Larren Buffett is concerned after receiving her weekly paycheck. She belleves 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 91 and Table 9.2). (Round your answers to the nearest cent.) Deductions Social Security taxes Medicare taxes FIT

Larren Buffett is concerned after receiving her weekly paycheck. She belleves 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 91 and Table 9.2). (Round your answers to the nearest cent.) Deductions Social Security taxes Medicare taxes FIT

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 70TA

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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.
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 Deductions
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 $4,190 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 Deductions
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, filing jointly and prior to this payroll check has total earnings of $140,000. 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. Note: Round your answers to the nearest cent. Social Security taxes Medicare taxes FIT Deductions $ $ $ 254.20 59.45 8.99
Leanne is a government employee and has 10 days sick leave credits and 7 days vacation leave credits. Her daily rate is P525 and did not avail the sick and vacation leave credits, so the agency monetized it. How much will be her additional earnings and how much of it will be taxed?
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.
This 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?
Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, is paid weekly, and claims 2 exemptions. What is Richard’s net pay for the week if he earns $1,800? (Use Table 9.1 and Table 9.2). (Round your answer to the nearest cent.)
Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, is paid weekly, and claims 2 exemptions. What is Richard's net pay for the week if he earns $1,850? (Use Table 9.1 and Table 9.2). (Round your answer to the nearest cent.) Net pay aw Chp
Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, is paid weekly, and claims 2 exemptions. What is Richard's net pay for the week if he earns $1,450? (Use Table 9.1 and Table 9.2). (Round your answer to the nearest cent.) k Net pay %24 1,293.69 nt ences Mc Graw Hill Ecucation < Prev 16 of 16 Next M ... ...