Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $38,200. How much Social Security and Medicare must he pay (in $) this year?
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Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $38,200. How much Social Security and Medicare must he pay (in $) this year?
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- LO.2 Valentino is a patient in a nursing home for 45 days of 2020. While in the nursing home, he incurs total costs of $13,500. Medicare pays $8,000 of the costs. Valentino receives $15,000 from his long-term care insurance policy, which pays while he is in the facility. Assume that the Federal daily excludible amount for Valentino is $380. Of the $15,000, what amount may Valentino exclude from his gross income?O's medical expenses paid during a 12-month period ending in the current year totaled $3,600. The medical expenses for O's 20-year- old son paid during the same 12-month period totaled $1,800. For the current year, O had net income of $120,000 and the son had net income of $6,000. What is the maximum federal medical expense credit? (Enter the amount as a positive number.) SookRoger Orfield had a skiing accident, and the doctor told him he must not work for the next four weeks. Roger earns $3,000 per month. How long must Roger wait before collecting disability insurance? How much will Roger be able to collect? What is the maximum length of time Roger could collect disability insurance if his doctor tells him he is unable to work? Is his disability check taxable?
- Nancy is a widow with two teenage children. Nancy's gross income is 54200 per month, and taxes take about 22% of her income. Using the income method, Nancy calculates she will need to purchase about eight times her disposable income in life insurance to meet her needs. How much insurance should Nancy purchase?This year (2022), Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $74,400 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) $ 1,200 Interest paid on accumulated student loans 2,940 Cost of purchasing a delivery uniform 1,540 Cash contribution to State University deliveryman program 1,370 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year.Nellie has paid $3358.46 in CPP this year. She makes $2800.00 per pay and is paid bi-weekly How much will she have to pay in CPP contributions this pay? O $141.34- O $107.99 $69.97 O $78.56
- Review the following scenario. Use the information provided to answer questions about the taxpayers’ 2020 return.Chris (45) and Allison (46) Castillo are married, and they will file a joint return. During the year, they earned $82,500 in wages. They also had investment income consisting of: $200 interest income from a savings account with their local bank, reported on Form 1099-INT. $350 interest income from a certificate of deposit held with another local bank, reported on Form 1099-INT. $250 interest income from a U.S. Treasury note, reported on Form 1099-INT. $500 tax-exempt interest income from a municipal bond investment, reported on Form 1099-INT. $1,700 in ordinary dividends from a mutual fund investment, reported on Form 1099-DIV. They had no other income. Question 1 What amount will Chris and Allison report for taxable interest on their Form 1040? The couple's partially completed Form 1040, page 1, is shown below. You may use the form to assist you in answering this…Your mother's employer offers a tax-deferred retirement plan (a 401-b plan, which was authorized by Congress to encourage savings) which would permit her to invest, tax-free until she retires, up to 15 percent of her salary. Once you are out of school (one year from today), she figures she can save $1,000 every 6 months, or $2,000 per year. The insurance company which manages the retirement fund promises to pay a stated (or simple) rate of 12 percent per year, but with quarterly compounding. If your mother invests $1,000 each six months, starting six months after you graduate (or 18 months from today), how much will she have 5 years from now, assuming the last payment is made at the end of Year 5? (Hint: She will make a total of 8 payments.) Group of answer choices $9,929 $12,300 $12,462 $9,897 $10,000Michael, a calendar year taxpayer, pays $10,000 in medical expenses in 2022. He expects $6,000 of these expenses to be reimbursed by an insurance company in 2023. His medical expense deduction for 2022: a. is $10,000 b. is $4,000 c. depends on the likelihood of reimbursement, and will be $4,000 if the likelihood of reimbursement is "more likely than not" d. Is $0 since he must take the deduction in the year in which he received the reimbursement.
- The Baulding family has a basic health insurance plan that pays 80 percent of out-of-hospital expenses after a deductible of $250 per person. If three family members have doctor and prescription drug expenses of $425, $1,444, and $195, respectively, how much will the Baulding family and the insurance company each pay? How could they benefit from a flexible spending account established through Mr. Baulding's employer? What are the advantages and disadvantages of establishing such an account? The Baulding family will pay $ (Round to the nearest dollar)Since he was 24 years old, Ben has been depositing $225 at the end of each month into a tax-free retirement account earning interest at the rate of 3.5%/year compounded monthly. Larry, who is the same age as Ben, decided to open a tax-free retirement account 5 years after Ben opened his. If Larry's account earns interest at the same rate as Ben's, determine how much Larry should deposit each month into his account so that both men will have the same amount of money in their accounts at age 65. (Round your answer to the nearest cent.)I Need Explation solution and step by step solution....
