Calculate bi-weekly gross earnings 55 hours @ $13/hr. USE YOUR ANSWER IN 3A TO CALCULATE THE TAX FOR BC, AND D. B) Calculate Fed Tax (15 %) on gross earnings. C) Calculate Socail Security Tax (6.25%) on gross earnings. D) Calculate Medicare Tax (1.14%) on gross earnings. E) What is the total amount of deductions

Q: If you get paid $5,460 per month gross and 10% of that paycheck was chheld for federal income taxes…

A: Monthly gross income = $5,460 Federal income taxes = 10% State income taxes = 6%

Q: Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases.…

A: The average tax rate represents the overall tax rate applicable to the taxable income. While the…

Q: suppose company has $13 in taxable income after consideration $6 of tax privileges (so, companyis…

A: Tax is the fixed percentage portion of income being paid to the government as the part of their…

Q: ! a) Tax FUTA SUTA b) Tax Required information [The following information applies to the questions…

A: Introduction: A tax is a mandatory fee or financial charge imposed by the government on an…

Q: Tax Required information [The following information applies to the questions displayed below.] BMX…

A: Introduction: A tax is a mandatory cost and provider and another type of levy imposed on a taxpayer…

Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its…

A: Payroll Taxes: The taxes that are paid by both the employer and the employee to support the…

Q: Oakdale Fashions, Inc. had $245.000 in 2018 taxable income. Using the tax schedule in Table 2.3 to…

A: Income slab Tax amount Tax till $100,000 $22,250 $100,001 - $245,000 $145,000 x 39% = $56,550…

Q: if you have a percentage tax due of 70,000, is this monthly or quartelry paid to BIR

A: Given in the question: Percentage tax due is 70,000 Taxes have to be paid to the department of tax…

Q: Richard eami $42,250 perycao. what i8 hi8 annual Income tax-2

A: Income tax is the tax that is paid by the individuals and the businesses to the government on the…

Q: Using the following table, calculate the taxes for an individual with taxable income of $25,800.…

A: Tax is the amount of money paid by a tax payer to the appropriate tax authorities on the basis of…

Q: Compute the pretax profit (income before income taxes) if the net income is $140,000 and the income…

A: Net income = $140,000 Income tax rate = 0.30 or 30% Pretax profit = ?   Pretax profit is the profit…

Q: Use the following information for Taco Swell, Incorporated, (assume the tax rate is 23 percent):…

A: The  "cash flow from creditors" means the financial exchanges that take place between a business and…

Q: Calculate net earnings. Gross pay $250.00 Fed Tax $17.88 Social Security Tax $10.71 Medicare tax…

A: Gross Pay = 250 Federal Tax = 17.88 Social Security Tax = 10.71 Medicare Tax = 3.25

Q: 3: Kasey Wolfe earned gross pay of $1,140. Each period he contributes 1.5% of gross pay to a…

A: Social Security Tax The statutory payroll tax known as Social Security is paid by both employers and…

Q: Suppose your annual income is $29182 and there are two tax brackets: 10% for $0-$20,000 and 30% for…

A: Tax amount is the amount of tax obligation that an entity has to pay on its income to the government…

Q: A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not…

A: VAT refundable states that the taxpayer has paid in excess amount of money during the tax period as…

Q: Assume that the social security tax rate is 0% and the Medicare tax rate is 1.5%. In the folowing…

A: Payroll refers to the payment to be made by the employer to the employees for the services rendered…

Q: There is a sales tax of 24 on an item that costs 276 before tax. A second item costs $218.50 before…

A: Sales tax percentage = Sales tax amount/cost before tax

Q: Based on the following data, calculate the items requested: Buying Costs Rental Costs Annual rent…

A: Solution:a.  Total rental cost Particulars A,mount $Rent $ 8,180Insurance $ 225Interest on security$…

Q: a) Tax FUTA SUTA b) Tax BMX Company has one employee. FICA Social Security taxes are 6.2% of the…

A: FICA stands for Federal Insurance Contributions Act. It is a U.S. payroll tax.These taxes are social…

Q: Assume the following: Revenue = $1,500; COGS = $450; SGA = $300; EBIT = $600; Taxable income = $525;…

A: Taxes are paid on the taxable income and are deducted from taxable income (i.e. earnings before…

Q: a) Tax FUTA SUTA Compute BMX's amounts for each of these four taxes as applied to the employee's…

A: Social Security Tax: The Social Security and Medicare systems are paid for using money collected…

Q: Based on the following data, calculate the items requested: Rental Costs Annual rent Buying Costs…

A: Capital budgeting involves the evaluation of various options available for investments or projects.…

Q: A customer purchases $28.14 in products only $12.83 is taxable. How much sales tax is owed if the…

A: Sales tax is a tax levied on the sale and purchase of goods and services. It is typically a…

Q: What is the amount of Taxes Owed for the period if the tax rate is 30%, if Earnings Before Taxes (…

A: Taxes are the amount due to the government on the income earned by an individual or a company. The…

Q: Consider the following data for 2021 from an after-tax cash flow analysis. Before-Tax-and-Loan Cash…

A: Taxable income is the portion of an individual or business's income that is subject to taxation by…

Q: How much business tax payable for the third quarter return if: i. it only been able to have its VAT…

A: Value-added tax (VAT) is a multi-stage tax charged on the incremental value added to a product or…

Q: Assume the following: Single filing status. • Total Income of $100,000 . . . . . Adjustments of…

A: Calculation of taxable income: Total income$100,000Less: Adjustments$2,000Less:…

Q: What is the effective income tax rate for 2021?

A: Effective Tax Rate can be defined as the average rate at which tax is paid by the individual or a…

Q: Oakdale Fashions, Inc. had $245.000 in 2018 taxable income. Using the tax schedule in Table 2.3 to…

A: Average tax rate = (Total Taxes / Total Taxable Income) * 100 Marginal Tax rate = Amount of…

Q: Brush Company has the following income before income tax and estimated effective annual income tax…

A: Income Statement:- It is a statement where expenses and revenue incurred during the period recorded.…

Q: Directions: In the chart below, you are given your Gross Income amount and all required deductions.…

A: Since you have posted two different questions, we will do the first one for you. The get the other…

Q: 1500 in meal and entertainment expenses show as a permanent difference for tax.  prepare the…

A:

Q: You have the following data: The net income after tax is 42000 OMR and income tax is 3000 OMR.…

A: Net income means the profit earned from sale of goods or services after deducting all expenses…

Q: Select the correct order of the line items listed below based on the sequence of their appearance on…

A: Form US 1040 is used by the residents of the US to file an income tax returns. The form calculates…

Q: Compute the before-tax revenue if tax rate is 15% and after-tax revenue is 23,800

A: Formula: Revenue before tax= Revenue After Tax(1- Tax rate)

Q: A customer makes a taxable purchase of 44,000. Assuming the applicable sales tax rate is 8.75%, how…

A: Taxes are levied on taxable supply. In the question the given details areTaxable purchase =…

Q: With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA…

A: Formula: Net FUTA tax = Gross FUTA tax due - Credit against FUTA

Q: If you would have to pay $5,000 in taxes on $50,000 taxable income and $8,000 in taxes on $60,000…

A: The tax on a taxable income is computed based on a tax rate. Generally, the tax rate is not same for…

Q: Atimonan Company received a bill for P27,440 from a VAT service provider. The payment for the…

A: Withholding tax, often referred to as retention tax, is a tax that is deducted or withheld by the…

Q: Consider gross earnings of $59,000. • The standard deduction is $12,000 and itemized deduction is…

A: An income tax is kind a type of tax that governments impose on income generated by businesses and…

Q: Required Answer each of the following questions by providing supporting computations. 1. Assume that…

A: hey there since you have posted multiple questions, we can answer only first question, please…

Q: Using the tax rate schedule given here LOADING..., perform the following: a. Find the marginal tax…

A: Income Tax is a statutory or mandatory tax payable by the individuals and other entities on the…

Q: Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following…

A: Payroll refers to the formation of the list which includes the payment of salaries or wages to…

Q: Use the following information for Ingersoll, Incorporated. Assume the tax rate is 23 percent. 2020…

A: The balance sheet offers a snapshot of a company's financial position at a specific point in time by…

Q: If the sales tax is 6% and the purchase price is $193, what is the amount of tax?

A: Sales tax is the tax paid on goods and services, to the taxation authorities. It is an indirect tax…

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.