P4-11B. LO 4-1,4-2, 4-3, 4-5 Kerry Palmer is reviewing benefits with you, the payroll accountant fom Silly Lemon Films. Based on the following benefits in which she is interested, classify them as pre-tax on post-tax deductions and if they are taxable or tax exempt for federal income tax. image K. Palmer Benefits Benefit Pre-Tax Post-Tax Taxable Tax Exempt Medical insurance FSA AFLAC Graduate School Tuition at $11,000 annually On-site meals

P4-11B. LO 4-1,4-2, 4-3, 4-5 Kerry Palmer is reviewing benefits with you, the payroll accountant fom Silly Lemon Films. Based on the following benefits in which she is interested, classify them as pre-tax on post-tax deductions and if they are taxable or tax exempt for federal income tax. image K. Palmer Benefits Benefit Pre-Tax Post-Tax Taxable Tax Exempt Medical insurance FSA AFLAC Graduate School Tuition at $11,000 annually On-site meals

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the following information Molly has collect to help her determine her taxable income for the year: Salary from her job 115,100 Interest earn from 1,280 savings Interest paid on student loans Your Answer: Answer 905 Standard deduction 12,950 Itemized deductions 842 Child tax credit 2000
1. Of the cafeteria plans listed, which is NOT a voluntary nontaxable deduction? Answer: A. Medicare B. Group-term life insurance C. Medical care reimbursements D. Adoption assistance 2. Prior to the current period, Sol Berenson had earnings subject to FICA tax of $138,600. This week, Sol has gross earnings of $4,900, so he will have $_____ withheld in FICA tax for this period. 3. Barring any special circumstances, over what age is an individual eligible to receive Medicare benefits? Answer: A. 55 B. 62 C. 65 D. 70
PSb 3-7 Calculate Federal Income Tax Withholding Using the Percentage Method (2020 Form W-4) For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a 2020 Form W-4. Refer to Appendix A, 2020 Federal Tax Tables in your textbook. Publication 15-T (2020) 1: Julia Jacobsen files as single on her tax return and earned weekly gross pay of 500. For each pay period she makes a 401(k) contribution of 2% of gross pay. Julia checked box 2c on Form W-4, entered $40 on line 4c of the form, and did not enter any information in step 3 of the form. Federal income tax withholding = | 2: Alejandro Wright files as single on his tax return and earned weekly gross pay of 1300. He does not make any retirement plan contributions. Alejandro entered 500 in step 3 of the form and did not enter any information in steps 2 & 4 of the form. Federal income tax withholding = $ Tentative Federal Income Tax Withholding = $ 3: Beatrice Nen files…
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I really need help on part a. As you can see on the image I already did the rest of the activities.
6., RST Company offers a qualified retirement plan. Each employee contributes 4 percent of his or her pretax income to the plan, and RST matches each employee's contribution. An employee's benefit at retirement is determined by his or her account balance at the time of retirement. What type of retirement plan does RST offer? a. Defined contribution plan. b. Defined benefit, flat percentage of annual earnings c. Defined benefit, unit-credit formula. d. Defined benefit, flat dollar amount for all employees
2c . Under the current tax treatment of employer-sponsored healthinsurance, how much is $100 of insurance worth for a worker whoseeffective tax rate is 25%? How much is $100 of insurance worth for aworker whose effective tax rate is 35%? -- show your calculationsand discuss the implications.
As a newly hired IRS trainee, you have been asked to calculate the amount of tax refund or tax owed for the taxpayer (in $). (Enter a positive value for the amount.) Other Refund/Owe (Select one) Tax Таx Name Payments Amount Liability Credits Taxes Trent $6,898 $1,331 $775 $7,700 ---Select---
Subject: acounting
I need help on question 21
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Use the 2020 Federal income taxes tables for the percentage method table and the wage bracket method table
1. What is the total Medicare tax rate for an employee who is subject to both standard Medicare tax and Additional Medicare tax? Answer: A. 2.35% B. 2.45% C. 6.2% D. 7.65% 2. Prior to the current period, Jamie Pratt, whose tax return filing status is single, had earnings subject to Medicare tax of $248,000. This week, Jamie has gross earnings of $3,700. His employer will withhold $_______ in total Medicare tax. 3. What type of institution might offer a 403(b) plan to its employees? Answer: A. A small business B. Private colleges C. Fortune 500 companies D. Public education institutions and certain tax-exempt organizations E. All of these options