Problem 9-6 Estimated Payments (LO 9.2) Kana is a single wage earner with no dependents and taxable income of $168,700 in 2021. Her 2020 taxable income was $155,000 and tax liability was $31,375. Calculate Kana's 2021 income tax liability and the minimum required 2021 annual payment necessary to avoid any penalty. Round your answers to two decimal places. Click here to access the income tax rate schedules. Kana's 2021 income tax liability: $ Kana's minimum required 2021 annual payment necessary to avoid any penalty:

Problem 9-6 Estimated Payments (LO 9.2) Kana is a single wage earner with no dependents and taxable income of $168,700 in 2021. Her 2020 taxable income was $155,000 and tax liability was $31,375. Calculate Kana's 2021 income tax liability and the minimum required 2021 annual payment necessary to avoid any penalty. Round your answers to two decimal places. Click here to access the income tax rate schedules. Kana's 2021 income tax liability: $ Kana's minimum required 2021 annual payment necessary to avoid any penalty:

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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Exercise 12-24 (LO. 6) In 2023, Miranda records net earnings from self-employment of $168,500. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is s X and she has a s X deduction for AGI.
Q) Find the federal withholding tax using the wage bracket method for each of the following employees. Kerry Cook: 1 withholding allowance, single, $2165.17 monthly earnings Mary Jackson: 2 withholding allowances, married, $639.80 weekly earnings Julie Pendleton: 0 withholding allowances, single, $1843.19 monthly earnings L. Sanchez: 3 withholding allowances, married, $521.10 weekly earnings B. Maynard: 4 withholding allowance, married, $2484.97 monthly earnings
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1 Federal Income Tax Withholding Bob Avery's weekly gross earnings for the present week were $2,550. Avery has three exemptions. Using the wage bracket withholding table in Exhibit 2 with a $81 standard withholding allowance for each exemption, what is Avery's federal income tax withholding? Round your answer to two decimal places.
Question 14: Based on the wage-bracket method, the federal income tax withholding for an employee who is married, is paid biweekly, completed the pre-2020 Form W-4, claims 2 federal withholding allowances, and earns $1,899 is $
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What is the maximum that can be deducted as an above the line deduction for the amount that you pay to social security for self-employment taxes? a. 25% b. 100% C. 50% d. none e. 75%
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1.2 REQUIRED Calculate the net salary of H. Gordon for December. INFORMATION H. Gordon's basic annual salary is R240 000. He receives an annual bonus of 80% of his basic monthly salary, payable in December each year. His pension deduction is 8% of the basic salary and income tax is levied at 20% on his taxable income.
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Anthony earns $750.00 per week. He has a cash taxable benefit of $25.00 per week. Calculate the net taxable income for the week. Your answer: Previous Next Mark Question 4 of 70 123 Item: 52-109 Review Screen