An employee who files as Married Filing Jointly, is paid biweekly, works one job, and completed the current Form W-4 will have no federal income tax withholding if using the percentage method provided their adjusted wages do NOT exceed $

An employee who files as Married Filing Jointly, is paid biweekly, works one job, and completed the current Form W-4 will have no federal income tax withholding if using the percentage method provided their adjusted wages do NOT exceed $

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter11: Individuals As Employees And Proprietors

Section: Chapter Questions

Problem 9CE

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For each individual, calculate the self-employment tax. Assume that each individual files tax returns under single status. Remember, the additional Medicare Tax threshold that applies to sel-employment income is based on the employee's filing status, but to simplify the process for employers, the IRS requires that Additional Medicare Tax be withheld from all employees who earn more than $200,000 in a single year, regardless of filing status. Martin Hughes earns net self-employment income of $149,900. He works a second job from which he receives FICA taxable earnings of $129,200.Self-Employment tax = $ What is the self employement tax? (Self employment tax=net self employment income x 15.3% However, for individuals who have net self-employment income exceeding $200,000 (or $250,000 for married filing jointly), there's an additional Medicare Tax of 0.9% on the excess amount.)
For each individual, calculate the self-employment tax. Assume that each individual files tax returns under single status. Remember, the additional Medicare Tax threshold that applies to sel-employment income is based on the employee's filing status, but to simplify the process for employers, the IRS requires that Additional Medicare Tax be withheld from all employees who earn more than $200,000 in a single year, regardless of filing status. 1: Allison Wilson earns net self-employment income of $62,700. She does not work a second job.Self-Employment tax = $ 2: Martin Hughes earns net self-employment income of $149,900. He works a second job from which he receives FICA taxable earnings of $129,200.Self-Employment tax = $ 3: Elisa Grant earns net self-employment income of $198,000. She works a second job from which she receives FICA taxable earnings of $100,400.Self-Employment tax = $
Saleh is married (spouse does not work), claims two dependents who are under the age of 17. What is the amount of federal income tax withholding under the following conditions? Assume Saleh has only one job or that step 2 of Form W-4 is not checked. Use the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later. Required: a. Saleh is paid semimonthly, and the gross pay is $3,985 per paycheck. b. Saleh is paid monthly, and the gross pay is $7,690 per paycheck. c. Saleh is paid weekly, and the gross pay is $5,740 per paycheck. Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. Answer is not complete. Amount a. Federal income tax withholdings b. Federal income tax withholdings c. Federal income tax withholdings $ $ 171.00 362.51 x
Ely is single, claims one dependent who is under the age of 17, and receives gross wages of $3,975 paid semimonthly. A 2021 Form W-4 is filed with the employer who uses the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later (see appendix). Assume that Ely has only one job or that step 2 of Form W-4 is not checked. What is the amount of income tax withheld on Ely's gross wages for each pay period? Multiple Choice $499.01 $512.83 $502.09 $577.82
Valentina is single and claims no dependents. Assume that Valentina has only one job or that step 2 of Form W-4 is not checked. Use the Wage Bracket Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later available online in Publication 15, Publication 15-T. "Federal Income Tax Withholding Methods." Use the appropriate wage bracket tables for a manual payroll systems Required: a. If Valentina is paid weekly and her annual wages are $82,680, what is the amount of withholding per paycheck? b. If Valentina is paid monthly with annual wages of $68,640, what is the amount of withholding per paycheck? c. If Valentina is paid biweekly with annual wages of $63,960, what is the amount of withholding per paycheck? d. If Valentina is paid semimonthly with annual wages of $77,160, what is the amount of withholding per paycheck? Amount a Withholdings per paycheck (b Withholdings per paycheck e Withholdings par paycheck d. Withholdings pet payg
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. Louise Ames files as married filing jointly on her tax return and earned weekly gross pay of 1420. She does not make any retirement plan contributions. Louise entered 3600 on line 4b of Form W-4 and did not enter any information in steps 2 & 3 of the form. Federal income tax withholding = $
Morgan is paid $2,849.50 per week. What is the amount of federal income tax withheld from Morgan's paycheck under the following conditions? Assume that Morgan has only one job or that step 2 of Form W-4 is not checked. Also, her employer uses the Percentage Method Tables for Automated Systems. Use percentage method tables for automated systems. Required: a. Morgan is single and no dependents b. Morgan is married (spouse does not work) and claims two dependents who are under the age of 17 c. Morgan is single, claims no dependents, but wants $70 in additional withholding Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. Amount a. Federal income tax withholdings b. Federal income tax withholdings c Federal income tax withholdings
Henry, who earned $124,200 during 2020, is paid on a monthly basis, is married, (spouse does not work) and two dependents who are under the age of 17. Assume that Henry has only one job or that step 2 of Form W-4 is not checked. Also, his employer uses the percentage method table for an automated payroll system. Use percentage method tables for automated systems. Required: What is Henry’s federal tax withholding for each pay period? What is Henry’s FICA withholding for each pay period?
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Morgan is paid $2,947.75 per week. What is the amount of federal income tax withheld from Morgan's paycheck under the following conditions? Assume that Morgan has only one job or that step 2 of Form W- 4 is not checked. Also, her employer uses the Percentage Method Tables for Automated Systems. Use percentage method tables for automated systems. Required: a. Morgan is single, with no dependents. b. Morgan is married (spouse does not work) and claims two dependents who are under the age of 17. c. Morgan is single, claims no dependents, but wants $60 in additional withholding. Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. a. Federal income tax withholdings b. Federal income tax withholdings c. Federal income tax withholdings Amount
Morgan is paid $2,915.75 per week. What is the amount of federal income tax withheld from Morgan's paycheck under the following conditions? Assume that Morgan has only one job or that step 2 of Form W-4 is not checked. Also, her employer uses the Percentage Method Tables for Automated Systems. Use percentage method tables for automated systems. Required: a. Morgan is single, with no dependents. b. Morgan is married (spouse does not work) and claims two dependents who are under the age of 17. c. Morgan is single, claims no dependents, but wants $50 in additional withholding. Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. a. Federal income tax withholdings b. Federal income tax withholdings c. Federal income tax withholdings Amount
Morgan is paid $2,955.75 per week. What is the amount of federal income tax withheld from Morgan's paycheck under the following conditions? Assume that Morgan has only one job or that step 2 of Form W-4 is not checked. Also, her employer uses the Percentage Method Tables for Automated Systems. Use percentage method tables for automated systems. Required: a. Morgan is single, with no dependents. b. Morgan is married (spouse does not work) and claims two dependents who are under the age of 17. c. Morgan is single, claims no dependents, but wants $50 in additional withholding. Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. × Answer is not complete. a. Federal income tax withholdings b. Federal income tax withholdings c. Federal income tax withholdings Amount 295.58 X