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- Lucas Turner is single and has never been married. Lucas earned wages of $25,000 during the first half of the year. Lucas lost his job in July and received a total of $11,000 in unemployment compensation. Lucas is a welder and took a class at a local vocational school to improve his welding skills. He paid the cost of tuition and a course-related book. His qualified education expenses were $3,500. Lucas also paid student loan interest for the courses he previously took to earn his Bachelor's degree. For 2023, he paid student loan interest of $750. Lucas does not have any dependents.. Lucas is a U.S. citizen with a valid Social Security number 12. Lucas's class qualifies him to claim the Lifetime Learning Credit a. True b. FalseDonald was killed in an accident while he was on the job. Darlene, Donald's wife, received several payments as a result of Donald's death. Review the payments below and then enter the amount to be included in Darlene's gross income in the table provided. a. Donald's employer paid Darlene an amount equal to Donald's three months' salary ($15,000), which is what the employer does for all widows and widowers of deceased employees. b. Donald had $6,800 in accrued salary that was paid to Darlene. c. Donald's employer had provided Donald with group term life insurance of $255,000, which was payable to his widow in a lump sum. Premiums on this policy totaling $13,200 had been included in Donald's gross income under § 79. d. Donald had purchased a life insurance policy (premiums totaled $162,000) that paid $427,000 in the event of accidental death. The proceeds were payable to Darlene, who elected to receive installment payments as an annuity of $31,000 each year for a 22-year period. She…Allison is paid $3,000 per week. What is the amount of federal income tax withheld from Allison’s paycheck under the following conditions? Assume that Allison has only one job or that step 2 of Form W-4 is not checked. Also, her employer uses the Percentage Method Tables for Automated Systems. Use percentage method tables for automated systems. Required: Allison is single and no dependents. Allison is married (her spouse does not work) and claims two dependents who are under the age of 17. Allison is single, claims no dependents, but wants $60 in additional withholding.
- Joe is an non-exempt employee who worked 39 hours in week 1 of the pay period. It was a holiday week, so he also had 8 hours of holiday pay. In the second week, Joe worked 41.5 hours. Joe pays 64.32 each pay period for medical insurance, and contributes 6% of his salary to a 401(k). Joe, a Missouri resident, files his taxes as head of household with $4000 in Step 3 deductions. McMillan Enterprises contributes $150 per pay period to health insurance costs, but does not match 401(k) contributions. If Joe makes $16.75 an hour, how much will McMillan Enterprises pay in total for Joe this pay period?Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $100 each week to her company's 401(k) plan and has $25 put into her health savings account (nonqualified) each week. Her employer matches this $25 each week. Determine Whiteweiler's take-home pay if she is single. Enter deductions beginning with a minus sign (-). Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2020 FICA rates have been used. Click here to access the Wage-Bracket Method Tables. Gross pay $fill in the blank 1 HSA contributions fill in the blank 2 401(k) deductions fill in the blank 3 OASDI tax fill in the blank 4 HI tax fill in…Terry worked for two employers during 2018. The amount of wages paid to Terry by both employers totaled $168,400 and the employers properly withheld both income and employment taxes. As a result of Terry’s two jobs: a. Terry will receive a credit against his employment taxes in 2019 b. Terry will request a refund of overpaid employment taxes from his second employer c. Terry will claim a credit for excess Social Security taxes on his 2018 income tax return d. Terry will claim a credit for excess Social Security and Medicare taxes on his 2018 income tax returne. Terry will file a Form 843 with the Social Security Administration to claim back ex-cess withheld employment taxes
- Donald was killed in an accident while he was on the job. Darlene, Donald's wife, received several payments as a result of Donald's death. Review the payments below and then enter the amount to be included in Darlene's gross income in the table provided. a. Donald's employer paid Darlene an amount equal to Donald's three months' salary ($45,600), which is what the employer does for all widows and widowers of deceased employees. b. Donald had $21,200 in accrued salary that was paid to Darlene. c. Donald's employer had provided Donald with group term life insurance of $135,000, which was payable to his widow in a lump sum. Premiums on this policy totaling $23,600 had been included in Donald's gross income under § 79. d. Donald had purchased a life insurance policy (premiums totaled $172,000) that paid $415,000 in the event of accidental death. The proceeds were payable to Darlene, who elected to receive installment payments as an annuity of $37,000 each year for a 29-year period. She…Asher Perkins, a 35-year-old computer programmer, earns $94,000 a year. His monthly take-home pay is $4,950. His wife, Ellie, works part-time at their children's elementary school but receives no benefits. Under state law, Ellie's employer contributes to a workers' compensation insurance fund that would provide $1,500 per month for six months if Asher were disabled and unable to work. Calculate Asher's disability insurance needs, assuming that he won't qualify for Medicare under his Social Security benefits. Round your answer to the nearest whole. $ Based on your answer in part a, what would you advise Asher about his need for additional disability income insurance? Discuss the type and size of disability income insurance coverage he should consider, including possible provisions he might want to include. What other factors should he take into account if he decides to purchase a policy?Donald was killed in an accident while he was on the job. Darlene, Donald's wife, received several payments as a result of Donald's death. Review the payments below and then enter the amount to be included in Darlene's gross income in the table provided. Donald's employer paid Darlene an amount equal to Donald's three months' salary ($45,600), which is what the employer does for all widows and widowers of deceased employees. Donald had $28,400 in accrued salary that was paid to Darlene. Donald's employer had provided Donald with group term life insurance of $165,000, which was payable to his widow in a lump sum. Premiums on this policy totaling $23,600 had been included in Donald's gross income under § 79. Donald had purchased a life insurance policy (premiums totaled $196,000) that paid $358,000 in the event of accidental death. The proceeds were payable to Darlene, who elected to receive installment payments as an annuity of $32,500 each year for a 21-year period. She received her…
- Rick, who is single, has been offered a position as a city landscape consultant. The position pays $147,800 in cash wages. Assume Rick has no dependents. Rick deducts the standard deduction instead of itemized deductions and he is not eligible for the qualified business income deduction. (Use the tax rate schedules.) b-1. Suppose Rick receives a competing job offer of $139,000 in cash compensation and nontaxable (excluded) benefits worth $8,800. What is the amount of Rick’s after-tax compensation for the competing offer?Dow, 42, is a manager for Winter Company. In addition to his $83,000 salary, he receives the following benefits from Winter during the current year: Winter pays all its employees' health and accident insurance. Premiums paid by Winter for Dow's health insurance are $1,500. Winter provides all employees with group term life insurance coverage equal to their annual salary. Premiums on Dow's $83,000 in coverage are $830. Winter has a flexible benefits plan in which employees may participate to pay any costs not reimbursed by their health insurance. Dow has $2,700 withheld from his salary under the plan. His actual unreimbursed medical costs are $3,360. Winter pays Dow the $2,700 paid into the plan during the year. All management-level Winter employees are entitled to employer-provided parking. The cost of Dow's parking in a downtown garage is $3,500 for the year. Winter pays Dow’s $150 monthly membership fee to a private health club located in the building in which Dow works. Dow uses…Shellie, a single individual, received her Bachelor’s degree in 2019, and took a job with a salary of $45,000 per year. In 2020, she paid $1,500 of interest on qualified education loans. Which of the following statements is correct? a. Taxpayers are not allowed a deduction for education loan interest in 2020. b. If her income had been $65,000, the deductible amount would have been phased out. c. The full $1,500 is deductible in arriving at adjusted gross income (AGI). d. If her payment had been $3,000, only $2,000 would have been deductible in arriving at AGI and the $1,000 excess would have been treated as nondeductible consumer interest.
