Security tax, withheld from the first $137,700 an employee makes in 2020 2.…

Q: PROBLEM 1             Mary Matthews made $950 in a biweekly pay period. Only social security…

A: When a company records the compensation of its employees, such type of accounting is known as…

Q: Based on current policies, would this couple be liable for any tax on their Social Security income?…

A:

Q: Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not…

A: The applicable tax rates have to be first identified for the given tax payer and then those tax…

Q: Assume that Johnson earns $24 per hour and he worked 40 hours this week. The Social Security rate is…

A: Take home-pay refers to the amount received after subtracting the taxes, voluntary contributions,…

Q: Suppose Alexa has a weekly paycheck with gross earnings of $1,234.00 and is single with no…

A: Under wage bracket method, federal withholdings are calculated on the basis of number of allowances,…

Q: Ay 2 XYZ Ltd, a British Columbia employer, awards Theresa Ray a $1,950.00 bonus that will be paid…

A: A bonus is a form of extra compensation or reward given to an employee or group of employees in…

Q: What is the amount of self-employment tax that would be paid by Andy for the year assuming he earned…

A: Self Employment taxes are levied on the proprietors of businesses mainly for the purposes of social…

Q: Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not…

A: The Federal Insurance Contributions Act (FICA) tax is a United States federal payroll tax imposed on…

Q: The taxpayer's FICA taxes are $ ☐ . (Round to the nearest cent as neede

A: Income tax:The income tax refers to the amount that is paid by the taxpayer to the tax authority of…

Q: what are the​ taxpayer's FICA​ taxes?

A: Income tax is a direct tax and it is obliged to be paid to the government. Income tax payable is…

Q: If an employee makes $1,400 per month and files as single with no withholding allowances, what would…

A: Withholding Tax Withholding tax is define as the income tax which is paid to government by the payer…

Q: Which one of the following costs is most likely NOT fully deductible? Group of answer choices Jose,…

A: Tax is a charge which is levied on the taxable income of a taxpayer. A taxpayer can be individual,…

Q: Mr. Nassir works as a sales agent in an insurance company and is responsible for selling life…

A: An employee earns a gross income that may include various component like basic salary, allowances,…

Q: How do I calculate self employment taxes. For example Bob Dylan's self employment earnings are…

A: 15.3% is the self-employment tax rate. There are two components to the rate: 2.9% for Medicare and…

Q: nt's employee benefits include family health insur % to the cost of coverage. She is paid monthly a…

A: There is contribution of employee and also there is contribution from the employer also to the…

Q: Subject : - Accounting  Rachel receives employer provided health insurance. The employer's cost of…

A: The employers provide multiple benefits and perks to the employees. These perks and benefits…

Q: Under the current tax treatment of employer-sponsored health insurance, how much is $100 of…

A: Health Insurance It is a type of insurance  that covers the whole or a part of the risk of a…

Q: (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Taxable…

A: The total amount of taxes owed to taxing authorities, such as the federal, state, or local…

Q: 1. The original Social Security tax rate was _____ of taxable earnings. Answer:   A.    10%…

A: 1. The original social security rate tax is 1% of taxable earnings.

Q: 4. Pedro, single, is a minimum wage earner, in addition to his basic minimum wage of P180 000 for…

A: Basic minimum wages.                   180000 Productive incentives pay               28000 13th…

Q: Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is…

A: The given question is asked about the FICA taxes. We need to compute the FICA taxes for a…

Q: If an employee X has CNA =₱18,291.09, 13th month pay = ₱27,891.00, other benefits = ₱10,000, and…

A: Taxable income is the part of an individual’s income which is used to calculate how much tax a…

Q: Use the 2012 FICA tax rates, shown below, to answer the following question. If you are not…

A: When a company records the compensation of its employees, such type of accounting is known as…

Q: Use the 2021 FICA tax rates, shown, to answer the following ques If a taxpayer is not self-employed…

A: The FICA taxes are to be paid by each employee that depends on the salary earned by employee and…

Q: marginal tax

A: When a person receives a job offer, he must evaluate it from various aspects, including the salary,…

Q: Q1. Your employer uses a flat benefit formula to determine retirement payments to its employees. The…

A: Amount paid on the retirement of the person in respect of the services rendered by them in the…

Q: ← FICA Contributions. Brian makes $25,100 per year. How much can Brian expect to contribute to FICA…

A: Federal payroll taxes are another name for FICA taxes. These taxes are taken out of the employee's…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.