During 2024, an employee receives a weekly salary of $2,400. Calculate the total amount of FICA taxes that should be withheld for the year.
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- During 2019, Matti Conner, president of Maggert Company, was paid a semimonthly salary of 6,000. Compute the amount of FICA taxes that should be withheld from her:During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amountFor tax purposes, assume that the maximum taxable earnings are 118,500 for Social Security and 7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee.
- During 2019, Jake Gore worked for two different employers. Until May, he worked for Wonderman Construction Company in Kansas City, Kansas, and earned 21,500. The state unemployment rate for Wonderman is 4.6%. He then changed jobs and worked for Buxmont Improvement Company in Mobile, Alabama, and earned 33,100 for the rest of the year. The state unemployment rate for Buxmont is 5.1%. Determine the unemployment taxes (FUTA and SUTA) that would be paid by: a. Wonderman Construction Company................................ _______ b. Buxmont Improvement Company.................................... _______During 2020, Juan Gonzalez, president of Acme Inc. was paid a semimonthly salary of $6,100. Computer the amount of FICA taxes that should be withheld from him. A. 9th paycheckB. 22nd paycheckC. 24th paycheckD. If Juan's year to date earnings as of his 24th paycheck are $146,400 and his year-end bonus is $100,00, how much is the additional HI tax withheld?During 2019, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $8,000. Compute the amount of FICA taxes that should be withheld from her
- During 2019, Matti Conner, president of Maggert Company, was paid a semimonthly salary of $6,000. Compute theamount of FICA taxes that should be withheld from her:OASDI HIa. 9th paycheck $b. 22nd paycheck $c. 24th paycheck $d. If Matti Conner’s year-to-date earnings as of her 24th paycheck are $144,000 and her year-end bonus is$100,000, how much is the additional 0.9% HI taxwithheld? $Employees in 2020 pay 6.2% of their gross wages towards social security (FICA tax), while employers paid another 6.2%. How much social security tax will be paid on an income of $65,000 a year? (Enter your answer rounded as a whole number.On December 31, 2021, what amount should PO report for accrued salaries payable? *see attached a. P 100,000b. P 94,000c. P 82,000d. P 35,000
- Complete ALL requirements and ROUND ALL AMOUNTS TO NEAREST DOLLAROn January 1, 2021, Kunto, a cash basis taxpayer, pays $138,684 for a 24-month certificate of deposit. The certificate is priced to yield 4% (the effective interest rate) with interest compounded annually. No interest is paid until maturity, when Kunto receives $150,000. Round all calculations to the nearest dollar. a. Compute Kunto's gross income from the certificate for 2021. b. Compute Kunto's gross income from the certificate for 2022.4. On January 1, 2019, Baker Co. decided to grant its employees 10 vacation days and five sick days each year. Vacation days earned can be carried over to the next year but not sick days. Each employee took an average of three sick days in 2019. During 2019, each of Baker's six employees earned P100 per day and earned 10 vacation days. These vacation days were taken during 2020. What amount should Baker report for compensated absence expense for the year ended December 31, 2019? a. 0 b. 6,000 c. 7,800 d. 9,000 5. North Corp. has an employee benefit plan for compensated absences that gives employees 10 paid vacation days and 10 paid sick days. Both vacation and sick days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days; however, no payment is given for sick days not taken. At December 31, 2019, North's unadjusted balance of liability for compensated absences was P21,000. North estimated that there were 150 vacation days and 75 sick days…
