Social Security and Medicare tax: Multiple Choice Are paid only by employees i Have different rates Are based on the number of dependents not claimed None of the answer choices are correct.
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A: Paid Family Leave (PFL) allows for employees to take paid time off work to care for family members…
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A: In a nutshell, the self-employed health insurance deduction allows self-employed people to deduct…
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Q: True or False:
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A: Contributions to a tax-free savings account are not tax deductible.
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Q: WHAT IS IT ARegistered Retirement Savings Plan (RRSP) is a retirement savings plan that you…
A: Yes, the information is correct.
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Q: withholding
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A: Tax- It is the tax that is levied on the incomes earned by individual or entities from various…
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A: Concept of deductibility of insurance premium.
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A: Correct option is 3 i.e. Will receive a refund if the amount of the credit is larger than the tax…
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Q: Which of the following statements is correct? Multiple Choice Taxpayers with household income which…
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A:
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A: Withholding Taxes - Percentage method Taxes that are withheld from an employee's pay or compensation…
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A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
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A:
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A: Solution Tax Deduction refer to the claim made to reduce your taxable income ,arising from various…
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A: * As per Bartleby policy, if question contains multiple subparts then answer first three only. 1.…
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- Which is not correct? a) The tax base of fringe benefit tax is the grossed-up monetary value of the fringe benefit. b) The taxable fringe benefit subject to fringe benefit tax is the excess of the de minimis benefits over P90,000. c) Benefits in the form of properties transferred to the name of the employee are subject to fringe benefit tax in full. d) Benefits provided by the employer for his convenience are exempt from fringe benefit tax.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 options1. Which of the following items is normally NOT assessable under salaries tax? a. Payment in lieu of notice to an employee who has been dismissed without adequate notice given by the employer. b. Tuition fee paid by an employer for an employee's children, where the employer has entered into the relevant contract with the school directly. c. Reimbursement of medical expenses of an employee by an employer pursuant to the terms provided in the employment contract. d. Lump sum payment to a resigning employee in consideration of his not engaging in the same industry for two years. 2. Henry Ltd is carrying on business in Hong Kong. It acquires funding from various sources in Hong Kong and makes investment in securities listed in overseas markets. Henry Ltd's directors carry out investment analysis in Hong Kong and instruct its overseas agents to execute the orders of purchase and sale in the overseas stock exchange. During the year 2020/21, $10 million profits were derived from…
- Which of the following statements is correct? Multiple Choice Taxpayers with household income which is more than 400% of the Federal Poverty Level are eligible to claim the premium tax credit. The premium tax credit is only available when the taxpayer files his or her tax return. The premium tax credit is available only for premium health insurance programs. Taxpayers who receive a credit are not required to file a federal tax return.Tax Drill - Social Security Benefits Determine the taxable amount of social security benefits for the following situations. If an amount is zero, enter "0". a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $36,000, no tax-exempt interest, and $12,400 of Social Security benefits. As a result, s 0X of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross income of $12,000, no tax-exempt interest, and $16,000 of Social Security benefits. As a result, s O✓ of the Social Security benefits are taxable. c. Assume Erwin and Eleanor have adjusted gross income of $85,000, no tax-exempt interest, and $15,000 of Social Security benefits. As a result, s 0X of the Social Security benefits are taxable.Please answer if true or False
- When employees contribute to a Roth 401(k), they _____ allowed to deduct the contributions and they _______ taxed on distributions from the plan. Select one: a. are, are not b. are, are c. are not, are not d. are not, areSocial Security taxes are regressive because Question 13 options:they apply only to rich people.they are applied to retired people only.they are not applied to income beyond a certain amount.they are applied to welfare recipients.SaveTRUE OR FALSE Portion of the hospital bills which was shouldered by Philhealth is not a taxable income of the patient
- Question D is wrong ( The income tax for Ciara filing as head of household is $13,387) can you check and fix itA landlord who receives prepaid rent is required to report that amount as gross income when the payment is received. Why would Congress choose to do this? What problem does this create for the taxpayer? C O A. Congress taxes prepaid rental income due to the concern that taxpayers who spend the money will be unable to pay the tax when t comes due. The problem created for taxpayers is that they are taxed before they incur related expenses, such as repairs, insurance, and depreciation. Therefore, there is a mismatching of revenue and expense. O B. O C. Congress taxes prepaid rental income to collect more taxes from a taxpayer by increasing their tax bracket with the additional income. The problem this causes for the taxpayer is inconsistent taxable income from year to year and increases the risk of an audit. O D. Congress taxes prepaid rental income due to numerous landlords not reporting this income in the following tax year. The problem created for taxpayers is that they are taxed…1. Which of the following must be included in the gross income of the recipient in 2021? a.Unemployment compensation b.Child support payments c.Welfare payments d.Gifts e.All of these choices are included in gross income. 2. All of the following must be included in gross income, except: a.Gambling winnings b.Jury duty fees c.Dividends d.Gifts e.Partnership income 3. All of the following amounts are excluded from gross income, except: a.Gifts b.Veterans' benefits c.Tips and gratuities d.Child support payments e.Scholarship grants for tuition
