Problem 14-7 Calculating Net Pay and Spendable Income [LO5]Assume your gross pay per pay period is $2,500 and you are in the 26 percent tax bracket (ignore provincial taxes). Calculate your netpay and spendable income in the following situations:a. You save $200 per pay period in a TFSA after paying income tax on $2,500. (Omit the "$" sign in your response.)Spendable Incomeb. You save $200 per pay period in an RPP. (Omit the "$" sign in your response.)Spendable Income

The portion of a base wage that can be used to pay for goods and services is known as spendable…

Answered: Problem 14-7 Calculating Net Pay and…

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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Instruction 3-1 Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $147,000 $9,114.00 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $147,000 $18,228.00 Self-employed HI: 2.9% No limit No maximum *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimals places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third…
Chapter 6 Practice Problem #6
Instruction 3-1 Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700 $8,537.40 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $137,700 $17,074.80 Self-employed HI: 2.9% No limit No maximum *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimals places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third…
Problem 7-19 Education Tax Credits (LO 7.5) Janie graduates from high school in 2021 and enrolls in college in the fall. Her parents (who file a joint return) pay $4,000 for her tuition and fees. a. Assuming Janie's parents have AGI of $172,000, what is the American Opportunity tax credit they can claim for Janie? b. Assuming Janie's parents have AGI of $75,000, what is the American Opportunity tax credit they can claim for Janie?
Instruction 3-1 Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $147,000 $9,114.00 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $147,000 $18,228.00 Self-employed HI: 2.9% No limit No maximum *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimals places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third…
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Plz answer 7 and 8 part only in 20 minutes it's very urgent plz
Problem 2A Optional Standard Deduction B. Had Ms. Aubrey signified her intention to be taxed at the 8% income tax rate, find from her work as a tour guide, cost of goods sold of P800,000, and operating expenses 2018, she recorded gross sales in the amount of P1,750,000, gross receipts of P300,000 opotional Standard Deduction A. If Ms. Camilla opted to avail of the OSD, what will be her income tax due for 2018? Ms. Camilla is the owner of a travel stuff shop and is also an in-demand tour guide. In of P350,000. Ms Camilla opted to avail of the OSD, what will be her income tax due for 2018? dc Camilla signified in her 1st Quarter Income Tax Return her intention to be taxed at the 8% income tax rate. Compute for her 2018 income tax liability. Problem 2B Optional Standard Deduction Ms. Aubrey is a proprietor of a musical instruments store. She also teaches piano lessons on the side. Her records for 2018 show the following: Gross Sales from Musical Instruments Store Gross Receipts as Piano…
Subject: acounting
Question 19 3.1% 5.25% $15,000 $30, 000 $0
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