John Jenkins earns $1,290 per week. The deductions from his pay were:FIT$111.00FICA-OASDI79.98FICA-HI18.71State income tax31.00State disability insurance9.03Credit union deduction40.00Health insurance premium47.50Charitable contribution5.00John's disposable earnings would be:$1,290.00 - $111.00 (FIT) - $79.98 - $18.71 (FICA deductions) - $31.00 (SIT) - $9.03 (disability insurance) = $1,040.28Example 6-3Huffman Company has a child support order outstanding on one of its employees (Charles Suffert-$170 per week). Charles Suffert's disposableincome is $950 per week. A new garnishment is received for a $5,000 debt to a credit card company. The company would take an additional$237.50 out of Suffert's pay.Lesser of:25% x $950$237.50or$950 - (30 x $7.25)= $732.50Kalen O'Brien earned $730 this week. The deductions from her pay were as follows:FIT$66.00FICA-OASDI45.26FICA-HI10.59State income tax36.50State disability insurance8.61Health insurance premium19.50Credit union contribution35.00United Fund contribution5.00O'Brien's employer just received a garnishment order (credit card debt of $3,500) against her pay. Compute the following:round your answers to the nearest cent.a. O'Brien's disposable earnings$b. The amount of her pay subject to the garnishment$

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Answered: a. O'Brien's disposable earnings b. The…

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a. O'Brien's disposable earnings b. The amount of her pay subject to the garnishment

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter4: Income Exclusions

Section: Chapter Questions

Problem 41P

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Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
John Jenkins earns $1,290 per week. The deductions from his pay were: FIT $111.00 FICA—OASDI 79.98 FICA—HI 18.71 State income tax 31.00 State disability insurance 9.03 Credit union deduction 40.00 Health insurance premium 47.50 Charitable contribution 5.00 John’s disposable earnings would be: $1,290.00 - $111.00 (FIT) - $79.98 - $18.71 (FICA deductions) - $31.00 (SIT) - $9.03 (disability insurance) = $1,040.28 Example 6-3 Huffman Company has a child support order outstanding on one of its employees (Charles Suffert—$170 per week). Charles Suffert's disposable income is $950 per week. A new garnishment is received for a $5,000 debt to a credit card company. The company would take an additional $237.50 out of Suffert's pay. Lesser of: 25% × $950 = $237.50 or $950 − (30 × $7.25) = $732.50 Kalen O'Brien earned $730 this week. The deductions from her pay were as follows: FIT $66.00 FICA—OASDI 45.26 FICA—HI 10.59 State income tax…
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