South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
42nd Edition
ISBN: 9781337702546
Author: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Chapter 9, Problem 25CE
To determine
Identify Mr. A’s itemized deduction.
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Mr. A, a minimum wage earner sales agent, received the following from his employer for the year 2021:
Compensation Income P150,000; Overtime pay P10,000; 13th month pay P12,000; Commission from sales P300,000.
What is the amount of taxable Income?
Answer please!
In 2018, Nelia Gomez, an MWE, received from her employer an annual minimum wage salary of ₱99,702. Aside from this, she also received ₱8,000 for holiday pay, overtime pay, and night shift differential pay. Furthermore, she received ₱8,303 as her 13th month pay. What amounts shall she be taxable on?
a. ₱8,000.
b. ₱107,702.
c. ₱8,303.
d. None.
Lamden Company paid its employee, Trudy, wages of $47,000 in 2018. Calculate the FICA tax:
Withheld from Trudy’s wages:
Social Security $________________
Medicare $________________
Paid by Lamden: Social Security $________________
Medicare $________________
Total FICA Tax: $ $________________
Chapter 9 Solutions
South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
Ch. 9 - Prob. 1DQCh. 9 - Mason performs services for Isabella. In...Ch. 9 - Milton is a resident of Mobile (Alabama) and is...Ch. 9 - Prob. 4DQCh. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQ
Ch. 9 - Prob. 11DQCh. 9 - Prob. 12DQCh. 9 - Prob. 13DQCh. 9 - Prob. 14DQCh. 9 - Prob. 15DQCh. 9 - Prob. 16CECh. 9 - Fred, a self-employed taxpayer, travels from...Ch. 9 - Prob. 18CECh. 9 - Prob. 19CECh. 9 - Prob. 20CECh. 9 - Prob. 21CECh. 9 - Prob. 22CECh. 9 - Cindy maintains an office in her home that...Ch. 9 - Prob. 24CECh. 9 - Prob. 25CECh. 9 - Prob. 26PCh. 9 - Prob. 27PCh. 9 - Prob. 28PCh. 9 - In June of this year, Dr. and Mrs. Bret Spencer...Ch. 9 - Prob. 30PCh. 9 - On Thursday, Justin flies from Baltimore (where...Ch. 9 - Monica, a self-employed taxpayer, travels from her...Ch. 9 - Prob. 33PCh. 9 - Prob. 34PCh. 9 - Prob. 35PCh. 9 - Prob. 36PCh. 9 - Prob. 37PCh. 9 - Prob. 38PCh. 9 - Prob. 39PCh. 9 - Prob. 40PCh. 9 - Prob. 41PCh. 9 - Prob. 42PCh. 9 - Prob. 43PCh. 9 - Prob. 44PCh. 9 - Prob. 45PCh. 9 - Prob. 46PCh. 9 - Prob. 47PCh. 9 - In the current year, Barlow moved from Chicago to...Ch. 9 - Prob. 2CPA
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- During 2021, Garth has a job as a civil engineer where he earns a salary of $120,000. He also has done some tree cutting work on his own, where he has earned a net income of $70,000. What are Garth's total employment (aka FICA) taxes for the year? And, what is the amount and description of the for AGI deduction associated with this calculation? In the text box that follows, please bold your answer at the top and include supporting work afterwards so that I can award partial credit. Edit View Insert Format Tools Table 12pt v Paragraph v |BIU A 2 Tv:arrow_forwardIn 2022, Ava, an employee, who files single, has AGI of $45,300 and incurred the following miscellaneous itemized deductions this year: • Union dues and work uniforms: $510 • Home office expenses: $1,530 • Unreimbursed employee expenses: $714 . • Gambling losses to the extent of gambling winnings: $2,200. What is Ava's total itemized deduction related to these items? 1,275 Xarrow_forwardMr. Al Bularyo earns a gross salary of P15,000 during the month of May 2020. Mr. Al’s SSS, PhilHealth, and Pag-IBIG contributions amounts to P2,000. Mr. Al’s taxable income is P8,000. True or Falsearrow_forward
- At the end of 2019, Ms. Shelly Sampson has unused RRSP deduction room of $6,000 and undeducted RRSP contributions of $4,800. For the 2019 taxation year, Ms Sampson has net employment income of $71,000, spousal support received of $14,000, a net rental loss of $18,000 and interest receipts of $2,600. During 2019, she is a member of her employer's RPP to which she contributed $2,000 and her employer made a matching contribution of $2,500. A. Determine Shelly's Earned Income for 2019. В. Determine Shelly's maximum RRSP deduction for 2020. C. incurring a penalty. Calculate the maximum RRSP contribution that Shelly can make for 2020 withoutarrow_forwardRamsey Smith receives wages amounting to $93,500. His net earnings from self-employment amount to $68,600. Smith must count ________ of his earnings in determining taxable self-employment income for OASDI taxes.arrow_forwardProblemarrow_forward
- Julie's gross salary is 950,000; mandatory contributions is 50,000. Compute for the following: a. gross compensation? b. exclusions from gross income c.taxable compensationarrow_forwardIn 2022, Landon has self-employment earnings of $206,000. Required: Compute Landon's self-employment tax liability and the allowable income tax deduction of the self-employment tax paid. Note: Round your intermediate computations and final answers to the nearest whole dollar value. Total self-employment tax liability Self-employment tax deduction E Amountsarrow_forwardIn 2020, Ava, an employee, who files single, has AGI of $38,700 and incurred the following miscellaneous itemized deductions this year: Union dues and work uniforms: $630 Home office expenses: $1,890 Unreimbursed employee expenses: $882 Gambling losses to the extent of gambling winnings: $1,000. What is Ava's total itemized deduction related to these items?arrow_forward
- In 2021, Landon has self-employment earnings of $195,000. Required: Compute Landon's self-employment tax liability and the allowable income tax deduction of the self-employment tax paid. Note: Round your intermediate computations and final answers to the nearest whole dollar value. Total self-employment tax liability Self-employment tax deduction $ Amounts 22,297 11,149arrow_forwardFor the 2022 taxation year, Marion Blue has net employment income of $45,000, spousal support received of $18,000, a net business loss of $3,500, and interest receipts of $1,600. She is a member of her employer's RPP to which she contributes $1,800. Her employer makes a matching contribution and reports a 2022 PA of $3,600. At the end of 2022, she has unused RRSP deduction room of $4,800 and undeducted RRSP contributions of $3,800. In early 2023, she contributes $9,400 to her RRSP. Required: Determine Marion's maximum RRSP deduction for 2023. Assuming she deducts her maximum, determine the amount of any Unused RRSP Deduction Room that she will have available at the end of 2023, and indicate the amount of any undeducted contributions remaining at the end of 2023arrow_forwardIn 2023, a taxpayer who paid $16,500 of self-employment tax would deduct $ deduction. of the tax as a (for/from) I AGIarrow_forward
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