Required information[The following information applies to the questions displayed below.]Jeremy earned $100,800 in salary and $6,800 in interest income during the year. Jeremy's employer withheld $11,000 offederal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives withhim. Jeremy qualifies to file as head of household and has $26,200 in itemized deductions. (Use the tax rate schedules.)b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $7,550. What is Jeremy's tax refund or tax dueincluding the tax on the capital gain? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)(1) Gross income(2) For AGI deductions(3) Adjusted gross income(4) Standard deduction(5) Itemized deductions(6)(7) Taxable incomeDescriptionGreater of standard deduction or itemized deductions(8) Income tax liability(9) Child tax credit(10) Tax withholdingTax dueAmount$$$115,1500115,15018,65026,20026,20088.9502,00011,000

Tax refund or liability is calculated by applying the current tax rates on the taxable income and…

Answered: eremy earned $100,800 in salary

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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An employee earned $43,300 working for an employer in the current year. The current rate for Federal Insurance Contributions Act (FICA) Social Security is 6.2% payable on earnings up to $137,700 maximum per year, and the rate for Federal Insurance Contributions Act (FICA) Medicare 1.45%. The employer's total Federal Insurance Contributions Act (FICA) payroll tax for this employee is: Multiple Choice O $7.221.60 $3,312.45 $10,534.05 $2.684 60
Sofronio Suarez, production manager of Lumina Manufacturing Corporation, received, in addition to his salary, thirteenth month pay, and productivity bonus, the following payments from the company during the year: Cash price of a Toyota Accord car P 3,000,000 Proceeds of an 8% interest-bearing loan from the company 940,000 Rental of residential house where Mr. Suarez resides 360,000 Reimbursement for groceries which Mr. Suarez bought for his personal consumption 40,000 Rice subsidy at P2,000 per month 24,000 Your review of the company's records yielded the following information: • Forty percent (40%) of the cost of the car which was to be transferred in the name of Mr. Suarez upon purchase will be shouldered by Mr. Suarez by way of monthly salary deduction of P25,000 per month for a period of 4 years. .The loan, which was obtained by Mr. Suarez from the company at the start of the year, is payable in 9 months. How much is the fringe benefit tax on the payments received by…
Old 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…
D1.
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am. 120.
Old Town Entertainment has two employees in Year 1. Clay earns $4,500 per month, and Philip, the manager, earns $10,700 per month. Neither is paid extra for working overtime. Assume the Social Security tax rate is 6 percent on the first $110,000 of earnings and the Medicare tax rate is 1.5 percent on all earnings. The federal income tax withholding is 15 percent of gross earnings for Clay and 22 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. Req A and B a. Clay Calculate the net pay for both Clay and Philip for March. Calculate the net pay for both Clay and Philip for December. (Do not round intermediate calculations and…
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows. Employee Cumulative Pay Ken S $5,000 Tim V Steve S 43,400 90,000 Employee Michelle W Michael M. Zach R Cumulative Pay $146,500 109,900 131,400 Employee Lori K Kitty O John W Cumulative Pay $133,900 39,900 7,000 a. Compute the amounts in this table for each employee. b. For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes.

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