Marc Batchelor, a self-employed sales consultant, has estimated annual earnings of $309,000 this year. His social security tax rate is 12.4% up to the wage base, Medicare is 2.9%, and his federal income tax rate is 24%. How much estimated tax (in $) must Marc send to the IRS each quarter?
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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 taxes must he pay this year?Gus is the self-employed owner of Four Paws Pet Supply. His estimated annual earnings are $43,280.00 and he expects to pay 18% of this amount in income tax. What will be his quarterly estimated tax payment for the second quarter? $7,790.40 $3,603.06 $1,655.46 $2,319.00Mark Batchelor a self-employed sales consultant has estimated annual earnings of $303,000 this year his Social Security tax rate is 12.4% up to the wage base Medicare 2.9% and it's federal income tax rate at 24% how much estimated tax in money must Mark send to the IRS each quarter
- What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $3,160.00, if she has already earned $46,560.00 this year? (Social security tax is 6.2% of gross wages up to $128,400. Medicare tax is 1.45% of all gross wages.)Please answer fast I will rate for you sure....Assume that your starting salary will be $55,000 per year, and assume that you have no additional income sources. Also, assume that Federal income taxes are 27% of your gross income, and that there is not any state tax in Texas. What is your monthly net income?
- Shirley Riddle's net biweekly earnings areMary makes $16,000 a month (gross). She is married and claims 5 exemptions. Her state income tax withholding is 5%. (Use the text’s limit for social security, for parts a-c.) a. What is Mary’s net pay for January? (After ALL taxes and withholdings…SS, Med., FIT, SIT…) Show each tax/withholding amount (list Gross, then list each tax subtracted out to get net pay). b. What is Mary’s net pay for September? (Not cumulative, JUST September’s net pay.) c. What are Mary’s total taxes paid/withheld for the year? (Specify amounts for each tax.) d. What is the current year’s (2022’s) income limit (base) for social security and maximum social security tax payable (in dollar amount)? (A spreadsheet is a great tool for this problem.)103.
- Dr. Josef Young earns an adjusted gross weekly income of $2,517. How much Social Security tax should be withheld the first week of the year? How much Medicare tax should be withheld? The Social Security tax rate is 6.2% from earnings to be taxed to a maximum annual wage of $118,500. The Medicare tax rate is 1.45% from all earnings to a maximum annual wage of $200,000. The Social Security tax is $ (Type an integer or a decimal. Round to the nearest cent as needed.) The Medicare tax is $. (Type an integer or a decimal. Round to the nearest cent as needed.)1. Ms. Evelyn is tax compliance officer at the Bureau of internal revenue earning a monthly salary P35,196.00. How much is Ms. Evelyn's take home pay? 2. Allan S. Gala is a sales representative at a private pharmacy. He is given a monthly rice subsidy of P2,000.00. Over his monthly salary of P24,300.00. How much is his monthly net pay?Ed earned $500 of interest income last year on a $10,000 certificate of deposit at his local bank. What is the after-tax rate of return if Ed is in the 24% ordinary income tax bracket and 15% LTCG/QD bracket? 5.0% 2.5% 3.8% 2.9%