4. [12%] Cindy Morrow's regular hourly wage rate is $16, and she receives a wage of 1 1/2 times her regularrate for work in excess of 40 hours. During a June pay period, Cindy worked 46 hours. Cindy's federal incometax withholding is $48, her state withholding $26, FICA(SS) is $64, and her only voluntary deduction is $15for group hospitalization insurance.Instructions: Compute Cindy's (a) gross earnings and(b) net pay for the pay period.

ANSWER(A) COMPUTATION OF CINDY'S GROSS EARNINGS: Regular earnings $640.00 = (40×16)…

Answered: r work in excess of 40 hholding is $48,…

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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Under the TRAIN law, the amount of premium allowed per family during thetaxable year for health and/or hospitalization insurance is P2,500. a.true b.false
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Problem 10-24 (LO. 2) Paul, suffers from emphysema and severe allergies and, upon the recommendation of his physician, has a dust elimination system installed in his personal residence. In connection with the system, Paul incurs and pays the following amounts during 2020: Doctor and hospital bills $4,500 Dust elimination system 10,000 Increase in utility bills due to the system 450 Cost of certified appraisal 300 In addition, Paul pays $750 for prescribed medicines. The system has an estimated useful life of 20 years. The appraisal was to determine the value of Paul's residence with and without the system. The appraisal states that his residence was worth $350,000 before the system was installed and $356,000 after the installation. Paul's AGI for the year was $50,000. a. What is the total of Paul's qualifying medical expenses for 2020?$fill in the blank 1 b. What is his medical expense deduction for 2020?$fill in the blank 2
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r work in excess of 40 hholding is $48, her st up hospitalization insu