I want to correct answer general accounting Tom's gross pay for this month is $8,150. His gross pay year-to-date, prior to this month totaled $101,000. Tom's rate forfederal income tax is 24%. His voluntary deductionstotal $900. What is the amount of Tom's net pay?A. $4816.22.B. $5716.00.C. $4670.52.D. $4290.65.

Step 1: Define Net PayEmployers are required, on behalf of different government agencies, to…

Answered: Tom's gross pay for this month is…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 30P

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Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?
Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
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Tom's gross pay for this month is $8,150. His gross pay year- to-date, prior to this month totaled $101,000. Tom's rate for federal income tax is 24%. His voluntary deductions total $900. What is the amount of Tom's net pay? A. $4816.22. B. $5716.00. C. $4670.52. D. $4290.65.