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- Q1. Your employer uses a flat benefit formula to determine retirement payments to its employees. The fund pays an annual benefit of $2,500 per year of service. Calculate your annual benefit payment for 25, 28 and 30 years of service.A 42-year-old single taxpayer earning a salary of $138,000 a year can make which of the following IRA contributions if he is not coverec by a plan at work? Oa. S7.000 to either a traditional IRA, a Roth IRA, or a nondeductible IRA Ob. $6,000 to elther a traditional IRA a Roth IRA. or a nondeductible IRA Oc. $6.000 to either a traditional IRA or a nondeductible IRA, but no contribution is allowed to a Roth IRA Od. $6,000 to a Roth IRA onlynkt.3
- Q.69. Ben Efit’s employer provides him with the following benefits during the 2022 taxation year: His employer contributed to the company’s registered pension plan on Ben’s behalf: $6,000. Group term life insurance coverage of $100,000; the premium for the coverage is $400. group sickness or accident insurance coverage; the premium paid is $550. A private health services plan with dental coverage; the premium is $800. Mental health counselling: $1,500. Public transit pass; the annual cost is $800. Determine the amount to be included in Ben’s net income for tax purposes for 2022. Show your work!Sh48Q2 Susan, a self-employed solicitor, has the following taxable income and allowable outgoings for 2020: € Schedule D Case II income before capital allowances 180,000 Schedule D Case II capital allowances 25,600 Schedule D Case IV deposit interest gross 3,150 Schedule D Case V rental income (net of expenses) 12,000 Qualifying retirement annuity premiums paid 23,900 Susan is 31 years old and does not have a medical card. What is Susan's universal social charge (USC) liability for 2020? A. €9,531 B. €12,507 C. €9,878 D. €12,160
- Question 38 James and Martha Willard are 67 and 65 years old respectively. The couple received the following income items during 2020: аге Wages from part-time employment Fully taxable pensions Interest from Liberty Bank & Trust Certificates of Deposit Interest from Cedar County (Iowa) Bond Social Security Benefits $10,000 ১50.000 $4,000 $2,000 $45.000 What is the taxable amount of their social security benefits? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!! IF YOU GETA DECIMAL AMOUNT IN YOUR FINAL ANSWER, ROUND UP THE ANSWER TO THE NEXT WHOLE DOLLAR AMOUNT.Teddy’s earned income was $54,000 in 2021 and $57,000 in 2022. How much can he contribute to his RRSP in 2022 given the following? Carry forward contribution room: $25,000 Pension adjustment: $6,000 Annual maximum: $29,210 Select one: a. $54,210 b. $28,720 c. $29,260 d. $48,210Hi can someone help me with this question?
- Virginia and Richard are married taxpayers with adjusted gross income of $28,000 in 2019 If Virginia is able to make a $1,500 contribution to her IRA and Richard makes a $1,500 contribution to his IRA, what is the Saver's Credit Virginia and Richard will be eligible for? $0 $1,500 $2,000 $3,000 $4,000LO2 Joyce Lee earns 30,000 a year. Her employer pays a matching Social Security tax of 6.2% on the first 118,500 in earnings, a Medicare tax of 1.45% on gross earnings, and a FUTA tax of 0.6% and a SUTA tax of 5.4%, both on the first 7,000 in earnings. What is the total cost of Joyce Lee to her employer? (a) 32,295 (b) 30,000 (c) 30,420 (d) 32,7152.