Lina, a single taxpayer with a 35 percent marginal tax rate, desires health insurance. The health insurance would cost Lina $8,000 to purchase if she pays for it herself (Lina's AGI is too high to receive any tax deduction for the insurance as a medical expense). Lina's employer has a 21 percent marginal tax rate. What is the maximum amount of before-tax salary Lina would give up to receive health insurance? (Round your answer to the nearest whole number.)

Q: In Australia: How to get the final tax for Kim Johnson for taxable income of $233,000. Assume he is…

A: To calculate the final tax for Kim Johnson, you will need to consider the following:

Q: Adam Fleeman, a skilled carpenter, started a home improvement business with Tom Collins, a master…

A: The objective of this question is to calculate the Social Security tax and Medicare tax that Adam,…

Q: Ramon Alvarez, of Nome, Alaska, signed up for his employer's flexible spending account plan…

A: Given: Tax rates that are being paid by Ramon are 15%, 7.65% and 4% respectively. Amount = $ 3,000

Q: Helene has a G2 whole life insurance policy with a face value of $500.000. The policy, has a cash…

A: Given Cash surrender value (CSV) = $80,000 Adjusted cost basis (ACB) = $40,000 Marginal tax rate…

Q: Tawana owns and operates a sole proprietorship and has a 37 percent marginal tax rate. She provides…

A: Pretax income, also known as pre-tax earnings or pre-tax profit, is a financial metric that…

Q: Net pay refers to the amount of take-home pay after taxes and other deductions (healthcare, social…

A: Net pay is calculated by deducting the tax from the gross salary amount.

Q: Does the taxpayer recognize gross income in the following situations? a.  Ava is a filing clerk at…

A: Taxable Fringe Benefit = Amount required to be paid to an unrelated restaurant - Amount actually…

Q: Ramon Alvarez, of Nome, Alaska, signed up for his employer's flexible spending account plan…

A: Ans.10) Subpart 1) The percentage of income tax = federal + state = 15% + 9% = 24% Income tax saved…

Q: Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions…

A: The "tax withholding" describes the amount of income tax that is withheld from an individual's wages…

Q: Jen Miller made $1,090 this week. Only social security (fully taxable) and federal income taxes…

A: Income Tax - It is the amount charged by the government over an income earned by the company/person…

Q: Troy graduated in civil engineering from Concordia two years ago and decided to work in the remote…

A: On the income earnings there are taxes to be paid and these depends on the average tax rate.…

Q: For tax purposes, "gross income" is all the money a person receives in a given year from any source.…

A:

Q: Jing is concerned about having to repay her Old Age Security (OAS) pension that she receives. This…

A: Pension is defined as the fund collected from the taxpayer or employee during his term of…

Q: Ginny is a sole proprietor.  She wants to provide 60% of salary disability coverage to Joanna, her…

A: The disability tax credit (DTC) is a non-refundable tax credit that helps people with impairments,…

Q: Ms. Nelson is a single mom with three children who live at home. She earned less than $40,000 in…

A: Ms. Nelson earned in 2018 ⩽$40,000. Ms. Nelson is a single mom with three children.

Q: What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly…

A: Payroll tax: This is the tax which is withheld by an employer from the pay of the employee and…

Q: Jing's husband Mike has always lived in Canada. He is 67 years old and has a net income of $100,000.…

A: Pension accounting is the accounting in which companies handle and disclose the financial aspects of…

Q: Determine the final tax for Kim Johnson

A: In the United States, income tax is levied on all taxpayers for crossing the exemption limits. It’s…

Q: Rachel is single and has wages of $162,950 and dividend income of $97,770. She has no investment…

A: Formula: Gross Income = Wages income + Dividend income.

Q: If Julia, age 65 and self employed paid 380.00 per month for health ins, how much can she deduct if…

A: Part B Medicare is available for US citizens who are at least 65 years old or a lawful non-US…

Q: Mary is a self-employed attorney.   a. ​ Assuming that Mary earns $27,500 from her practice,…

A: For the 2020 tax year, the self-employment tax rate is 15.3%. Social Security represents 12.4% of…

Q: A taxpayer spends well over $50 each month on public transit, and the taxpayer’s employer is…

A: As per the hint provided in the question, that the non taxable fringe benefits are not liable to…

Q: How to calcualate the final tax for Kim Johnson for taxable income of $233,000. Assume he is a…

A: Tax is a liability for the company that would be calculated on the income earned by the company. It…

Q: Shirley​ Riddle's net biweekly earnings are

A: Total earnings are to be deducted for insurance and social security tax and retirement funds to get…

Q: Mary started a new job and wants to verify her net pay has been computed correctly. Her gross pay…

A: Net pay represents a person's gross income minus various deductions. Gross income is the total…

Q: Adam Fleeman, a skilled carpenter, started a home improvement business with Tom Collins, a master…

A: The FICA tax is a source of income for the government. The money collected through FICA taxes is…

Q: Rick, who is single, has been offered a position as a city landscape consultant. The position pays…

A:

Q: Jana just found out that she is going to receive an​ end-of-year bonus of $54,000. She is in the 35…

A: Marginal tax rate is defined as the rate at which the tax is applied on an individual's income for…

Q: Mayra is single and a mom of a 2 year old child. Erin has net taxable income and salary of $45,000…

A: The United States government offers the Child Care Credit as a tax credit to assist parents or…

Q: Miley, a single taxpayer, plans on reporting $36,425 of taxable income this year (all of her income…

A: Tax liability refers to the obligation of a taxpayer towards the government. This obligation…

Q: What are the correct deductions for Social Security, Medicare, and FIT?

A: Given in the question: Prior to payroll check $1,40,000     Weekly Pay $4,100…

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

A:

Q: income deduction. (Use the tax rate schedules.) a. What is the amount of Ekiya's after - tax…

A: DescriptionAmount1)Gross income$132,2002)For AGI deductions$03)Adjusted gross…

Q: Melanie works for a large manufacturing company in Unt an annual salary of $48,500.00 which is paid…

A: Pensionable earnings includes basic pay for wages and salaries, commissions, bonuses, tax benefits,…

Q: a. Generally, the earnings on the traditional IRA are tax deferred, whereas the earnings on a Roth…

A: There are 2 types of IRAs, namely, Traditional IRA and Roth IRA. There are different set of rules…

Q: Lauren Buffet is concerned after receiving her weekly paycheck. She believes that her deductions for…

A: An employee gets the paycheck weekly, semiweekly, monthly, etc. He is liable to pay the tax on his…

Q: A senior citizen gets a part-time job at a fast-food restaurant. She earns $9 per hour for each hour…

A: Tax rate is the percentage rate which is used to determine the amount of tax for a taxable income.…

Q: Calculate the amount of the 3.8 percent net investment income tax she must pay.

A: NIIT (net investment income tax)will be applied to net investment income to the extent that modified…

Q: Lars Osberg, a single taxpayer with a 35 percent marginal tax rate, desires health insurance. Volvo,…

A: Solution: Deductibles in health insurance are the amount that you need to pay before the insurance…

Q: Corina is self-employed. In 2020, her net profit from self-employment was $200,000, and she has no…

A: Self employment means the person who can conduct his own business or services which are treated as…

Q: What is the maximum tax that can be saved?

A: Taxable income-Taxable income is the portion of an individual's total income that is subject to…

Q: Consider the following hypothetical income tax brackets for a single taxpayer. Assume for simplicity…

A: Lets understand the basics.There are various type of income tax systems are followed which are,(1)…

Q: Henrietta Jones works on Capitol Hill as a legislative assistant and to supplement her income, works…

A: To calculate Henrietta Jones's taxable income, deductible expenses, self-employment tax, and…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.