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- 3. Manny's weekly wage as a welder are $520.75. He is single and claims 3 allowances. What amount is deducted for federal taxes? (Carrie, age 55, is an employee of Rocket, Inc. (Rocket). Rocket sponsors a SEP IRA and would like to contribute the maximum amount to Carrie’s account for the plan year. If Carrie earns $14,000 per year from Rocket, what is the maximum contribution Rocket can make on her behalf to the SEP IRA? a. $3,500. b. $14,000. c. $19,500. d. $57,000.Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $38,200. How much Social Security and Medicare must he pay (in $) this year?
- Compute the additional Medicare tax for the following taxpayers. If required, round your answers to the nearest dollar. a. Mario, who is single, earns wages of $307,600. His additional Medicare tax is $276,840 b. George and Shirley are married and file a joint return. During the year, George earns wages of $276,400, and Shirley earns wages of $414,600. Their additional Medicare tax is $ c. Simon has net investment income of $59,960 and MAGI of $299,800 and files as a single taxpayer. Simon's additional Medicare tax is $Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, is paid weekly, and claims 2 exemptions. What is Richard's net pay for the week if he earns $1,450? (Use Table 9.1 and Table 9.2). (Round your answer to the nearest cent.) Net pay es .....*.. onD George and Katherine Green are married with $146,000 in gross income from their jobs at the University of Wyoming. During the year they had $4,300 in adjustments. They had $23,000 in eligible 7.5% medical expenses and $14,000 in other itemized deductions. They have 2 eligible child. They had $10,000 worth of taxes withheld throughout the year. 0 Question 1 What is the Green household's Adjusted Gross Income? O $145,100 O $126.000 O $120,500 O $141.700 Question 2 How much are the Green household's itemized deductions? O $22,000 O $17,000 O $10,900 O $26,372.50 Question 3 What is the Green household's taxable income? O $93,827.50 O $115,327.50 O $103,400.00 O $97,605.50
- John Waits owns a small shop with three employees. For one payroll period the total withholding tax for all employees was $1,558. The total employees' Social Security tax was $164 and the total employer's Social Security tax was $164. The total employees' Medicare tax was $112 How much must John deposit as the employer's share of Social Security tax and Medicare tax? What is the total tax that must be deposited?Marie Lincoln is a head of household. She is 37 years old and her address is 4110 N.E. 13th Street, Miami, FL 33127. Additional information about Ms. Lincoln is as follows: Social security number: 412-34-5670 Date of birth: 1/14/1983 W-2 for Marie shows these amounts: Wages (box 1) Federal W/H (box 2) Social security wages (box 3) Social security W/H (box 4) Medicare wages (box 5) Medicare W/H (box 6) Form 1099-INT for Marie shows this amount: Box 1-$500.00 from A & D Bank, $ 43,600.00 $2,488.00 S 43.600.00 $2,703.20 $ 43,600.00 $ 632.20 Dependent: Son Steven is 10 years old. His date of birth is 5/11/2010. His social security number is 412-34-5672. Marie is an administrative assistant. Required: Prepare Form 1040 plus all the appropriate Schedules and worksheets for Ms. Lincoin for 2020 She is entitled to a $2.000 child tax credit. For now, enter the credit on the appropriate line of the form. She wants to contribute to the presidential election campaign Ms Lincoln had qualifying…Louise's monthly gross income is $2, 300. Her employer withholds $460 in federal, state, and local income taxes and $184 in Social Security taxes per month. Louise contributes $92 per month for her IRA. Her monthly credit payments for Visa, MasterCard, and Discover cards are $43, $33, and $20, respectively. Her monthly payment on an automobile loan is $353. What is Louise's debt payments to income ratio?
- Marty has weekly gross earnings of $684.20. He is married filing jointly. He lives in Tennessee, which has no State Withholding Tax. He also makes a credit union deposit of $20.00 into savings every check. Find Marty’s weekly net earnings for this pay period.Use the personal allowance table below. Personal Allowance Amount Single $2,000 Married 4,000 Each Dependent 2,000Use the personal allowance table below. Personal Allowance Amount Single $2,000 Married 4,000 Each Dependent 2,000