Bill Clay's filing status is married filing separately, and he has earned gross pay of $1,900. Each period he makes a 403(b) contr

Q: Pham, single, has wages of $208,000 and net investment income of $140,000 in 2020. Her AGI (MAGI) is…

A: Medicare tax is also known as hospital insurance tax and it ia a federal employment tax.

Q: An employee whose tax return filing status is married filing jointly, whose taxable earnings for…

A: Regular Medicare tax = 1.45% of taxable earnings subject to FICA taxes

Q: How much is the taxable compensation income?

A: Tax or Taxes : It the amount paid by the consumers (Individual or business entities) to the…

Q: Grady received $8,320 of Social Security benefits this year. Grady also reported salary and interest…

A: For Joint Filling: You will pay income taxes of up to 50% of social security income for married…

Q: Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy’s employer…

A: In USA as per IRS rules head of household status allows parents or adults…

Q: Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,650.…

A: According to the IRS- Internal Revenue Service of United States,the rate for contribution to social…

Q: Paul Robinson's filing status is married filing jointly, and he has earned gross pay of $2,800. Each…

A: The standard medicare tax rate is 1.45% of gross pay. However, if married filling jointly has…

Q: Phan Mai is single with two dependent children under age 17. Phan estimates her wages for the year…

A: The Taxpayers are considered as unmarried sometimes even when they are not separated legally, then…

Q: Skylar is single and earns $410,000 in salary during 2018. What is the amount of 0.9 percent…

A: Employers are required to withhold additional Medicare tax, above the 1.45% Medicare tax rate, at a…

Q: 1:Paul Robinson's filing status is married filing jointly, and he has earned gross pay of $2,650.…

A: We will answer only the first question as it is not specified which question is to be answered.…

Q: Alicia, age 27, is a single, full-time college student. She earns $13,200 from a part-time job and…

A: income from jobs =$13200 Taxable interest =$1450 Total income =13200+1450=14650 Total income =$14650…

Q: Kyle Struck's filing status is single, and he has earned gross pay of $2,340. Each period he makes a…

A: Medicare tax refers to the tax levied by the government that helps in funding the Hospital…

Q: L. A. and Paula file as married taxpayers. In August of this year, they received a $6,740 refund of…

A: a. Because they did not itemize their deductions . L.A. and Paula received no benefit from the…

Q: Robert and John are married and have 5 dependent children and earn a gross biweekly salary of…

A: The answer is stated below:

Q: 1.Ian, 37, and Isabella, 36, are married and file a joint tax return.  They have one child, Ingrid…

A: Gross profit refers to the amount of money earned by a company or an entity in a desired financial…

Q: Jason and Peggy are​ married, file​ jointly, and have one dependent​ (12-year old qualifying​…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: I just need the amount for the Federal Income tax payable. Martha 3,700 Single Aug. 1st Nov. 30th…

A: Federal Income tax is a tax paid on annual earnings of individuals, , trust, companies, corporation…

Q: Leslie is a single taxpayer who is under age 65 and in good health. For 2018, she has a salary of…

A: Requirement 1: Determine the amount of adjusted gross income. Individual taxpayers compute their tax…

Q: Roger and Nicole are married filing a joint income tax return. Their AGI for 2021 is $98,000. They…

A: Lifetime Learning Tax Credit is the amount by which investor can reduce their net tax liability for…

Q: Paquito, a university instructor, earns a gross monthly salary of ₱46,200.00. Paquito is married and…

A: Tax is financial charge or levy imposed by the government or taxation authorities of the country to…

Q: Robert and John are married and have 4 dependent children and earn a gross biweekly salary of…

A: The tax owed to the government by the employer or entity that made payment to the recipient is…

Q: Jacob Finney's filing status is single, and he has earned gross pay of $1,240. Each period he makes…

A: Medicare Tax- It is one of the component of FICA Tax. The current medicare tax rate is 2.90%. out of…

Q: Rahul and Ruby are married taxpayers. They are both under age 65 and in good health. For 2020 they…

A: The adjusted gross income of a person is equal to their total gross income less specific deductions.…

Q: Alicia, age 27, is a single, full-time college student. She earns $13,200 from a part-time job and…

A: Taxable income is money earned that is subject to taxes by federal or state authorities. Wages,…

Q: During the year ended 30 June 2021 Preti, a resident taxpayer, received salary and wages income of…

A: Pay As You Go (PAYG) Instalments seem to be a method of paying instalments throughout the fiscal…

Q: Kyle Struck's filing status is single, and he has earned gross pay of $2,340. Each period he makes a…

A: Tax is an amount that is charged by the government from the individual and organizations on the…

Q: Michael is 49 years old and files as single. His 2021 adjusted gross income (AGI) is $49,500,…

A: Itemize Deduction: An itemized deduction is a cost that may be deducted from your adjusted gross…

Q: 4: Bill Clay's filing status is married filing separately, and he has earned gross pay of $1,900.…

A: It is the federal payroll tax that helps the employees and employers to pay for the medical…

Q: Grady received $8,320 of Social Security benefits this year. Grady also reported salary and interest…

A: Grady is single and has income of 22330 +630 + 4160 (8320 x 50%) =27,120  The amount of 21,120 Falls…

Q: ployer Identification Number 98-7654321). Bruce is the manager of a Super Burgers fast-food outlet…

A: A tax deduction is declared by the taxable assessee for which the tax is being determined and he…

Q: Bradley Banks' filing status is qualifying widower, and he has earned gross pay of $1,570. Each…

A: Dear Student, as per the Bartleby answering guidelines, we can answer the first question if students…

Q: Louis files as a single taxpayer. In April of this year he received a $980 refund of state income…

A: Louis files as a single taxpayer. In April of this year he received a $980 refund of state income…

Q: Robert and John are married and have 5 dependent children and earn a gross biweekly salary of…

A: Sr No Particulars Amount in $ 1 Gross Salary ($ 5,782 * 26 Weeks)                   150,332 2…

Q: Louis files as a single taxpayer. In April of this year he received a $980 refund of state income…

A: Gross income refers to the income of individual or person which comprises of income from wages and…

Q: b.  George and Shirley are married and file a joint return in 2018. During the year, George earns…

A: Situation: Married and filing jointly.Rule: The additional Medicare tax is 0.9% on wages above…

Q: Grady received $8,760 of Social Security benefits this year. Grady also reported salary and interest…

A: Taxable social security benefits lower of  85% of social security benefit      or  85% of ( Salary +…

Q: Caleb Griffin's filing status is married filing jointly, and he has earned gross pay of $3,100. Each…

A: Given   current year earning for Medicare tax = $198400 Therefore, rate applicable = 2.90% / 2 =…

Q: Grady received $8,760 of Social Security benefits this year. Grady also reported salary and interest…

A: Note: Only one situation is solved as the data of other 4 is not given. Taxable income is the amount…

Q: Gina receives a $2,900 distribution from her educational savings account. She uses $1,500 to pay for…

A: ESA Distribution: ESA distributions are tax-free. Amount of the distribution should be less than…

Q: Ms. Gleason, an unmarried taxpayer, had the following income items: $ 40,000 3,200 Salary Net income…

A: Tax is the amount of expenses that are charged by the government from the organisation and…

Q: Shawn Buffett's filing status is married filing separately, and he has earned gross pay of $2,680.…

A: General Medicare Tax Rate = 1.45% Additional Medicare Withholding Rate (in case individual Medicare…

Q: Bill is a single taxpayer, age 27. In 2020, his salary is $29,000 and he has interest income of…

A: 1. Calculation of Gross Income and adjusted Gross income   CALCULATION PARTICULAR AMOUNT…

Q: Amy is a single taxpayer. Her income tax liability in the prior year was $5,178. Amy earns $50,000…

A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…

Q: Nathan Upton earns $11.80/hour, and worked 42 hours during the most recent week. He does not make…

A: Social security tax refers to the benefit that is received each year by the person who is retired,…

Q: 18. Sam files jointly with his wife, and they have 2 children. The family's gross income is $125,…

A: Internal revenue services: It is  the income administration for the United States central…

Q: Stephen Belcher's filing status is single, and he has earned gross pay of $1,840. Each period he…

A: Medicare tax is a federal tax that has to be paid by each working citizen. This tax is a part of…

Q: Alice is single and self-employed in 2021. Her net business profit on her Schedule C for the year is…

A: Self-employment tax: It is a tax that includes social security tax and medicare tax for calculating…

Q: Rahul and Ruby are married taxpayers. They are both under age 65 and in good health. For 2021 they…

A: Tax refers to the amount charged by the government from the individual and organizations on the…

Q: A married resident citizen has 5 qualified dependent children. The following information pertains to…

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: Malcolm and Megan Johnson are both over age 65, married and are filing a joint tax return for 2020.…

A: All amounts are in dollars ($).

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.