If Julia, age 65 and self employed paid 380.00 per month for health ins, how much can she deduct if she only had part b medicare
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If Julia, age 65 and self employed paid 380.00 per month for health ins, how much can she deduct if she only had part b medicare
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- Rachel receives employer provided health insurance. The employer's cost of the health insurance is $6,200 annually. What is her employee's after-tax cost of providing the health insurance, assuming that the employer's marginal tax rate is 21 percent and is profitable?52. Subject : - Accounting Rachel receives employer provided health insurance. The employer's cost of the health insurance is $6,100 annually. What is her employer's after-tax cost of providing the health insurance, assuming that the employer's marginal tax rate is 21 percent and is profitable?Sally hires a maid to work in her home for $280 per month. The maid is 25 years old and not related to Sally. During 2019, the maid worked 9 months for Sally. a. What is the amount of Social Security tax Sally must pay as the maid's employer? b. What is the amount of Medicaare tax Sally must pay as the maid's employer? Sally's employer's Medicare tax: c. What is the amount of Social Security and Medicare tax which must be withheld from the maid's wages? Sally should withhold for Social Security and Medicare tax of:
- 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.Rachel receives employer-provided health insurance. The employer's cost of the health insurance is $6900 annually. What is her employer's after-tax cost of providing the health insurance, assuming that the employer's marginal tax rate is 21 percent and the employer is profitable? (Do not use dollar sign or other punctuation.)Suppose Alexa has a weekly paycheck with gross earnings of $1,234.00 and is single with no dependents. a. Calculate her Federal Withholding Tax for the pay period using the Wage Bracket Method. b. Find Alexa’s net pay, in addition to all mandatory deductions, she has union dues of $5.00, she has both medical and dental insurances and she has a cafeteria plan contribution of $15.00.
- Should a 31-year-old self employed single woman establish a traditional deductible IRA, a traditional nondeductible IRA, or a Roth IRA? She has two children, ages 10 and 8.Mabel is 45 and earned $30,000 in 2018. If she contributed $6,000 to her traditional IRA, what would be her excise penalty? . Hannah, age 56, earned $58,000 in 2018. She is also a participant in a qualified plan to which she contributed $18,500. How much can she contribute to a traditional IRA in 2018? $6,500 b. $5,500 c. $0 she is ineligible d. $7,000 In question 3 above, would her contribution to a traditional IRA be tax-deductible? Yes b. No If you own a Roth IRA, are you subject to Required Minimum Distributions? Yes b. No Bernice is age 54 and her granddaughter, age 18, will be attending UMSL in the Fall 2018. Bernice would like to withdraw $15,000 from her traditional IRA to pay for some of her granddaughter’s college expenses. She asks if this withdrawal can be made without a 10% penalty. You tell her: No way b. no 10% penalty c. tax on withdrawal and 10% penalty d. none of these answers. Gus is 72 and works part-time earning $16,000 per year. He asks you whether he…Lanny and Shirley divorced in 2018 and do not live together. Shirley has custody of their child, Art, and Lanny pays Shirley $23,000 per year. All property was divided equally.
- Haley (age 48) and Myron (age 51) are married and filing a joint return. Myron has earned income of $42,000 and is not covered by an employer plan. Haley is a homemaker and does not work outside the home. What is the total amount they can deduct for contributions to traditional IRAs for both Haley and Myron? Select one: a. $6,500 b. $11,000 c. $13,000 d. $12,000Benjamin has the following dependents. child age 19 child age 15 mother age 67 How may of these dependents qualify for the $500 nonrefundable Credit for Other dependents in 2021?Sally earns gross wages of $1200 per week. She has standard deductions for social security and medicare. She is single with 1 allowance. She also has 6% of her gross wages put into a retirement account. Find the retirement account deduction.