Jessica makes $24,000 a year, but receives weekly paychecks. If 12% of her checks is withheld for federal taxes,what is her required weekly deduction including FICA?

Q: Karen owns a rental house in Ruston. Her policy requires the renter to make an initial deposit equal…

A: According to the information, the initial deposit is made on February 1, 2018 post which payments…

Q: A married couple with 2 twin 7 year children makes $30,000 in combined income and had $3,000…

A: The refund of tax is calculated as the excess of the tax withheld as compare with the tax liability…

Q: Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss…

A: Loss in January = 1154 Loss in May = 1255 Loss in December = 1292 Straight Deductible = 824

Q: Sara’s annual salary amounts to MAD 170,000. Her tax credit is MAD 5750. She gave a MAD 1,500 gift…

A: Taxable Income:- When an individual earns income from the resources available, then it has to pay…

Q: Louise’s monthly gross income is $2,800. Her employer withholds $560 in federal, state, and local…

A: Debt-to-income (DTI) ratio is a significant factor in determining overall financial health in…

Q: Michael is single, earns $95,000 a year, and paid $3,000 in student loan interest. How much of the…

A: The student loan interest deduction allows to deduct upto $2,500 of the interest paid on a loan for…

Q: Louise's monthly gross income is $2,700. Her employer withholds $540 in federal, state, and local…

A: Your debt-to-income ratio is all your monthly debt payments divided by your gross monthly income.…

Q: Alex makes $80,000 per year and pays about 30% of his gross monthly income in federal and state…

A: Federal and state tax are the mandatory deductions from the income. Income left after tax will be…

Q: Frank is making quarterly contributions of $240 to his savings account which pays interest 7.5%,…

A: The time value of money is used to calculate the present values and future values of any stream of…

Q: Jan sold her house on December 31 and took a $5,000 mortgage as part of the payment. The 10-year…

A: Note: As per the policy we are supposed to solve the first three subparts at a time. I solve the…

Q: Julian used $90,000 of his savings to purchase a single premium annuity, which pays him $600 per…

A: A single premium annuity is a type of annuity that is purchased with a lump-sum payment. The…

Q: A taxpayer, age 64, purchases an annuity from an insurance company for $80,000. She is to receive…

A: Individual gross income, often referred to as gross pay on paychecks, encompasses total earnings…

Q: Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss…

A: Vehicle insurance  protects drivers and passengers in automobiles, trucks, motorcycles, and other…

Q: Nicole's employer, Poe Corporation, provides her with an automobile allowance of $30,000 every other…

A: Fringe Benefit means an additional benefit paid by the employer to an employee other than salary.…

Q: Martin has $4,200 in doctor bills for the year. His deductible is $300. His policy pays 80% once he…

A: Martin pay including his deductible=$4,200-$300×80100+$300=$3,420

Q: Brian is an unmarried dependent child who works part time at a local restaurant. During the year,…

A: For tax year 2023, the standard deduction for a dependent is typically limited to the greater…

Q: Anthony's business days for the year total 20 days and his personal days while traveling total 8…

A: According to IRS, only necessary and ordinary business expenses are deductible as travel expenses.…

Q: Sedki earned $119,750 in 2014. How much did he pay in Social Security taxes? In Medicare taxes? In…

A: FICA taxes stands for Federal Insurance Contributions Act refers to the payroll tax paid to the U.S.…

Q: Leanne is a government employee and has 10 days sick leave credits and 7 days vacation leave…

A: If a person , who is government employee can pay for the sick leave and vacation leave also, if he…

Q: Michelle pays £280 every year for subscriptions to professional bodies. Her employer does not…

A: Michelle pays £280 every year for subscriptions to professional bodies. Her employer does not…

Q: What are the advantages and disadvantages of reviewing the balance statement for a company.

A: Any financial statement typically lists a company's assets and debts, including shareholder equity…

Q: Sheila Spinney, a recent college graduate, receives a salary of $2976 each month. She pays (3)/(8)…

A: Solution:In the given scenario, money left means amount that Sheila Spinney shall have after…

Q: Ryan's and Troy's incomes are taxed at 25%. Ryan contributed $245 per month to an HSA. His earnings…

A: Ryan's Troy's Monthly Payment  $                                   245.00  $…

Q: Amount (GHC) Rate of tax (%) First 10,000.00 Free Next 30,000.00 Next 30,000.00 10 Next 60,000.00 20…

A: Annual Salary = GH¢ 250,000 Social Security Contribution= 5% =(250,000/100*5)= GH¢ 12,500

Q: Susan, who is a qualifying widow, has a monthly gross income of $5,750.78 Calculate her net earnings…

A:

Q: George pays 5%

A: GHC is the currency of Republic of Ghana.  We will solve this tax problem as per…

Q: Ruth has asked for help in determining whether she should receive her $32,500 bonus check in the…

A: In this problem, we are asked to determine the net revenue from bonus if she receives bonus in the…

Q: April receives $50 every six months in interest income from her bond investment. She paid $900 for…

A: Tax: Tax is a financial charge imposed by the county's government on the income of the person, and…

Q: Arthur files a single income tax return and his maximum tax-free interest under the education…

A: Answer:- Gross income meaning:- The total money a person receives from their paychecks before any…

Q: estimated tax payment should Jill pay by 4/15 of the current year.

A: As per IRS guidelines, individuals are generally required to make estimated tax payments if they…

Q: Charlie's regular tax liability is $43,695. His tentative minimum tax is $58, 304. He doesn't have…

A: The Alternative Minimum Tax (AMT) is a parallel tax system to the regular tax calculation designed…

Q: Alan and Samantha Brown have a mortgage with the Bank of America. The bank requires the Browns to…

A: A mortgage refers to a covered loan borrowed for the purchase or maintenance of a property with the…

Q: Kim earned $30,000 from Pfizer before she was laid off. She then collected $7,000 of unemployment…

A:

Q: $2800 of his Social Security benefits are taxable.

A: We need to compare the provisional income to the base amount for Arnie's filing status to determine…

Q: Bradford's automobile insurance policy has a $1,400 deductible, with a $3,800 out-of-pocket limit…

A: Here discuss about the insurance  deduction and copayments when at the time of the claiming of the…

Q: Michael earns $10,000, and his tax liability for the current year is $8,000, double what it was the…

A: The tax liability refers to the part of taxable income which becomes liability of taxpayer towards…

Q: Frank goes to Clemson University and pays $30,000 in tuition. He works and pays for his schooling.…

A: The American Opportunity Tax Credit (AOTC) is a federal tax credit intended to assist qualifying…

Q: Mary and Sue both work for WAWA. They b $1000 a year in health care expenses. Mary flexible spending…

A: Tax is a mandatory financial charge imposed by a government on individuals, businesses, or other…

Q: Ms. Brown purchases a house for $300,000. She borrows $200,000 from a mortgage company at the rate…

A: In a leveraged sale purchase transaction of a house, we have to find the average annual rate of…

Q: Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss…

A: Loss in January = 1577 Loss in May = 1284 Loss in December = 1102 Aggregate Deductible = 2574

Tax Deferred Retirement Benefits

It stands for Simplified Employee Pension Individual Retirement Account. This savings plan is for self-employed persons such as independent contractors, freelancers, entrepreneurs, etc. The tax rules of SEP IRA are the same as traditional IRA. Entrepreneurs can also open SEP IRA accounts for their employees and gain a tax advantage. The employees cannot make contributions to these accounts by themselves however they will be taxed upon withdrawal.