Answered: John Legglet is 42 years old, earns…

John Legglet is 42 years old, earns $4000 per week and is paid semi-monthly in the Province of Ontario. How much is his CPP deduction? Multiple Choice $506.99 $392.67 $198.00 $485.69 $194.6

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 1CPA

See similar textbooks

Related questions

Q: Mary is 66 years old and receives full old-age benefits from Social Security-in her case, $1,200 per…

A: When a Social Security recipient dies, their surviving spouse may be eligible for survivor benefits.…

Q: Katrina has wages of $161,000 in 2023. She also operates a small business that generated net profits…

A: For the year 2023, the self- employment tax is 15.3 percent of self-employment income up to $160,200…

Q: Susan Stark is 17 years old, earns $18 per hour, worked 30 hours in the pay cycle and is paid weekly…

A: Deductions are the reduction in the taxable amounts which are deducted from the same according to…

Q: Marion drives 20 miles a day from his first job to his second job. He worked 125 days during 2022 on…

A: Marion drives 20 miles a day for work, and he worked 125 days during 2022 on both jobs.

Q: 3. Ralph Konsky was hired as an administrative assistant for Hereford Cattle Company. His annual…

A: Salaries cost is the cost of employees that are working in the office of the organisation. This is a…

Q: In 2013, workers earned one credit towards Social Security for every $1,160 in earnings, up to a…

A: The answer is given in the below step.

Q: additional 0.9% Medicare tax

A: Additional medicare tax is levied on the amount over and above $2,00,000 at the rate of 0.9%. The…

Q: He was in Montego Bay on special assignment for 3 days and spent an average of $20,000 per day,…

A: Emoluments Gross Emoluments which includes salary and other compensatory benefits and other…

Q: Miss Irish Ryan receives a regular semi-monthly salary of 25,000. If she is married with three…

Q: Laura has self-employment income of $87,500 for the year. How much is her self-employment tax?…

A: For a taxpayer, the income is known. The self employment taxes need to be calculated.

Q: Joseph travels from his home in Massachusetts and flies to Paris to attend meetings related to his…

A: According to the IRS (Internal Revenue Service) rules, if a trip to another country is primarily for…

Q: Sonny Salazar was deployed in a combat zone for all of 2022. He is married and has two children.…

A: The EITC is available for single individuals as well as married couples filing jointly.The Earned…

Q: Amanda, who works 1,500 hours annually as a second grade teacher purchased $300 worth of supplies…

A: Income tax: It is the tax every individual or company is liable to pay on the income generated…

Q: Sammy's employer pays for 40% of her annual health insurance premium of $5,150,00, Sammy pays the…

A: Annual health insurance premium= 5,150 Premium paid by employer = 5,150 x 40% = 2,060 Premium to be…

Q: Patrick's monthly take-home pay is $5,000. His net worth is $125,000. He estimated that he would…

A: Disability benefits are monetary support provided by the government to individuals who are unable to…

Q: What is the amount of self-employment tax that would be paid by Andy for the year assuming he earned…

A: Self Employment taxes are levied on the proprietors of businesses mainly for the purposes of social…

Q: YOU HAVE A MAXIMUM OF 3 CONTINUOUS HOURS TO COMPLETE THE 100 QU Question 72 ✓ of 100 Tori received…

A: Gross income refers to the income from all resources that are received by an individual or business.…

Q: Coleen works for a newspaper in Hamilton, Ontario. Last year (2022), Coleen expects to earn $42,000.…

A: Answer: None of the above are correct Coleen's required contribution to the Canada Pension Plan…

Q: Tamara works for FunCorp. She makes $65,000 per year in salary. How much does she pay in FICA taxes…

A: The question states that Tamara makes $65,000 per year in salary. We need to determine how much she…

Q: lectrician for Siemens International in Toronto, Ontario. He earns $1500.00 on a bi-weekly basis.…

A: Payroll - Payroll is the salary an employer owes workers for a predetermined time or on a specific…

Q: Maria has just finished her thirty-second year with her company and is getting ready to retire.…

A: Expected to receive Social Security = 55% of Average Annual Salary Average Annual Salary = $ 62,544…

Q: Suppose you made $63,245 of income from wages and $784 of taxable interest. You also made…

A: Computation of total income: Particulars Amount (A)Income from wages $63,245 (B)Interest…

Q: Amy’s Adjusted Gross Income (AGI)?

A: Adjusted gross income = gross income - deduction Gross income = 50000 Deduction = 5000+10000=15000

Q: Reggie makes $400 per week and has a cash taxable benefit of $5 00 per pay He is paid weekly How…

A: 1: Calculate the basic pay-period exemption Divide the basic yearly exemption ($3,500 for 2021) by…

Q: engaged in renting out 250 apartment units to small families for P13,000 per month. All units are…

A: Tax refers to the percentile charges levied by the government over the income gained by an entity.

Q: $16,720 from her part-time job as a clerk in 2016. By how much will her Widow's benefit be reduced…

A: The earnings limit for Social Security benefits in 2016 is $15,720.

Q: Said uses his own car for business travel. During 2019/20, Said drove 10,000 miles while performing…

A: Tax deduction is defined as the income deduction which is able to be taxed and it is commonly as an…

Q: Amy earns an income of 50,000 this year as an employee of rooster enterprises. She pays the…

A: The gross income would result in the total amount of income which has been earned by any individual…

Q: Susan Stark is 17 years old, earns $18 per hour, worked 30 hours in the pay cycle and is paid weekly…

A: CPP (Canada Pension Plan) refers to a pension plan which is for the Canadian social security…

Q: Fred currently earns $11,300 per month. Fred has been offered the chance to transfer for three to…

A: U.S gross income reported by Fred = Total salary - Foreign-earned income exclusion =…

Question

John Legglet is 42 years old, earns $4000 per week and is paid semi - monthly in the Province of Ontario. How much is his CPP deduction? Multiple Choice $506.99 $392.67 $198.00 $485.69 $194.67

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Define CPP deduction

VIEW

Step 2: The calculation of the CPP deduction is as follows-

VIEW

Solution

VIEW

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Sami Terry is working as an Electrician for Siemens International in Toronto, Ontario. He earns $1500.00 on a bi-weekly basis. Sami’s Federal and provincial code for TD1 is 2(Hint: you can use 2021 tax deduction table or any other year if you prefer or PDOC). He has a cash taxable benefit of $30.00 and a non-taxable benefit of life insurance each pay period of $45.00 each pay period. He is also contributed $60.00 RPP each pay period. Required: Calculate Sami Terry’s Net Pay Check the following points if there are applicable only. Step One: Determine Gross Earnings Step Two: Determine Non-Cash Taxable Benefits Step Three: Determine CPP contributions (Use 5.45%) Step Four: Determine EI premium (Use 1.58%) Step Five: Determine QPIP premium Step Six: Determine federal & provincial tax Step Seven: Determine Northwest Territories/Nunavut (NT/NU) Payroll Tax Step Eight: Total Deductions Step Nine: Net Pay? Please Help me...
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.
LO2 Joyce Lee earns 30,000 a year. Her employer pays a matching Social Security tax of 6.2% on the first 118,500 in earnings, a Medicare tax of 1.45% on gross earnings, and a FUTA tax of 0.6% and a SUTA tax of 5.4%, both on the first 7,000 in earnings. What is the total cost of Joyce Lee to her employer? (a) 32,295 (b) 30,000 (c) 30,420 (d) 32,715
Mr. Black works for ABC Inc. in Toronto, Ontario. Her hourly rate is $27 per hour. She worked 93 hours for past two weeks. She gets paid bi-weekly and public holiday $250. plus a gift certificate $30. Assume both federal and Ontario Claim code is 1 (using 2018 Rate reference) What is Mr. Black's 2018 Federal TD1 amount? O A. 20,039 O B. 11,809 O C. 19,118 O D. 16,309 O E. 13,809
Reggie makes $400 per week and has a cash taxable benefit of $5 00 per pay He is paid weekly. How much would he pay in CPP contributions? $17 86 O $19. 25 O $17.89 $18 40
Sami Terry works as an Electrician for Siemens International in Toronto, Ontario. He earns $1500.00 on a bi-weekly basis. Sami’s Federal and provincial code for TD1 is 2(Hint: you can use 2021 tax deduction table or any other year if you prefer or PDOC). He has a taxable cash benefit of $30.00 and a non-taxable benefit of life insurance each pay period of $45.00 each pay period. He is also contributed $60.00 RPP each pay period.
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
YOU HAVE A MAXIMUM OF 3 CONTINUOUS HOURS TO COMPLETE THE 100 QU Question 72 of 100 Tori received the following during the tax year: • $5,000 wages • $2,200 in computer parts in exchange for helping run inventory at the ele • $300 credit for use on services from Township Spa and Massage $15,000 cash gift from her aunt and uncle What is the total amount Tori includes in gross income (IRC Section 67) for the year? 9 $5,000 $20,000 $22,500 $7,500
Baker is single and earned $225,300 of salary as an employee in 2022. How much should his employer have withheld from his paycheck for FICA taxes? Note: Round your answer to the nearest whole dollar amount. Question 47 options: $13,950 $17,220 $12,400 $12,609
Kole earns $170,000 in 2023 in his job as a sales manager. What is his FICA tax? (Employee portion of Social Security and Medicare Tax) O $10,063 $12.255 O $13,005 O $12,397
Gadubhai
Please help!! Using the 2022 tax tables forms