Reagan earned $1500last week. He is married and is paid biweekly. Using the percentage method, (use tables in the handbook), his income tax is:
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Reagan earned $1500last week. He is married and is paid biweekly. Using the percentage method, (use tables in the handbook), his income tax is:
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- Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?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.Grace Kelly earns $2,000 per week. She is married and claims two exemptions. What is Grace's income tax? Use the percentage method.
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- Rudolph Fabrizio earned gross pay of $3,600. Each period he contributes 4% of gross pay to a flexible spending account, and his current year taxable earnings for Social Security tax, to date, are $136,400. Total Social Security Tax=Mary makes $16,000 a month (gross). She is married and claims 5 exemptions. Her state income tax withholding is 5%. (Use the text’s limit for social security, for parts a-c.) a. What is Mary’s net pay for January? (After ALL taxes and withholdings…SS, Med., FIT, SIT…) Show each tax/withholding amount (list Gross, then list each tax subtracted out to get net pay). b. What is Mary’s net pay for September? (Not cumulative, JUST September’s net pay.) c. What are Mary’s total taxes paid/withheld for the year? (Specify amounts for each tax.) d. What is the current year’s (2022’s) income limit (base) for social security and maximum social security tax payable (in dollar amount)? (A spreadsheet is a great tool for this problem.)Manny's weekly wage as a welder are $520.75. He is single and claims 3 allowances. What amount is deducted for federal taxes?