Jason has the following income in 2023: Employment income, $65,000 Capital gain, $5,000 Dividend received from a CCPC. $500 Dividend received from a public company. $650 How much is the total income?
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- What is her return on investment for this General Accounting Question?Use the following Income Tax Calculation table to calculate the total income tax that someone would owe if their annual income was $83,350. In the image.For the tax year 2023/24 Jane has employment income of £47,570, savings income of £1758 and dividends of £3588. What is her tax liability for the year? Enter a whole number, without the £ sign, in the response box.
- Cooper has the following income and expenses for the year: Income Salary $50,000 Interest income $ 350 Canadian Eligible Dividend income $ 500 Capital Gains $ 1,700 Expenses RRSP contribution $ 2,500 Childcare expenses $ 5,000 What is Cooper’s Total income for tax purposes? Use a dividend gross-up of 38% A. $50,050 B. $45,050 C. $44,875 D. $44,390Used the 2016 FICA tax rates from below to answer the following question. if a taxpayer is not self-employed and earns $121,000 what are the taxpayers FICA taxes?19. Attack pair needs help identify and understanding their adjusted growth income for the tax year 2023. Valley dad is single their total income consists of the following wages $20,000 capital gain $5,000 pension income $5,000 the taxpayer pay alimony and the amount of 5,000 for a divorce decree dated 2017 and $5,500 of student loan interest in $3,000 for child care. what is the AGI?
- Use the information below to create an Income Statement for the Miura family. Rika and Kentaro have combined income of $140,000. Assume their average tax rate including fed/state is 20%. Rika’s income is $60,000 and Kentaro’s is $80,000. Knowing their individual incomes will allow us to calculate their FICA taxes. (Use the info below to calculate the FICA taxes. Only calculate the employee portion.) Topic 751 - Social Security and Medicare Withholding Rates Taxes under the Federal Insurance Contributions Act (FICA) are composed of the old-age, survivors, and disability insurance taxes, also known as Social Security taxes, and the hospital insurance tax, also known as Medicare taxes. Different rates apply for these taxes. The current tax rate for Social Security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total. Refer to Publication 15, (Circular E), Employer's…Use the 2016 marginal tax rates to compute the tax owed by the following person. A head of household with a taxable income of $129,000 and an $8000 tax credit The tax owed is $Please given answer general accounting
- answer the following questions and show your steps for your calculations (you must show the applicable details for each question; for example YMPE = $, YBE = $, Contribution Rate = %): . Assume the year is 2021. Rachel who just turned 28 works for Tech Industries and makes an annual income of $52,000. Calculate total employee and employer contributions. b) Sasha has been employed with Planters Inc. since 2012. She earned a salary of $85,000 this year. Calculate total employer and employee contributions. c) Angela’s dad had hired her to work part time for his business while she was in grade 8. He had her doing some filing and answering phones over the summer and paid her $22,500. Calculate total employee and employer contributions. d) Qui had just turned 18 and made $2,495 while going to school. Calculate total employee and employer contributions. e) Terence is self-employed and made an income of $222,000 this year. Calculate both the employer and employee contribution. f) Franco has a…During 2020, Stephanie received $16,000 in wages, $3,500 in unemployment benefits, and $500 in dividends, and she took a $6,000 distribution from her IRA. Compute Stephanie's 2020 business income for NOL purposes. $6,500 $16,000 $19,500 $20,000For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA and income tax. Assume that the individual is single and takes the standard deduction. A man earned $30,000 from wages. Tax Rate 10% Single up to $9325 15% up to $37,950 25% up to $91,900 28% up to $191,650 33% up to $416,700 35% up to $418,400 39.6% above $418,400 Standard deduction Exemption (per person) $6350 $4050 Let FICA tax rates be 7.65% on the first $127,200 of income from wages, and 1.45% on any income from wages in excess of $127,200. His FICA tax is $ (Round up to the nearest dollar.)