Baker is single and earned $226,000 of salary as an employee in 2020. How much should his employer have withheld from his paycheck for FICA taxes? (Round your answer to the nearest whole dollar amount.)
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Baker is single and earned $226,000 of salary as an employee in 2020. How much should his employer have withheld from his paycheck for FICA taxes? (Round your answer to the nearest whole dollar amount.)
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- Liama MacDonald just turned thirty years old. She is currently single. Liama has gross wages of $95,000 (before deferrals) and has had $14,000 withheld for federal income tax. Given the information presented below, and in the chapter, will she likely have too much or too little withheld for the current tax year (do not consider AMT in your calculations)? Based on your analysis, what should Liama do? •She estimates total itemized deductions of $11,450. •She will not have any interest or dividend income or capital gains. •She will not contribute to an IRA. •She will defer 5 percent of her gross salary into the qualified retirement plan.Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2020. During that time, he earned $44,000 of self-employment income. On April 1, 2020, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Inc. From April through the end of the year, Kyle earned $178,000 in salary.What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? (Round your intermediate calculations to the nearest whole dollar amount.)Marvin, age 66, is retired and single. He earned the following income in 2022. To determine if any of his Social Security is taxable, he should compare how much of his income to the $25,000 base amount? Part-time job Interest on checking account Social Security Taxable pension Total $10,500 $4,000 $16,500 $7,000 $38,000
- Jeremy earned $102,400 in salary and $8,400 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $34,200 in itemized deductions. (Use the tax rate schedules.) a. Determine Jeremy's tax refund or taxes due. (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding Description AmountManny's weekly wage as a welder are $520.75. He is single and claims 3 allowances. What amount is deducted for federal taxes?Toby and Nancy are engaged and plan to get married. During 2023, Toby is a full-time student and earns $6,700 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Nancy is employed and has wages of $85,800. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Toby Filing Single $ $ 6,700 Nancy Filing Single $ $ $ 85,800
- (18) Mary Matthews made $1,150 during a biweekly pay period only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company's 401k. Determine Matthews take home pay if she is married filing jointly. (Use Wage Bracket Method) Round your answer to two decimal place.Mahmet earned wages of $148,800 during 2022. Mahmet qualifies to file as head of household and claims two dependents under the age of 17. How much will Mahmet's employer withhold in social security taxes for the year? Note: Round your answer to 2 decimal places. Multiple Choice $9,114.00. $8,537.40. $8,853.60 $9,039.60.In 2023, Miranda records net earnings from self-employment of $174,000. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is $ and she has a deduction for AGI.
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