For each employee listed, use the wage-bracket method to calculate federal income tax withholding for an employee who has submitted a 2020 Form W-4. Refer toPublication 15-T.1: Blaine Philips files as married fing jointly on his tax return and eamed weekly gross pay of $385 He does not make any retirement plan contributions. Blaine checkedbox 20 on Fomm W-4 and did not enter any information in steps 3-4 of the form.Federal ncome tax witholding $_2 Chloe Fineman files as single on her tax returm and earmed weekly gross pay of $920. For each pay period she makes a 401(K) contribution of 8% of gross pay, Chioeentered $12000 on line 4a of Form W-4 and did not enter any information in steps 2 & 3 of the form.Federal income tax withholding S3: Mana Moore fes as mared filing jointly on her tax return and eamed weekly gross pay of $790. For each pay period she makes a fexible spending accountcontribution of 35% of gross pay. Maria checked box 2c on Form W-4, entered $500 in step 3 of the form, and did not enter any information in step 4 of the form.Federal income tax withholding$Tentative Federal Income Tax Wahholding = $

The table used for calculation is as follows:

Answered: 1 Blaine Philips files as married fing…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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1 Required information [The following information applies to the questions displayed below.] Jasper and Crewella Dahvill were married in year O. They filed joint tax returns in years 1 and 2. In year 3, their relationship was strained and Jasper insisted on filing a separate tax return. In year 4, the couple divorced. Both Jasper and Crewella filed single tax returns in year 4. In year 5, the IRS audited the couple's joint year 2 tax return and each spouse's separate year 3 tax returns. The IRS determined that the year 2 joint return and Crewella's separate year 3 tax return understated Crewella's self-employment income, causing the joint return year 2 tax liability to be understated by $9,000 and Crewella's year 3 separate return tax liability to be understated by $6,950. The IRS also assessed penalties and interest on both of these tax returns. Try as it might, the IRS has not been able to locate Crewella, but they have been able to find Jasper. Note: Leave no answer blank. Enter O…
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b. Joan filed her individual income tax return 4(1)/(2) months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $750, which was the balance of the taxes she owed with her return. Disregarding interest, calculate the total penalty that Joan will be required to pay, assuming the failure to file was not fraudulent.
kai.9 Keith has a 2022 tax liability of $2,680 before taking into account his American Opportunity credit. He paid $2,820 in qualifying expenses, was a full-time student seeking a BA, was not claimed as a dependent on his parents' return, and his American Opportunity credit was not subject to phase out. What is the amount of his American Opportunity credit?
2 Required information [The following information applies to the questions displayed below.] Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $69,300. Meg works part time at the same university. She earns $34,400 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules,Dividends and Capital Gains Tax Rates.) Note: Round your final answers to the nearest whole dollar amount. a. What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year? Short-term capital gains Short-term capital losses $ 10,400 (2,700) 16,400 (6,700) Long-term capital gains i Long-term capital losses. Answer is complete but not entirely correct. Total tax liability 11,548
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Maria Moore files as married filing jointly on her tax retum and eamed weekly gross pay of $700. For each pay period she makes a fesitle spending account Sontribution of 3% of gross pay. Maria checked box 20 on Fom W-4. entered $500 in step 3 of the form, and did not enter any information in aleo 4 of the form Federal income tax withholding S Tentative Federal Income Tax Withholding =S 96.30 106 0
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1 Blaine Philips files as married fing jointly on his tax return and earned weekly gross pay of $385 He does not make any retrement plan contnbutions. Blaine checked box 20 on Fom W-4 and did not enter any information in steps 3-4 of the form Federal income tax withholding S