What was the total amount deducted from Lily’s pay for Federal, State, and Local income tax? $1,314.59 $1,547.24 $1,781.33 $2,886.75 **W-2 Form Example for Educational Purposes**This image depicts a sample W-2 Wage and Tax Statement for the year 2020. The W-2 form is a crucial document used by the Internal Revenue Service (IRS) to ensure individuals properly report their earnings and tax obligations. This example is designed to aid in understanding how to read and interpret a standard W-2 form.### Key Sections of the W-2 Form:- **Employee Information**: - Social Security Number: 123-45-6789 - Name: Lily M Smith - Address: 215 First Street, Indianapolis, IN 46205- **Employer Information**: - Employer Identification Number (EIN): 987654321 - Name: Scoops Ice Cream - Address: 123 Main Street, Indianapolis, IN 46205- **Financial Details**: - Box 1: Wages, tips, other compensation - $14,450.00 - Box 2: Federal income tax withheld - $1,080.50 - Box 3: Social security wages - $14,450.00 - Box 4: Social security tax withheld - $895.90 - Box 5: Medicare wages and tips - $14,450.00 - Box 6: Medicare tax withheld - $209.52 - Box 16: State wages, tips, etc. - $14,450.00 - Box 17: State income tax - $466.74 - Box 18: Local wages, tips, etc. - $14,450.00 - Box 19: Local income tax - $234.09### Explanation of Boxes and Fields:- **Boxes 1-6** cover the wages and taxes withheld at the federal level, including social security and Medicare.- **Boxes 15-19** are designated for state and local tax information.- **Box 12-14** may contain additional specific information, although in this example, they are not filled.This document serves as a primary source for individuals to file their annual tax returns, demonstrating the necessary details for accurate reporting. Understanding this form is essential for both employees and employers in complying with tax regulations.

Total taxes to be paid depends on wages and there are different types of taxes to be paid local…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Timmy Tappan is single and had $189,000 in taxable income. Use the rates from Table 2.3. a. Calculate his income taxes. (Do not round intermediate calculations.) b. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) c. What is the marginal tax rate? (Do not round intermediate calculations.) Answer is complete but not entirely correct. $ a. Income taxes b. Average tax rate c. Marginal tax rate 47,843 X 478.43 X % 32 %
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Jared Goff, of Los Angeles, determined the following tax information: gross salary, $85,000; interest earned, $2,500; IRA contribution, $4,500; and standard deduction, $12,200. Filing single, calculate Jared's taxable income and tax liability.
Use table to calculate Ed Robinsons income tax due on his $450,000 income, assuming that he files as a single taxpayers. Use table to calculate Ed Robinsons income tax due on his $450,000 income, assuming that he files as a single taxpayers. Use table to calculate Ed Robinsons income tax due on his $450,000 income, assuming that he files as a single taxpayers.
Determine the Income Taxes Responsibility for this taxpayers, remember to present procedure in any taxpayer. Taxpayer(s) Filing Status Income Itemized Deductions income Taxes LiabilityArturo Single $29,239 $2,000 ___________Belize HOH $53,129 $14,500 ___________Carmine Qualifying Widow 89,000 $12,490 ___________Family Rivas MFJ $139,000 $23,000 ___________
A woman is in the 15% tax bucket and itemizes her deductions. How much will her tax bill be reduced if she makes a$200 tax deductible contribution to charity A. $30 B. $200 C. $0 D. $170
How do I calculate self-employment taxes with self-employment earnings. For example Bob Marks has self-employment earnings of 149,200, what would be his total self-employment taxes for 2021.
What would be the marginal tax rate for a single person who has a taxable income of: a) $31,560 b) $58,150 c) $66,450 d) $100,580 DO NOT INCLUDE % SIGN
What would be the marginal and average tax rates for a married couple with taxable income of $89,600? For an unmarried taxpayer with the same income? Use Table 3.7. (Do not round intermediate calculations. Enter the marginal tax rate as a percent rounded to 1 decimal place. Enter the average tax rate as a percent rounded to 1 decimal place.) a. What would be the marginal tax rate for a married couple with income of $89,600? Marginal tax rate for a married couple b. What would be the average tax rate for a married couple with income of $89,600? Average tax rate for a married couple % Marginal tax rate for an unmarried taxpayer c. What would be the marginal tax rate for an unmarried taxpayer with income of $89,600? % Average tax rate for an unmarried taxpayer % d. What would be the average tax rate for an unmarried taxpayer with income of $89,600? %
13. Pat generated self-employment income in 2019 of $76,000. The self-employment tax is: a. b. C. d. $0. $5,369.23. $10,738.46. $11,628.00.
Use the following information Molly has collect to help her determine her taxable income for the year: Salary from her job 115,100 Interest earn from 1,280 savings Interest paid on student loans Your Answer: Answer 905 Standard deduction 12,950 Itemized deductions 842 Child tax credit 2000
how do i compute federal income tax salary gross earnings is $1750.00

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