Required information[The following information applies to the questions displayed below.]Eva received $60,000 in compensation payments from JAZZ Corporation during 2022. Eva incurred $5,000business expenses relating to her work for JAZZ Corporation JAZZ did not reimburse Eva for any of these exEva is single and deducts a standard deduction of $12,950. Based on these facts, answer the following quesUse Tax Rate Schedule for reference.Note: Leave no answer blank. Enter zero if applicable. Round your intermediate and final answers to thewhole dollar amount.a. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for the yeaAmount of FICA taxes

FICA stands for Federal Insurance Contributions Act which is a payroll tax and it is subtracted from…

Answered: Eva received $60,000 in compensation…

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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L. A. and Paula file as married taxpayers. In August of this year, they received a $5,200 refund of state income taxes that they paid last year. How much of the refund, if any, must L. A. and Paula include in gross income under the following independent scenarios? Assume the standard deduction last year was $25,100. Note: Leave no answer blank. Enter zero if applicable. Required: a. Last year L. A. and Paula had itemized deductions of $19,200, and they chose to claim the standard deduction. b. Last year L. A. and Paula claimed itemized deductions of $31,400. Their itemized deductions included state income taxes paid of $7,500 and no other state or local taxes. c. Last year L. A. and Paula claimed itemized deductions of $27,600. Their itemized deductions included state income taxes paid of $10,500, which were limited to $10,000 due to the cap on state and local tax deductions.
Bennett is a single individual and received a salary of $28,000 before he retired in October of this year. After he retired, he received Social Security benefits of $4,000 during the year. Read the requirements. Requirement a. What amount, if any, of the Social Security benefits are taxable for the year? Begin by computing the provisional income. Only select items that are applicable to Bennett.(Leave unused cells blank, do not select a label or enter a zero.) Adjusted gross income (excluding Social Security benefits) $28,000 Plus: 50% of Social Security benefits 2,000 Provisional income $30,000 The taxable portion of the Social Security benefits is . Requirements a. What amount, if any, of the Social Security benefits are taxable for the year? b. Would the answer be different if Bennett also had $1,500 of tax-exempt interest? c. What if he had had $6,400of…
Ali and Alex Arnaud are married with no dependent children. Ali worked for Smart Tech Corporation January through March and for Computer Associates the remainder of the year. Alex completed a degree in November and immediately began as an associate with Smith and Weber. They report the following information for 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Ali’s salary from Smart Tech $ 32,000 Ali’s salary from Computer Associates 142,000 Alex's salary from Smith and Weber 15,550 Interest from savings account 700 Itemized deductions 9,000 Dividends eligible for 15% rate 2,200 Required: Compute AGI. = 192, 450 Compute taxable income. = 166550 Compute net tax liability (after credits).
Required information [The following information applies to the questions displayed below.] Eva received $79,000 in compensation payments from JAZZ Corporation during 2022. Eva incurred $14,000 in business expenses relating to her work for JAZZ Corporation JAZZ did not reimburse Eva for any of these expenses. Eva is single and deducts a standard deduction of $12,950. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference. Note: Leave no answer blank. Enter zero if applicable. Round your intermediate and final answers to the nearest whole dollar amount. d. Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year? Regular tax liability
Eva received $60,000 in compensation payments from JAZZ Corporation during 2022. Eva incurred $5,000 in business expenses relating to her work for JAZZ Corporation JAZZ did not reimburse Eva for any of these expenses. Eva is single and deducts a standard deduction of $12,950. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference. Note: Leave no answer blank. Enter zero if applicable. Round your intermediate and final answers to the nearest whole dollar amount. Required: Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year?
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Lorna Hall’s real estate tax of $2,010.88 was due on December 14, 2019. Lorna lost her job and could not pay her tax bill until February 27, 2020. The penalty for late payment is 612%612% ordinary interest. (Use Days in a year table.)a. What is the penalty Lorna must pay? (Round your answer to the nearest cent.) Penalty Pay b. What is the total amount Lorna must pay on February 27? (Round your answer to the nearest cent.) Total Amount
Ali and Alex Arnaud are married with no dependent children. Ali worked for Smart Tech Corporation January through March and for Computer Associates the remainder of the year. Alex completed a degree in November and immediately began as an associate with Smith and Weber. They report the following information for 2022. Use Individual Tax Rate Schedules and Standard Deduction Table.Alis salary from Smart Tech$ 32,000Alis salary from Computer Associates 142, 000Alex's salary from Smith and Weber15, 550 Interest from savings account700ltemized deductions9, 000Dividends eligible for 15% rate2, 200 Required:Compute AGI.Compute taxable income.Compute net tax liability (after credits).
Louis files as a single taxpayer. In April of this year he received a $980 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,400. (Leave no answer blank. Enter zero if applicable.) Problem 5-51 Part-b (Algo) b. Last year Louis had itemized deductions of $9,810 and he chose to claim the standard deduction. Louis’s itemized deductions included state income taxes paid of $2,335 and no other state or local taxes. Refund to be included in gross income- _______
How does the tax benefit rule apply in the following cases? a. In 2019, the Orange Furniture Store, an accrual method sole proprietorship, sold furniture on credit for $1,000 to Sammy. The cost of the furniture was $600. In 2020, Orange took a bad debt deduction for the $1,000. In 2021, Sammy inherited some money and paid Orange the $1,000 he owed. Orange's owner was in the 35% marginal tax bracket in 2019, the 12% marginal tax bracket in 2020, and the 35% marginal tax bracket in 2021. Orange Furniture must include $fill in the blank 102a7e000ffcfe0_1 in gross income as the recovery of a prior deduction. The timing of the income and deductions cost Orange $fill in the blank 102a7e000ffcfe0_2. b. In 2020, Marvin, a cash basis taxpayer, took a $2,000 itemized deduction for state income taxes paid; the deduction was not limited by the SALT cap. This increased his itemized deductions to a total that was $800 more than the standard deduction. In 2021, Marvin received a…
Mr. Coleman, an unmarried individual, has the following income items: Interest income Schedule C net profit $23,200 61,640 He has $10,300 itemized deductions and no dependents. Mr. Coleman's Schedule C income is qualified business income (non service). Required: Compute Mr. Coleman's income tax. Assume the taxable year is 2020. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) AGI Taxable Income Income tax Amount

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