Problem 18-10 Calculating Net Pay and Spendable Income [LO18-6]Assume your gross pay per pay period is $6,700.00, and you are in the 33 percent taxbracket. Calculate your Taxable pay and spendable income if you save $670.00 perpay period in a tax-sheltered annuity.Note: Do not round intermediate calculations. Round your answers to the nearestwhole dollar.Answer is complete but not entirely correct.Taxable Pay and Spendable IncomeTaxable pay$4,040Spendable income$3,819x

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 20Q: Use Figure 12.15 as a reference to answer the following questions. A. If an employee makes $1,400...

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LO.2 Oak Corporation has the following general business credit carryovers. If the general business credit generated by activities during 2019 equals 36,000 and the total credit allowed during the current year is 60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2019 income tax liability? What is the amount of unused credit carried forward to 2020?
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Question 8.18 A perpetuity-due pays 1 per year, and its present value is 26. An increasing perpetuity-due pays X immediately, 2X in one year, 3X in two years, and so on. The present value of the increasing perpetuity-due is 4,732. What is the amount of the 8th payment made by the increasing perpetuity-due? A 56 В 58 С 61 D 63 E 64
What's the rate of return you would earn if you paid $1,480 for a perpetuity that pays $90 per year? O a. 6.47% O b. 3.04% O c. 6.08% O d. 12.95% O e. 12.16%
15. Tax Deferred Retirement Benefits. If a person with a 24 percent tax bracket makes a deposit of $5,500 to a tax-deferred retirement account, what amount would be saved on cuIrent taxes? Type here to search ho 17 to to 144 f4 40 ?. 7. 8. %23 4. 7. 60 00 LO 96 %24 2.
Activity 5Answer the following questions below using the graduated tax table. Write your answer on the space provided after every questions.a. How much is the tax due on a taxable income of P150,000?Answer:b. How much is the tax due on a taxable income of P290,000?Answer:c. Ms. Carol earns compensation income of P3,230,000 during a taxable year. How much is the tax due of Ms. Carol? Answer:d. Mrs. Emily married earns compensation income of P460,000 during 2019. How much 1s the tax due of Mrs. Emily? Answer: Week 5 ACTIVITIES 5 29 Fundamentals of Accountancy, Business and Management 2e. The payslip of Mr. Budoy shows the following information:Basic salary P348,000SSS contribution 6,976PhilHealth contribution 4,500Pag-IBIG contribution 1,210How much is the tax due to Mr. Budoy?Answer:
Question 8 2.75 points Save Answer Jason's gross pay for the week is $1900. His year-to-date pay is under the limit for OASDI. Assume that the rate for state and federal unemployment compensation taxes is 5% and that Jason's year-to-date pay has not yet exceeded the $7000 cap. What is the total amount of payroll taxes that his employer must record as payroll tax expenses? (Do not round your intermediate calculations. Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.) O $117.80 O $240.35 O $259.35 O $107.35
What annual payment must you receive in order to earn a 6.5% rate of return on a perpetuity that has a cost of $4,800? a. $20.28 b. $292.96 c. $312.00 d. $156.00 e. $738.46
Q8 Income tax Everyone can earn a certain amount of money without paying tax. This is called a Personal Allowance. They must pay tax on any earnings over this allowance. £11 850 Income tax Personal Allowance, 2018/2019 This formula gives the amount of Income tax a person pays in a year T = 0.2 (y - p) where T = income tax for the year y = money earned per year p = Personal Allowance A caterer earns £1375 per month. How much income tax will she pay for the year?
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