Sue's 2013 net (take-home) pay was $23,205. Her only payroll deductions were for payroll taxes and federal income tax. Federal income tax withholdings totaled $4,500. What was the amount of her gross wages for the year? SHOW WORK A. $25,127 B. $30,000 C. $29,480 D. None of the above

Sue's 2013 net (take-home) pay was $23,205. Her only payroll deductions were for payroll taxes and federal income tax. Federal income tax withholdings totaled $4,500. What was the amount of her gross wages for the year? SHOW WORK A. $25,127 B. $30,000 C. $29,480 D. None of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Kendall, who earned $121,200 during 2023, is paid on a monthly basis, is married, (spouse does not work) and claims two dependents who are under the age of 17. Use the percentage method tables for automated Payroll systems with step 2 of Forms W-4 is not checked. Required: a. What is Kendall's federal tax withholding for each pay period? b. What is Kendall's FICA withholding for each pay period? Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. a. Federal tax withholdings b. Total FICA withholding Amount 24,069.00
6
IN 2016, AN INDIVIDUAL EARNED $65,000 OF EMPLOYMENT INCOME. THE FOLLOWING DEDUCTIONS WERE MADE FROM HER SALARY: - REGISTERED PENSION PLAN (RPP) CONTRIBUTION OF $5,000. - MAXIMUM CANADA PENSION PLAN (CPP) AND EMPLOYMENT INSURANCE (EI) CONTRIBUTIONS OF $3,499. - CHARITABLE DONATIONS OF $600. (SHE HAS MADE ANNUAL DONATIONS) WHAT WOULD BE HER TOTAL FEDERAL TAX? A. $7,228 B. $7,402 C. $8,253 D. $9,718
Khalid Khouri is married, has a gross weekly salary of $689 (all of which is taxable), and claims two withholding allowances. Use the tax tables to find the federal tax withholding to be deducted from his weekly salary. Click the icon to view the Married Persons-Weekly Payroll Period. The withholding tax is $ Portion of IRS Withholding Table for Married Persons Paid Weekly MARRIED Persons-WEEKLY Payroll Period (For Wages Paid Through December 31, 2016) 0 1 And the wages are-And the number of withholding allowances claimed is 5 4 2 3 At least But less than The amount of income tax to be withheld is $4 SO SO $680 $59 $47 $35 $28 $20 $12 5 d q 21 13 690 60 49 37 29 $670 680 Print Done 9 10 $0 $0 0 0 X
Jason's gross pay for the week is $1,800. His year−to−date pay is under the limit for OASDI. Assume that the rate for state and federal unemployment compensation taxes is 6% and that Jason's year−to−date pay has not yet exceeded the $7,000 cap. What is the total amount of payroll taxes that his employer must record as payroll tax expenses? (Do not round your intermediate calculations. Assume a FICA—OASDI Tax of 6.2% and FICA—Medicare Tax of 1.45%.)
s
Alfred Morneau earned gross pay of $820. Each period he makes a 401(k) contribution of 5% of gross pay, and his current year taxable earnings for Social Security tax, to date, are $37,200.Total Social Security tax = $ 2:Rachel Schillo earned gross pay of $1,900. She does not make any retirement plan contributions, and her current year taxable earnings for Social Security tax, to date, are $105,000.Total Social Security tax = $ 3:Rudolph Fabrizio earned gross pay of $3,200. Each period he contributes 3% of gross pay to a flexible spending account, and his current year taxable earnings for Social Security tax, to date, are $136,200.Total Social Security tax = $ 4:Michael Frank earned gross pay of $2,650. Each period he designates 6% of gross pay for a dependent care flexible spending account, and his current year taxable earnings for Social Security tax, to date, are $224,300.Total Social Security tax = $
Sharon Jones is single. During 2022, she had gross income of $159,800, deductions for AGI of $5,500, itemized deductions of $14,000 and tax credits of $2,000. Sharon had $22,000 withheld by their employer for federal income tax. She has a tax (due/refund) rounded to the nearest whole dollar of $.
hr.4
Kevin owns a small business with two employees. For one payroll period the total withholding tax for all employees was 1,536. The total employees Social security tax was $168 and the total employers social security tax was $251. The total employees Medicare tax was $110 How much John deposit as the employer's share of social security tax and Medicare tax? What is the total tax that must be deposited?
At the end of the first pay period of the year, Sofia earned $5,700 of salary. Withholdings from Sofia’s salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $534 of federal income taxes, $194 of medical insurance deductions, and $44 of life insurance deductions. Compute Sofia’s net pay for this first pay period. (Round your intermediate and final answers to 2 decimal places.)
Taxable Income According to the IRS (Internal Revenue Service, www.irs.gov), a single taxpayer with a taxable income between $85,650 and $178,650 in 2012 paid $17,442, plus 28% of the amount over $85,650. If Lorinda paid $22,549 in federal income tax for 2012, then what was her taxable income in 2012?