im kinda confused on how to do the lesson practice and how to start smegenuity for studeCoto maneu anu Crams dependents.The state income tax rate is 4%. If her employer withholds $3,040 forstate income tax annually, find her annual salary.4. Anton Louis is a junior partner in an accounting firm. He is singleand has an annual salary of $63,400. If the state income tax rate is4.5% and his company withholds $2,493 annually for state incometax, how many exemptions does Anton claim? Each exemption is$2,000.5.6.7.8.9.10.mon Core ELA...Lesson PracticeComplete the formula to find the tax withheld.Gross PayTaxable Wage XTax Rate$ 7,000a. $X2%78,000X6.2532,000X512,500X 3.5135,000x b.64,550X b.=Exemptions$4,0006,0008,0002,0002,0006,000T= a.=a.||||a.a.a.Tax Withheld= b. $b.= b.b.H$4,655.00$3,586.19Lesson 2.2 State Income Tax 133Sign out

Solution:- Amount of taxes withheld means the amount of taxes paid. It is calculated by applying the…

Complete the formula to find the tax withheld. Gross Pay $7,000 78,000 32,000 12,500 135,000 64,550 5. 6. 7. 8. 9. 10. 1 - - F 11 - Exemptions Taxable Wage x Tax Rate $4,000 = a. $ 2% 6,000 6.25 8,000 5 2,000 3.5 2,000 6,000 11 = 11 = a. a. N a. a. a X X XX x b. xb. Tax Withheld b. $ b. b. = b. = N = = IN $4,655.00 $3,586.19

Complete the formula to find the tax withheld. Gross Pay $7,000 78,000 32,000 12,500 135,000 64,550 5. 6. 7. 8. 9. 10. 1 - - F 11 - Exemptions Taxable Wage x Tax Rate $4,000 = a. $ 2% 6,000 6.25 8,000 5 2,000 3.5 2,000 6,000 11 = 11 = a. a. N a. a. a X X XX x b. xb. Tax Withheld b. $ b. b. = b. = N = = IN $4,655.00 $3,586.19

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter10: Individuals: Income, Deductions, And Credits

Section: Chapter Questions

Problem 31P

See similar textbooks

Similar questions

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.
Bonnie is married and has one child. She owns Bonnies Rib Joint, which produces a taxable income of approximately 120,000 per year. a. Assume that Bonnies taxable income is 40,000 without considering the income from the rib joint. How much tax will she pay on the 120,000 of income from the rib joint? b. You work for the firm that prepares Bonnies tax return. Bonnie has asked the partner for whom you work to advise her on how she might lower her taxes. The partner has assigned you this task. Draft a memorandum to the partner that contains at least two options Bonnie could use to lower her taxes. For each option, explain the calculations that support the tax savings from your recommendation.
Sheila, a single taxpayer, is a retired computer executive with a taxable income of 100,000 in the current year. She receives 30,000 per year in tax-exempt municipal bond interest. Adam and Tanya are married and have no children. Adam and Tanyas 100,000 taxable income is comprised solely of wages they earn from their jobs. Calculate and compare the amount of tax Sheila pays with Adam and Tanyas tax. How well does the ability-to-pay concept work in this situation?
Bill and Anne Chambers are married and file a joint return. They have no children. Their college friend Ryan lived with them for the entire current tax year. Ryan is 40 years old and earned 2,000 at a part-time job and received 25,000 in municipal bond interest. Ryan is a citizen of the United States and is unmarried. Which of the following statements is true regarding claiming Ryan as a dependent on the Chamberses tax return? a. If Ryan earns 15,000 in self-employment income in addition to the part-time job and municipal bond interest, he will qualify as a dependent on the Chamberses tax return. b. Ryan qualifies as a dependent for the Chamberses under the qualifying child rules. c. As long as Ryan does not provide more than half of his own support, he qualifies as a dependent for the Chamberses under the qualifying relative rules because he lived with them for the entire year. d. As long as the Chamberses provide more than half of Ryans support, he qualifies as a dependent for the Chamberses under the qualifying relative rules.
Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?
Melodie's taxable income is $39,000 and she pays income tax of $4,489. If Melodie's taxable income increases to $41,000, she would pay income taxes of $4,884. What is Melodie's marginal tax rate? 19.75 22.00 18.50 12.00 Some other amount
Dana and Larry are married and live in Texas. Dana earns a salary of $45,000 and Larry has $25,000 of rental income from his separate property. If Dana and Larry file separate tax returns, what amount of income must Larry report? $0 $22,500 $25,000 $47,500 None of the above
Which of the following will result in the recognition of gross income? Gail's employer allows her to set aside $ 4,000 from her wages to cover the cost of daycare for Gail's four-year-old daughter. Gail's daycare costs are $ 4,300 for the year. Hannah purchases a new sofa from her employer, Sofas-R-Us, for $ 1,200. The cost of the sofa to the furniture store is $ 1,100 and the sofa normally sells for $ 1,700. Jayden's employer purchases her commuting pass for the subway at a cost of $ 225 per month. Havana is a lawyer. The law firm she works for pays for her subscription to Lawyer's Weekly, a trade magazine for attorneys. None of the above will result in recognition of gross income.