1: Jay Monroe (single; 2 federal withholding allowances) earned weekly gross pay of $1.145. For each period, he makes a 401(k) retirement plan contribution of 12% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 2% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 1.7% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ Gus Damon (married: 9 federal withholding allowances) eamed weekly gross pay of $1,200. He contributes $125 to a flexible spending account during the period. The city in which he lives and works levies a tax of 3% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 0.40% of an employee's taxable pay on nonresidents. Federal income tax withholding = $_ State income tax withholding = $ Local income tax withholding = $

1: Jay Monroe (single; 2 federal withholding allowances) earned weekly gross pay of $1.145. For each period, he makes a 401(k) retirement plan contribution of 12% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 2% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 1.7% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ Gus Damon (married: 9 federal withholding allowances) eamed weekly gross pay of $1,200. He contributes $125 to a flexible spending account during the period. The city in which he lives and works levies a tax of 3% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 0.40% of an employee's taxable pay on nonresidents. Federal income tax withholding = $_ State income tax withholding = $ Local income tax withholding = $

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter4: Gross Income

Section: Chapter Questions

Problem 7RP

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Determine from the tax table in Appendix A the amount of the income tax for each of the following taxpayers for 2019:
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Question 21: For an employee who is paid monthly, completed the pre-2020 Form W-4, and claims 3 federal withholding allowances, $ subtracted from gross pay for withholding allowances prior to calculating the federal income tax withholding under the percentage method. would be
PSb 3-7 Calculate Federal Income Tax Withholding Using the Percentage Method (2020 Form W-4) For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a 2020 Form W-4. Refer to Appendix A, 2020 Federal Tax Tables in your textbook. Publication 15-T (2020) 1: Julia Jacobsen files as single on her tax return and earned weekly gross pay of 500. For each pay period she makes a 401(k) contribution of 2% of gross pay. Julia checked box 2c on Form W-4, entered $40 on line 4c of the form, and did not enter any information in step 3 of the form. Federal income tax withholding = | 2: Alejandro Wright files as single on his tax return and earned weekly gross pay of 1300. He does not make any retirement plan contributions. Alejandro entered 500 in step 3 of the form and did not enter any information in steps 2 & 4 of the form. Federal income tax withholding = $ Tentative Federal Income Tax Withholding = $ 3: Beatrice Nen files…
A. Compute for the Net Taxable Income and Personal Income Tax. 1. A. Annual Basic Salary B. 13th Month Pay and Other Benefits C. Mandatory Contributions D. Annual Gross Income (A+B) E. Deductions and Exemptions (B+C) P 397,860.00 33,155.00 6,542.00 Net Taxable income (D-E) Personal Income Tax B. Compute for the 4 general deductions of the following employees: 1. A sales manager in Kopimo, Inc., a private company, earning P42,000 monthly with sales commission of P36,000 for the year. 2. A public school teacher earning P24,495 monthly with chalk allowance of P1,500, uniform allowance of P6,000 and performance bonus of P12,000. 3. An IT manager in Accentuate Corp., a private company, earning P55,000 monthly and laundry allowance of P15,000 for the whole year. C. Basic Applications. Solve for the following: 1. Conchita works as a service crew member in a fast-food chain in a mall. She has an hourly wage rate of P50. Her rest days are every Wednesday and Saturday. Consider the following…
Question 4: Based on the range of possible SUTA tax rates and thresholds, which of the following circumstances could occur? Answer: A. O An employee who has year-to-date earnings of $57,100 pays 5.2% SUTA tax on the current period taxable pay. An employee who has year-to-date earnings of $21,400 pays 22.5% SUTA tax on the current period taxable pay. C. O An employee who has year-to-date earnings of $26,300 pays 0% SUTA tax on the current period taxable pay. D. An employee who has year-to-date earnings of $4,300 pays 24.8% SUTA tax on the current period taxable pay. B.
Please Solve In 20mins
PSA 3-6 Calculate Federal Income Tax Withholding Using the Wage-Bracket Method (2020 or Later Form W-4) For each employee listed, use the wage-bracket method to calculate federal income tax withholding for an employee who has submitted a 2023 Form W-4. Refer to Publication 15-T. 1 Noah Singer files as married filing jointly on his tax return and earned weekly gross pay of $927. For each period he makes a 401(k) contribution of 5% of gross pay Noah checked box 2c on Form W-4 and did not enter any information in steps 3-4 Federal income tax withholding = $( X 2 Ashley Laughlin files as single on her tax return and earned weekly gross pay of $625. She does not make any retirement plan contributions. Ashley entered $4,000 on line 4b of Form W-4 and did not enter any information in steps 2 and 3 Federal income tax withholding = $ 3 Zoey Segal files as married filing jointly on her tax return and earned weekly gross pay of $1,200 For each period she makes a flexible spending account…
1. Marginal tax brackets The amount of federal income taxes that you are required to pay is based on your filing status, your taxable income, and the IRS tax rate tables. The income tax tables are meaning the tax rates increase as taxable income increases. Each filing status has seven income ranges, or brackets, and the rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. As your taxable Income Increases, you pay at a higher rate, but only on the income that falls within a range. The following tax brackets show how the tax in the IRS tax tables is calculated. Tax Bracket Single 10% 12% $0-$11,000 $11,001-$14,725 Tax Brackets Married Filing Jointly $0-$22,000 22% $44,726-$95,375 $22,001-$89,450 $89,451-$190,750 24% $95,376-$182,100 $190,751-$364,200 32% $182,101-$231,250 $364,201-$462,500 35% $231,256-$578,125 $162,501-$693,750 37% $578,126+ $693,751+ Single Filers Taxable Income Tax $0-$11,000 of taxable income $11,001-$44,725 plus $44,726-$95,375 plus $95,376-$182,100 plus…
1. Marginal tax brackets The amount of federal income taxes that you are required to pay is based on your filing status, your taxable income, and the IRS tax rate tables. The income tax tables are Y meaning the tax rates increase as taxable income increases. Each filing status has seven income ranges, or brackets, and the rates are 10%, 12%, 22 %, 24 %, 32 % , 35 % , and 37%. As your taxable income increases, you pay at a higher rate, but only on the Income that falls within a range. The 2019 tax brackets show how the tax in the IRS tax tables is calculated. Tax Bracket 10% 12% 22% 24% 32% 35% 37% 2019 Tax Brackets Single $0-$9,700 Married Filing Jointly $0-$19,400 $9,701-$39,475 $19,401-$78,950 $39,476-$84,200 $78,951-$168,400 $84,201-$160,725 $168,401-$321,450 $160,726-$204,100 $321,451-$408,200 $204,101-$510,300 $408,201-$612,350 $612,351+ $510,301+
Government G levies an income tax with the following rate structure: Percentage Rate Bracket Income from -0- to $30,000 Income from $30,001 to $70,000 Required: 6% 10 20 28 Income from $70,001 to $200,000 Income in excess of $200,000 a. Taxpayer A's taxable income is $156,600. Compute A's income tax liability and average tax rate. What is A's marginal tax rate? b. Taxpayer B's taxable income is $486,100. Compute B's income tax liability and average tax rate. What is B's marginal tax rate? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Taxpayer A's taxable income is $156,600. Compute A's income tax liability and average tax rate. What is A's marginal tax rate? Note: Round your percentage answers to 2 decimal places and other answers to the nearest whole dollar amount. Taxpayer A Income tax $ 23,519 x Average tax rate Marginal tax rate 15.02 x % 20.00 %
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Use the 2020 Federal income taxes tables for the percentage method table and the wage bracket method table