Sharon Stone is a sales representative for a renowned pharmaceutical company. She is paid a basic salary and a commission on sales. For the year of assessment 2007 her salary was $960,000, commission on sales $1,440,000.00. Ms. Stone employer has gained approval from the CTAA his relates to special expense allowances for sales agents. Calculate Miss Stone Taxable Emolument for the year.
Q: Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2021.…
A: Answer:- FICA Tax definition:- The Federal Insurance Contribution Act is referred to as FICA. In…
Q: b. Compute the total contribution to Ramesh's plan. c. Compute the employer's deduction for…
A: b. The total contribution to Ramesh's plan includes both his own contribution and the employer's…
Q: Rebecca Smith has employment income of $100,290. Her employer deducted the following amounts from…
A: In the provided tax scenario for Rebecca, we initially calculated her tax liability based on her…
Q: Sharon Stone is a sales representative for a renowned pharmaceutical company. She is paid a basic…
A: Sharon Stone is individual employee and received salary and sales commission from his employer Ms.…
Q: Marvin is a part-time sales associate for a Ford dealership. He works on commission. On December…
A: Taxable IncomeTaxable income refers to the part of an individual's or organization's earnings that…
Q: Last year Juni earned $49,800 from her job, and $42 in interest income. Her employer withheld $4800…
A: Tax-deferred retirement account: It is an employer-sponsored retirement savings plan , and employer…
Q: Tax Return Brenda Peterson is single and lives at 567 East Street, Marshfield, MA 02043. Her Problem…
A: Note: It is assume that no claim single is $10,150.
Q: government employee at daytime and accepts clients for accounting work after office hours. At the…
A: A self employed individual who registered under VAT and whoes gross receipts or gross sale is not…
Q: Jewel Jones is an employee for a local accounting firm. She received the following benefits for the…
A: To find the total taxable amount, you need to sum up the taxable portions of the benefits. In this…
Q: a. Clem is self-employed, and this year he incurred $1,000 in expenses for tools and supplies…
A: AGI AGI is an abbreviated form of Adjusted Gross Income which is computed after claiming allowed…
Q: Tim and Martha paid $8,900 in qualified employment-related expenses for their three young children…
A: Child and dependent credit -The child and dependent care credit is available to taxpayers who pay…
Q: Phan Mai is single with two dependent children under age 17. Phan estimates her wages for the year…
A: The Taxpayers are considered as unmarried sometimes even when they are not separated legally, then…
Q: 2) Jon started a new job and wants to verify her net pay has been computed correctly. Her gross pay…
A: Tax liability is the payment owed by an individual, business, or other entity to a federal, state,…
Q: Bruce Miller's filing status is married filing separately, and he has earned gross pay of $3,200.…
A: Medicare tax rate is 1.45% and if total earnings are above $200000, then additional tax rate of 0.9%…
Q: Mary Smith earned her four-year degree and is in her first year of consulting for a law firm. Her…
A: Payroll It is important to prepare the payroll expenses of the employees and make the statutory…
Q: Stephanie began her consulting business this year, and on April 1 Stephanie received a $9,000…
A: Amount received for three year contract is:::9000$.. Amount of months=36 months ie 3 years...…
Q: IS a Soie ng
A: As it is not mentioned specifically about the accounting basis adopted by…
Q: Abigail Trenkamp owns and operates the Trenkamp Collection Agency. Listed below are the name, number…
A: Given: Trenkamp uses a weekly federal income tax withholding table. Social Security tax is withheld…
Q: A taxpayer operating a small business applied for and received the Main Street Small Business Tax…
A: Job creation and small business support are crucial aspects of fostering economic growth and…
Q: A. $49,660 OB. $65,460 OC. $57,560 O D. $51,560 Amounts Net employment income (ITA 5 to 8) Interest…
A: According to the question given, we need to compute the net income for the current year.Taxable…
Q: Ms. Sarah Kline is a copy editor for a major Canadian publisher. Her gross salary for the year ended…
A: The employment income is computed as follows: Employment Income = Gross salary - Income Tax -…
Q: Shelley is a self-employed CPA. In 2020, she had gross revenue of $255,000 and expenses of $40,000…
A: Self employed individuals are required to pay both the employee and employer portion of social…
Q: Cardo works in a private company. he received de minimis benefit during the taxable year. How much…
A: Non taxable De minimis are allowances which are exempted or partially exempted from tax.
Q: Beth Campbell works for ZoneXX Inc. in York, Ontario. Beth is going to receive a $6,000.00…
A: Contribution towards the Canadian Pension plan is equal to the contribution rate of the year…
Q: A taxpayer is employed by Zara, the clothing retailer, who incurred the following expenses in regard…
A: Section 8-1 of the Income-tax Assessment Act, 1997 states that an amount of expense can be claimed…
Q: Emily was recently accredited as a lawyer and started employment on June 1 with Maloney & Maloney, a…
A: Here in this context the situation was Emily enter into Working contract with Maloney & Maloney…
Q: Mr. Li is employed by BDF, Incorporated. Required: a. Compute BDF's 2022 employer payroll tax with…
A: Employers pay employer payroll taxes, which are determined by the earnings and salaries of their…
Q: ewel Lyman is an employee in the office of Salvaggio & Wheelers, Attorneys at Law. She received the…
A: Answer:- Taxable income meaning:- The amount of an individual's or entity's income that is liable to…
Q: Miss Powell employed in a Company receives a salary of $30,000 during the taxable year. The salary…
A: The government considers taxable income to be a certain proportion of a person's gross income.…
Q: Smithers is a self-employed individual who earns $27,000 per year in self-employment income.…
A: Answer:- a. If Smithers is single and the self-employment income is his only source of income, the…
Q: 1: Allison Wilson earns net self-employment income of $74,200. She does not work a second job.…
A: Normally if a person is in employment somewhere, there is some tax which is deducted from the salary…
Q: Paul is self-employed as a dentist. He practices under the name "Paul J. Vance, DDS." Paul's gross…
A: Particulars Amount 1.Gross receipts $111000 2.- Business…
Q: income: Ms. Carol received Taka 12,00,000 as cash salary out of which basic pay was 60%, medical…
A: Total income refers to the total sum value of money earned or gained by an entity through its…
Q: Melvin, a self-employed dentist paid $4,476 for his health insurance premiums throughout the year…
A: A health insurance deduction is the quantum that an individual or pot can abate from their taxable…
Q: Bennett is a single individual and received a salary of $28,000 before he retired in October of this…
A: Given: Status of the individual: Single Salary received: $28,000 Social Security Benefits received:…
Q: Windsor is employed at Rockstar Music. Windsor is receiving education assistance of $6,050 per year…
A: Approach to solving the question: Analyze the question. Detailed explanation:The taxability of…
Q: tion. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from…
A: Gross earnings is the income earned by an employee during the pay period which includes regular…
Q: Rachel is a part-time sales associate for Bob Ridings Chevrolet. She works on commission. On…
A: The objective of the question is to calculate the taxable income that Rachel should report on her…
Q: Grady received $8,88
A: Solution Gross income is the total amount of income that an individual earned before taxes and…
Q: Mr. Ortega earns a monthly salary of $9,200. Based on Mr. Ortega's Form W-4, the tax tables require…
A: A payroll register is a document that lists every employee's pay information for a given time frame,…
Q: Grady received $8,320 of Social Security benefits this year. Grady also reported salary and interest…
A: Grady is single and has income of 22330 +630 + 4160 (8320 x 50%) =27,120 The amount of 21,120 Falls…
Q: Ali and Alex Arnaud are married with no dependent children. Ali worked for Smart Tech Corporation…
A: Aggregated gross income and taxable income are not the same. Aggregate gross income is the total…
Q: ompany. On July 1, 2021, she began to practise law as a sole proprietor from an office in her home.…
A: Net Income - Net income is your take-home pay after taxes and other withholdings have been deducted…
Step by step
Solved in 3 steps with 1 images
- Sherina Smith (Social Security number 785-23-9873) lives at 536 West Lapham Street, Milwaukee, WI 53204, and is self-employed for 2020. She estimates her required annual estimated income tax payment for 2020 to be $8,468. She was required to pay $254 when she timely filed her prior year tax return. Complete the first quarter voucher below for Sherina for 2020. Form1040-ESDepartment of the TreasuryInternal Revenue Service 2020 Estimated Tax Payment Voucher 1 OMB No. 1545-0074 File only if you are making a payment of estimated tax by check or money order. Mail this voucher with your check or money order payable to “United States Treasury.” Write your social security number and “2020 Form 1040-ES” on your check or money order. Do not send cash. Enclose, but do not staple or attach, your payment with this voucher. Calendar year—Due April 15, 2020 Amount of estimated tax you are paying by check or money order. Dollars Cents fill in the blank 1For tax year 2023Cindy has work-related dependent care expenses of $3,200 for the care of one qualifying person, and work-related dependent care expenses of $3,800 for another qualifying person. What amount of these work-related expenses may Cindy use when figuring the Child and Dependent Care Credit? A) $2,800 B) $3.000 C) $7,000 D) $6,000I need a calculation for Social security income (taxable portion) $590.
- Kyle Struck's filing status is single, and he has earned gross pay of $2,360. Each period he makes a 403(b) contribution of 8% of gross pay; and makes a contribution of 2% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $199,800.Social Security tax = $0.00Medicare tax = $ Please explain how the problem is solved?Brenda Peterson is single and lives at 567 East Street, Marshfield, MA 02043. Her SSN is 412-34-5670. She worked the entire year for Applebee Consulting in Marshfield. Her Form W-2 contained the following information: Wages (box 1) = $67,155.75 Federal W/H (box 2) = $8,366.12 Social Security Wages (box 3) = $67,155.75 Social Security W/H (box 4) = $4,163.66 Medicare Wages (box 5) = $67,155.75 Mediare W/H (box 6) = $973.76 She also received two Forms 1099-INT. One was from First National Bank of Marshfield and showed interest income of $537.39 in box 1. The other Form 1099-INT was from Baystate Savings and Loan and showed interest income of $329.31 in box 1. Brenda had qualifying health care coverage at all times during the tax year. Prepare a Form 1040 for Brenda.What is the taxpayer's gross income in each of the following situations? Do not type a dollar sign. Use commas when appropriate as in 3,500. If the answer is zero, type a 0. a. Myra received a salary of $80,000 from her employer, Green Construction. b. In July, Green Construction gave Myra an all-expense-paid trip to Las Vegas (value of $3,200) for exceeding her sales goals. c. Darrin received $9,000 from his employer to help him pay his medical expenses not covered by insurance, this payment is not available to all employees. d. Blake received $5,000 from his deceased wife's employer to help him in his time of greatest need." e. Austin collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wife's employer.
- Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $50 each week to her company's 401(k) plan and has $50 put into her health savings account (nonqualified) each week. Her employer matches this $50 each week. Determine Whiteweiler's take-home pay if she is head of household. Enter deductions beginning with a minus sign (-). Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2020 FICA rates have been used.Jasmin is a mechanic. She runs her own business specialising in repairing electric cars. During the year, Jasmin incurred the following expenses: a) salary costs to her two regular employees of $150,000 (paid electronically through the business’s payroll system, which automatically applies the relevant tax withholding and pays the amount to the ATO); b) $5,000 on special overalls and eye goggles for Jasmin and her employees to use when they are repairing cars; c) childcare costs of $22,000 so that Jasmin can go to work every day; d) $1,000 on a one-day course on a new accounting software program that Jasmin wants to use in the business to better comply with new tax reporting requirements. Required: Advise Jasmin whether the above expenses would be deductible for income tax purposes.Mark Turney owns Creative Corners. He does his banking at United Federal Bank (UFB) in Tucson, Arizona. The amounts in his general ledger for payroll taxes and the employee's withholding of Social Security, Medicare, and federal income tax as of April 15 of the current year show the following: Social Security tax payable (employer and employee), $3,020; Medicare tax payable (employer and employee), $734; FUTA tax payable, $84; SUTA tax payable, $414; and Employees income tax payable, $4,622. Journalize the payment of the Form 941 deposit to UFB and thepayment of the SUTA tax to the State of Arizona as of April 15, 20--. NOTE: PREPARE YOUR JOURNAL ENTRIES IN PROPER FORMAT - OTHERWISE YOU WILL NOT RECEIVE CREDIT
- Grady received $9,040 of Social Security benefits this year. Grady also reported salary and interest Income this year. What amount of the benefits must Grady include in his gross income under the following five independent situations? Note: Leave no answer blank. Enter zero if applicable. Required: a. Grady files single and reports salary of $14,200 and interest income of $460. b. Grady files single and reports salary of $24,310 and interest income of $810. c. Grady files married joint and reports salary of $79,200 and interest income of $710. d. Grady files married joint and reports salary of $44,000 and interest income of $910. e. Grady files married separate and reports salary of $24,310 and interest income of $810. Complete this question by entering your answers in the tabs below. Required A Required C Required D Required E Grady files single and reports salary of $14,200 and interest income of $460. Amount to be included in gross income 19,180 Required B $ Hepaired A Required B >Ann hires a nanny to watch her two children while she works at a local hospital. She pays the 19-year-old nanny $170 per week for 42 weeks during the current year. Do not round immediate computations and round your final answers to two decimal places. a. What is the employer's portion of Social Security and Medicare tax for the nanny that Ann should pay when she files her Form 1040 for 2018?$ b. What is the nanny's portion of the Social Security and Medicare tax?$Ms. Jessie Waud found a position in retail sales in September 2021. During the remainder of that year, she received gross employment income of $21,500. Prior to 2021, Ms. Waud had no earned income and made no contributions to either an RRSP or a TFSA View the RRSP information. View the common-law partner information. View the other sources of income or loss. Read the requirements. View the additional information. Requirement A. Calculate Ms. Waud's 2021 employment income. What is Ms. Waud's 2021 employment income? Requirement B. Determine Ms. Waud's maximum deductible RRSP contribution for 2022. (Round your answer to the nearest whole dollar.) What is Ms. Waud's 2021 employment income? Requirement C. As Ms. Waud's personal financial consultant, what advice would you give her regarding her TFSA and RRSP contribution and deduction for 20227 OA. Ms. Waud should contribute the maximum deductible amount to her RRSP for the year 2022 in 2022. She should also contribute the maximum allowable…