IN 2016, AN INDIVIDUAL EARNED $65,000 OF EMPLOYMENT INCOME. THEFOLLOWING DEDUCTIONS WERE MADE FROM HER SALARY:- REGISTERED PENSION PLAN (RPP) CONTRIBUTION OF $5,000.- MAXIMUM CANADA PENSION PLAN (CPP) AND EMPLOYMENT INSURANCE (EI)CONTRIBUTIONS OF $3,499.- CHARITABLE DONATIONS OF $600. (SHE HAS MADE ANNUAL DONATIONS)WHAT WOULD BE HER TOTAL FEDERAL TAX?A. $7,228B. $7,402C. $8,253D. $9,718

To determine the individual's total federal tax for 2016, we need to compute the taxable income…

Answered: IN 2016, AN INDIVIDUAL EARNED $65,000…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 38P

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Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?
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In 2022, an individual received a salary of $50,000. Deducted from the salary were income taxes of $10,000, the maximum Canada pension plan (CPP) and employment insurance (EI) contributions of $3,441 of which $349 was the enhanced CPP contribution, and charitable donations of $450. What would be the individual's total federal tax (federal tax less credits) in 2022? Group of answer choices 4,676 6,881 4,774 None of these 6,835
Please help!! Using the 2022 tax tables forms
Taxpayer in 2022 has following amounts: W-2 wages: $125,000 @ 7.65% Sch. C Net income: $125,000 @ 15.30% How much of the correct amount of combined self-employment tax and FICA tax is attributable to the Sch. C Net Income?
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↑ FICA Contributions. Brian makes $25,100 per year. How much can Brian expect to contribute to FICA taxes in 2018? How much will his employer contribute? (Hint: The total FICA tax rate is 7.65%) CALEDS The amount Brian can expect to contribute to FICA taxes in 2018 is $(Round to the nearest cent) The amount his employer will contribute is $ (Round to the nearest cent.) Next
Suppose a graduate student earned a gross income of $60,000 in the year 2022 and is a resident of Ontario, Canada. The following information is provided for the calculation of the student's federal and provincial income taxes:  Federal tax rates for 2022 are as follows:  15% on the first $49,020 of taxable income  20.5% on the next $49,020 of taxable income (on the amount over $49,020 up to $98,040)  26% on the next $61,536 of taxable income (on the amount over $98,040 up to $159,576)  29% on the next $71,517 of taxable income (on the amount over $159,576 up to $231,093)  33% on the amount over $231,093  Ontario tax rates for 2022 are as follows:  5.05% on the first $47,630 of taxable income  9.15% on the next $47,629 of taxable income (on the amount over $47,630 up to $95,259)  11.16% on the next $62,335 of taxable income (on the amount over $95,259 up to $157,594)  12.16% on the next $70,000 of taxable income (on the amount over $157,594 up to $227,594)  13.16% on the…
Regina has four employees who earned $75,000, $27,000, $2,100, and $6,200 during 2020, respectively. She paid 5.4 percent for state unemployment tax. How much FUTA tax will Regina owe for the four employees? a.$224.00 b.$163.70 c.$882.40 d.$321.60 e.$133.80
er ork Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is self-employed and earns $165,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer Employee's Rates 7.65% on first $118,500 of 7.65% on first $118,500 paid income in wages 1.45% of income in excess 1.45% of wages paid in of $118,500 excess of $118,500 Self-Employed Rates 15.3% on first $118,500 of net profits 2.9% of net profits in excess of $118,500 The FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.) < Ques
Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $133,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer 7.65% on first $118,500 paid in wages Self-Employed Rates 15.3% on first $118,500 of net profits Employee's Rates 7.65% on first $118,500 of income 1.45% of income in excess of $118,500 1.45% of wages paid in excess of $118,500 2.9% of net profits in excess of $118,500 FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.)
Suppose you made $63,245 of income from wages and $784 of taxable interest. You also made contributions of $6000 to a tax deferred retirement account. You have 3 dependents and file as single. The standard deduction is 3500 and the exemption amount is 5500 per exemption. What is your Taxable Income? Answer to the nearest dollar. 70 hp * M اشت

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