QUESTION 3The following amounts are paid by the employer for an employee, Jessica Jones, during the current year:.Monthly vehicle allowance paid to Jessica $100 per monthPacific Blue Cross (private health plan) premiums $900BC Medical Services Plan (public health plan) premiums = $600Group term life insurance premiums = $500Employer reimbursement to Jessica for business travel - $400The total Section 6 taxable benefits for Jessica Jones in the current year are:O $2,800O $1,200$3,400$2,400$2,300

To calculate the total Section 6 taxable benefits for Jessica Jones, we need to sum up the values of…

Answered: QUESTION 3 The following amounts are…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 10PB: Use Figure 12.15 to complete the following problem. Roland Inc. employees monthly gross pay...

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Similar questions

In EA14, you prepared the journal entries for the employee of Toren Inc. You have now been given the following additional information: May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium. Using the information from EA14 and the additional information provided: A. Record the employer payroll for the month of May, dated May 31, 2017. B. Record the payment in cash of all employer liabilities only on June 1.
LO2 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) 32,715
Question 15: Under the wage-bracket method for an employee who completed the 2021 Form W-4, what would the federal income tax withholding be if he/she is single, works one job, and has a weekly adjusted wage amount of $315? Answer: A. $0 В. $8 С. $14 D. $22
Question 6: Form 941 shares the same due date as Answer: А. Form 940 В. FUTA payments С. Form W-2 D. SUTA payments
PROBLEM 1 Mary Matthews made $950 in a biweekly pay period. Only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company’s 401(k) plan. Determine Matthews’ take home pay if she is married and claims 2 allowances (use wage bracket method).
Doris MacNeil works for Modem Furniture in Alberta and receives the following remuneration on her pay: Bi-weekly salary $1,364.85 Overtime 342.96 4% vacation pay on overtime 13.72 Group term life insurance non-cash taxable benefit 15.75 Taxable car allowance 75.00 What is Doris’ gross pensionable/taxable income for this pay? Show your calculations
neee
Calculate the Social Security and Medicare deductions for the following employee (assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare): Note: Leave no cells blank - be certain to enter "0" wherever required. Round your answers to the nearest cent. Employee Anderson Cumulative earnings Pay amount this Social Security before this pay period this period period $ 174,700 $ 16,500 Medicare this period
Question 5: A married individual who is paid on a monthly basis, claims 3 federal withholding allowances, completed the pre-2020 Form W-4, and earns $1,892 has $ in federal income tax withholding when using the wage-bracket method.
Question 11: The Additional Medicare Tax is owed on a portion of employee earnings by which of the following individuals? Answer: A. O Joe Stinson's filing status is married filing jointly. He earns $174,000 during the year. В. O Jeanette Yancy's filing status is head of household. She earns $194,000 during the year. C. O Keanu Levine's filing status is married filing separately. He earns $132,000 during the year. D. O Carolyn Hughe's filing status is qualifying widow. She earns $187,000 during the year.
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
how do compute thesocial security taxable earnings?

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