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- During 20--, Rachel Pakistan, president of Matson Company, was paid a semimonthly salary of 8000. Compute the amount of FICA Texas that should be withheld from her. note Rachel's tax return status is single if any amount is zero enter zero. OASDI HI a. 9th paycheck b. 17th paycheck c. 24th paycheck d. If Rachel Parkson's year to date earnings earnings as her 24th Paycheck are $192000,And her year end bonus is $100,000 how much is the additional 0.9% HI tax witheld ?Lou incurred the following business expenses during the year: Penalty for breach of business contract $3,200 State sales tax penalty for late remittance $2,500 Rent expense $6,000 Office supplies $450 Early withdrawal penalty on investment account at a savings and loan $185 What are Lou’s allowable current-year deductions? A. $6,635 B. $9,835 C. $12,150 D. $12,335Old Town Entertainment has two employees in Year 1. Clay earns $3,500 per month, and Philip, the manager, earns $10,400 per month. Neither is paid extra for working overtime. Assume the Social Security tax rate is 6 percent on the first $130,000 of earnings and the Medicare tax rate is 1.5 percent on all earnings. The federal income tax withholding is 16 percent of gross earnings for Clay and 21 percent for Philip. Both Clay and Philip have been employed all year. Required a. Calculate the net pay for both Clay and Philip for March. b. Calculate the net pay for both Clay and Philip for December. c. Is the net pay the same in March and December for both employees? d. What amounts will Old Town report on the Year 1 W-2s for each employee? Complete this question by entering your answers in the tabs below. Reg A and B Req C a. Clay a Philip b. Clay b. Philip Reg D Calculate the net pay for both Clay and Philip for March. Calculate the net pay for both Clay and Philip for December. (Do not…
- Armand Giroux (single; 0 federal withholding allowances) earned weekly gross pay of $1,445. For each period, he makes a 401(k) retirement plan contribution of 6.5% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 1.15% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 0.75% of an employee's taxable pay on nonresidents.Federal income tax withholding = $ State income tax withholding = $For the 2019 taxation year, Sylvia Ivany has net employment income of $90,000, spousal support received of $36,000, a net business loss of $5,000, and interest receipts of $2,300. She is a member of her employer's RPP to which she contributes $2,500. Her employer makes a matching contribution and reports a 2019 PA of $4,200. At the end of 2019, she has unused RRSP deduction room of $8,400 and undeducted RRSP contributions of $7,000. In early 2020, she contributes $20,000 to her RRSP. Determine Sylvia's maximum RRSP deduction for 2020. Assuming she deducts her maximum, determine the amount of any Unused RRSP Deduction Room that she will have available at the end of 2020, and indicate the amount of any undeducted contributions remaining at the end of 2020. Net Employment IncomeRPP ContributionsSpousal Support ReceivedBusiness Loss2019 Earned IncomeUnused Deduction Room - End Of 2019Lesser Of:• 2020 RRSP Dollar Limit =• X% Of 2019 Earned Income Of $X.XXLess 2019 PA2020 RRSP Deduction…Elizabeth's regular hourly wage rate is $22, and she receives an hourly rate of $33 for work in excess of 40 hours. During a January pay period, Elizabeth works 49 hours. Elizabeth's federal income tax withholding is $97, and she has no voluntary deductions. Prepare the employer's journal entry to record payroll taxes for the period. Ignore unemployment taxes. Assume the FICA tax rate is 7.65%. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round the answers to 2 decimal places, eg. 15.25) Date Account Titles and Explanation Jan, 15 Payroll Tax Expense FICA Taxes Payable Debit 98.30 Credit 98.30
- During the first week of February, Gabe Hopen earned $300. Assume that FICA taxes are 7.65 percent of wages up to $106,800, state unemployment tax is 5.0 percent of wages up to $13,000, and federal unemployment tax is 0.8 percent of wages up to $13,000. Assume that Gabe has voluntary withholdings of $10 (in addition to taxes) and that federal and state income tax withholdings are $18 and $6, respectively. Using the information above, what is the employer's payroll tax expense for the week, assuming that Gabe Hopen is the only employee? Group of answer choices $24.00 $17.40 $28.00 $40.35Through November, Cameron has received gross income of $128,500. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $9,210 of revenue at a cost to Cameron of $3,850, which is deductible for AGI. In contrast, engagement 2 will generate $6,700 of qualified business income (QBI), which is eligible for the 201 percent QBI deduction. Cameron files as a single taxpayer, and he did not contribute to charity during the year. Calculate Cameron's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has no itemized deductions. Description (1) Gross income before new work engagement (2) Income from engagement (3) Additional for AGI deduction (4) Adjusted gross income (6) Deduction for QBI Taxable income Engagement 1 Engagement 2Mr. Raya earns purely compensation income for the year 2021 with an annual basic salary of Php480,000.00 and other compensation received as follows:Holiday, OT and Night Differential Pay – Php56,091.95Sick leave conversion (3 leave credits) – Php5,517.24Government Mandatory Contributions – Php21,900.00 a. How much is the total non-taxable income for the year 2021? b. How much is the total taxable income for the year 2021? c. How much is the income tax due for the year 2021?
- Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the lastquarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amountof federal income taxes withheld each month is $1,040. Journalize the payment of wages, and recordthe payroll tax on November 29.A taxpayer works for a single employer during the year (TY2018) and discovers that they withheld a total of $1,356 in VPDI. What is the amount of the credit that they can claim for this excess on their State return? (Look at the explanation as much as the answer) $0 - They only had a single employer. $0 - That is below the maximum amount and there is no excess. $0 - VPDI has no upper limit, unlike SDI. $206.33 - This is the excess over the $1,149.67 maximum.At the end of the first pay period of the year, Sofia earned $5,100 of salary. Withholdings from Sofia's salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $522 of federal income taxes, $182 of medical insurance deductions, and $32 of life insurance deductions. Compute Sofia's net pay for this first pay period. (Round your intermediate and final answers to 2 decimal places.) Gross pay FICA Social Security FICA Medicare Federal income taxes Medical insurance deduction Life insurance deduction Total deductions Net pay
