What are the correct deductions for Social Security, Medicare, and FIT?
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- Charles E. Bennett, age 64, will retire next year and is trying to decide whether to begin collecting his Social Security benefits at that time. His monthly benefits will increase if he defers his starting date for the benefits. He has asked you to estimate how much his income tax will increase as a result of collecting Social Security. Charles and his wife Bernice B., file a joint return, have no other dependents, and claim the standard deduction. Their only income other than the Social Security benefits are: The Social Security benefits for the year would be 12,000. a. Complete Worksheet 1, Figuring Your Taxable Benefits, included in IRS Publication 915 to determine the taxable portion of this couples taxable Social Security benefits (the publication includes a blank worksheet). b. What is the taxable portion of the 12,000 in Social Security benefits?Lauren Buffet is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare, and federal income tax withholding (FIT) may be incorrect. Larren is paid a salary of $5,800 weekly. She is married, filing jointly and prior to this payroll check has total earnings of $ 145,050. What are the correct deductions for Social Security, Medicare, and federal income tax withholding (FIT)? Assume a rate of 6.2% on $147,000 for Social Security and 1.45% for Medicare.Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare, and Federal Income Tax withholding (FIT) may be incorrect. Larren is paid a salary of $4,100 weekly. She is married, claims 3 deductions, and prior to this payroll check, has total earnings of $128,245. What are the correct deductions for Social Security, Medicare, and FIT? Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare.
- Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare, and Federal Income Tax withholding (FIT) may be incorrect. Larren is paid a salary of $4,100 weekly. She is married, claims 4 deductions, and prior to this payroll check, has total earnings of $128,255. What are the correct deductions for Social Security, Medicare, and FIT? Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. (Use Table 9.1 and Table 9.2). (Round your answers to the nearest cent.) Social Security taxes Medicare taxes FIT DeductionsLarren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare, and Federal Income Tax withholding (FIT) may be incorrect. Larren is paid a salary of $4,190 weekly. She is married, filing jointly and prior to this payroll check has total earnings of $140,180. What are the correct deductions for Social Security, Medicare, and FIT? Assume a rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. (Use Table 9.1). Note: Round your answers to the nearest cent. Social Security taxes Medicare taxes FIT DeductionsLarren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare, and Federal Income Tax withholding (FIT) may be incorrect. Larren is paid a salary of $4,100 weekly. She is married, claims 4 deductions, and prior to this payroll check, has total earnings of $128,255. What are the cotrect deductions for Social Security, Medicare, and FIT? Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. (Use Table 91 and Table 9.2). (Round your answers to the nearest cent.) Deductions Social Security taxes Medicare taxes FIT
- NoneThis problem is make sure you understand Social Security, Medicare, and Additional Medicare Contribution Taxes. Don't use commas, periods, or dollar signs. For example, put 4000 not $4,000.00. Jake is an employee of XYZ Inc. Jake's annual compensation is $208,000. Jake's filing status is Married Filing Jointly. His federal income tax withholding was $53,000. Answer the following questions: 1. What is the total business deduction for XYZ Inc? 2. What is the total amount of taxes paid on behalf of Jake to the federal government for income taxes and payroll taxes? 3. What is the total amount of taxes withheld from Jake's paychecks for the year? 4. What is Jake's net pay for the year?Christine and Doug are married. In 2018, Christine earns a salary of $250,000 and Doug earns a salary of $50,000. They have no other income and work for the same employers for all of 2018. How much 0.9 percent Medicare tax for high-income taxpayers will Christine and Doug have to pay with their 2018 income tax return? a. $450 b. $900 c. $2,700 d. None
- Bennett is a single individual and received a salary of $28,000 before he retired in October of this year. After he retired, he received Social Security benefits of $4,000 during the year. Read the requirements. Requirement a. What amount, if any, of the Social Security benefits are taxable for the year? Begin by computing the provisional income. Only select items that are applicable to Bennett.(Leave unused cells blank, do not select a label or enter a zero.) Adjusted gross income (excluding Social Security benefits) $28,000 Plus: 50% of Social Security benefits 2,000 Provisional income $30,000 The taxable portion of the Social Security benefits is . Requirements a. What amount, if any, of the Social Security benefits are taxable for the year? b. Would the answer be different if Bennett also had $1,500 of tax-exempt interest? c. What if he had had $6,400of…A taxpayer would be required to pay Social Security and Medicare taxes for a domestic employee in all but one of the following situations. In which situation would this not be required? a.A cook who is paid $35,000 a year b.A nanny who earns $22,000 a year c.A baby-sitter who earns $1,300 a year d.A cleaning lady who is paid $8,000 a year e.The taxpayer would not have to pay Social Security and Medicare taxes in any of the above situations.Suppose Alexa has a weekly paycheck with gross earnings of $1,234.00 and is single with no dependents. a. Calculate her Federal Withholding Tax for the pay period using the Wage Bracket Method. b. Find Alexa’s net pay, in addition to all mandatory deductions, she has union dues of $5.00, she has both medical and dental insurances and she has a cafeteria plan contribution of $15.00.