Miguel, a single teacher, earns $1,500 every two weeks (biweekly). He claims two allowances. What is his federal income tax withholding for each biweekly paycheck?
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Miguel, a single teacher, earns $1,500 every two weeks (biweekly). He claims two allowances. What is his federal income tax withholding for each biweekly paycheck?
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- Kyle Struck's filing status is single, and he has earned gross pay of $2,360. Each period he makes a 403(b) contribution of 8% of gross pay; and makes a contribution of 2% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $199,800.Social Security tax = $0.00Medicare tax = $ Please explain how the problem is solved?Mary Matthews made $1,150 during a biweekly pay period. Only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 from each biweekly pay to her company's 401k. Determine Matthews' take home pay if she is married filing jointly. (Use wage bracket method) Round your answer to two decimal places. please use 2022 tax rate tablesJulie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $50 each week to her company's 401(k) plan and has $50 put into her health savings account (nonqualified) each week. Her employer matches this $50 each week. Determine Whiteweiler's take-home pay if she is head of household. Enter deductions beginning with a minus sign (-). Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2020 FICA rates have been used.
- Carson Holiday has a federal tax levy of $4,119.90 against him. If Holiday is single with three personal exemptions and had a take-home pay of $1,020.00 this week, how much would his employer take from his pay to satisfy part of the tax levy?n each of the following cases, discuss how the taxpayers might respond to a tax rate increase in a manner consistent with the income effect. a. Mr. Edwards earns $32,000 a year as an employee, and Mrs. Edwards doesn’t work.b. Mr. Frank earns $22,000 a year as an employee, and Mrs. Frank earns $10,000 a year as a self-employed worker.c. Mr. George earns $22,000 a year as an employee, and Mrs. George earns $10,000 a year as an employee.Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $100 each week to her company's 401(k) plan and has $25 put into her health savings account (nonqualified) each week. Her employer matches this $25 each week. Determine Whiteweiler's take-home pay if she is single. Enter deductions beginning with a minus sign (-). Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2020 FICA rates have been used. Click here to access the Wage-Bracket Method Tables. Gross pay $fill in the blank 1 HSA contributions fill in the blank 2 401(k) deductions fill in the blank 3 OASDI tax fill in the blank 4 HI tax fill in…
- Compute the additional Medicare tax for the following taxpayers. If required, round your answers to the nearest dollar. a. Mario, who is single, earns wages of $307,600. His additional Medicare tax is $276,840 b. George and Shirley are married and file a joint return. During the year, George earns wages of $276,400, and Shirley earns wages of $414,600. Their additional Medicare tax is $ c. Simon has net investment income of $59,960 and MAGI of $299,800 and files as a single taxpayer. Simon's additional Medicare tax is $Manny's weekly wage as a welder are $520.75. He is single and claims 3 allowances. What amount is deducted for federal taxes?Joyce, a single parent, lives in an apartment with her two minor children (ages 8 and 10), whom she supports. Joyce earns $33,000 during 2023. She uses the standard deduction and files as a head of household. Round all computations to the nearest dollar. Click to access Earned Income Credit and Phaseout Percentages Table and the Tax Rates Schedules. a. Calculate the amount, if any, of Joyce's earned income credit. 2,696 X b. During the year, Joyce is offered a new job that has greater future potential than her current job. If she accepts the job offer, her earnings for the year will be $40,400; however, she is afraid she will not qualify for the earned income credit. Determine the increase or decrease in Joyce's net cash flow if she accepts the new job. Since the child tax credit will be the same under either scenario, you can ignore it for purposes of this analysis. Use the Tax Rate Schedule when computing her income tax. Tax calculation: Salary Less: Standard deduction Taxable income…
- This year Lloyd, a single taxpayer, estimates that his tax liability will be $11,350. Last year, his total liability was $15,900. He estimates that his tax withholding from his employer will be $8,655. - Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short term rate is 5%.(18) Mary Matthews made $1,150 during a biweekly pay period only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company's 401k. Determine Matthews take home pay if she is married filing jointly. (Use Wage Bracket Method) Round your answer to two decimal place.Ann hires a nanny to watch her two children while she works at a local hospital. She pays the 19-year-old nanny $170 per week for 42 weeks during the current year. Do not round immediate computations and round your final answers to two decimal places. a. What is the employer's portion of Social Security and Medicare tax for the nanny that Ann should pay when she files her Form 1040 for 2018?$ b. What is the nanny's portion of the Social Security and Medicare tax?$
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