Homework Answers
| FICA taxable wages | FICA tax rate | FICA tax | |
| Deidre | 77000 | 7.65% | 5891 |
| Robert | 77000 | 7.65% | 5891 |
| Jessica and Frank | 154000 | 7.65% | 11781 |
Since gross wages of Jessica and Frank individually are $77000, both will pay FICA tax @ 7.65% on $77000.
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Using 2013 rates, the tax owed by each of the following people has been calculated assuming...
Using 2013 rates, , the tax owed by each of the following people has been calculated...
Using 2013 rates, , the tax owed by each of the following people has been calculated assuming that they all claim the standard deduction and neglect any tax credits. Deidre is single with no dependents. Her adjusted gross income is $80,000. Rounded to the nearest dollar, Deirdre's income tax is $13,429. Robert is a head of household taking care of two dependent children. His adjusted gross income is $80,000. Rounded to the nearest dollar, his income tax is $9,340. Jessica...
1)Maria is in the 35% tax bracket. Steve is in the 33% tax bracket. They each...
1)Maria is in the 35% tax bracket. Steve is in the 33% tax bracket. They each itemize their deductions and pay $30,000 in mortgage interest during the year. Compare their true costs for mortgage interest. Maria's true cost for mortgage interest is $ ___ . RebeccaRebecca and RobertoRoberto, who are engaged to be married, each have an adjusted gross income of $183,000. Assume each person takes one exemption and the standard deduction. Answer the questions below using the tax table...
How to apply deduction to tax amount? Do multiple deductions stack? Please help grades of 30...
How to apply deduction to tax amount? Do multiple
deductions stack? Please help
grades of 30 students in a math class: ААААААввввввccccccccccoDDDDFFF Problem 5 (30 points) Using 2017 rates below, calculate the tax owed by each of the following people. Assume that they all take the standard deduction and neglect any tax credits a) Deidre is single with dependents. Her adjusted gross income is $150,000. b) Robert is a head of household taking care of two dependent children. His adjusted...
Use the 2012 marginal tax rates to compute the tax owed by the following person. Round...
Use the 2012 marginal tax rates to compute
the tax owed by the following person. Round taxable income to the
nearest dollar as needed. A single woman with a taxable income of
$78000
The tax owed is
2012 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried, divorced, Married and each partner Married and both Unmarried and paying or legally separated files a separate tax return partners file a single more than half the cost tax return of supporting a...
Use the 2012 marginal tax rates in the table below to compute the tax owed by...
Use the 2012 marginal tax rates in the table below to compute the tax owed by the following persa single female, no dependents with Gross income: $75,000 Adjustments: $4,000 Deductions: $28,000 mortgage interest $4,200 property taxes $3,000 charitable contributions Taxable credit: None 2012 Marginal Tax Rates Standard Deductions, and Exemptions Unmarried, divorced, or legally separated Married and each partner files a separate tax return Married and both Unmarried and paying mo partners file a than half the cost of single...
Calculate the 2017 total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of $43,000, a short-term capital gain income of $4,400 from the sa...
Calculate the 2017 total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of $43,000, a short-term capital gain income of $4,400 from the sale of stock, and S6,400 from book royalties. What is Gordon's average tax rate? Gordon's total gross income for the 2017 tax year is (Round to the nearest cent) Assuming Gordon's filing status is single, his standard deduction for the 2017 tax year is (Enter the amount to...
Emily, who is single, has been offered a position as a city landscape consultant. The position...
Emily, who is single, has been offered a position as a city landscape consultant. The position pays $139,400 in cash wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, and she is not eligible for the qualified business income deduction. (Use the tax rate schedules.) (Round your intermediate calculations and final answer to the nearest whole dollar amount.) a. What is the amount of Emily's after-tax compensation (ignore payroll taxes)? Amount $ 139,400 0...
is problem is for the 2018 tax year. Alfred E. Old and Beulah A. Crane, each...
is problem is for the 2018 tax year. Alfred E. Old and Beulah A. Crane, each age 12, married on September 7, 2016. Alfred and Beulah will file a joint return for 2018. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted old as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304 Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah...
You are to prepare a tax return using the following information. You will need to use...
You are to prepare a tax
return using the following information. You will need to use Form
1040, Schedule B if applicable, you determine (Read requirements in
text). John Brown, age 53, (social security number 554-78-4556) is
single and is supporting his 18 year old son, David (social
security number 444-55-7777). David is a student at MirMonte High
School. They live in a rented home at 1245 West 5Th Street,
Coalinga, CA. John is employed as a engineer and received...
Note: This problem is for the 2018 tax year. Alice J. and Bruce M. Byrd are...
Note: This problem is for the 2018 tax year. Alice J. and Bruce M. Byrd are married taxpayers who file a joint return. Their Social Security numbers are 123-45-6789 and 111-11-1112, respectively. Alice's birthday is September 21, 1971, and Bruce's is June 27, 1970. They live at 473 Revere Avenue, Lowell, MA 01850. Alice is the office manager for Lowell Dental Clinic, 433 Broad Street, Lowell, MA 01850 (employer identification number 98-7654321). Bruce is the manager of a Super Burgers...
How to apply deduction to tax amount? Do multiple
deductions stack? Please help
grades of 30 students in a math class: ААААААввввввccccccccccoDDDDFFF Problem 5 (30 points) Using 2017 rates below, calculate the tax owed by each of the following people. Assume that they all take the standard deduction and neglect any tax credits a) Deidre is single with dependents. Her adjusted gross income is $150,000. b) Robert is a head of household taking care of two dependent children. His adjusted...
Use the 2012 marginal tax rates to compute
the tax owed by the following person. Round taxable income to the
nearest dollar as needed. A single woman with a taxable income of
$78000
The tax owed is
2012 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried, divorced, Married and each partner Married and both Unmarried and paying or legally separated files a separate tax return partners file a single more than half the cost tax return of supporting a...
Use the 2012 marginal tax rates in the table below to compute the tax owed by the following persa single female, no dependents with Gross income: $75,000 Adjustments: $4,000 Deductions: $28,000 mortgage interest $4,200 property taxes $3,000 charitable contributions Taxable credit: None 2012 Marginal Tax Rates Standard Deductions, and Exemptions Unmarried, divorced, or legally separated Married and each partner files a separate tax return Married and both Unmarried and paying mo partners file a than half the cost of single...
Calculate the 2017 total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of $43,000, a short-term capital gain income of $4,400 from the sale of stock, and S6,400 from book royalties. What is Gordon's average tax rate? Gordon's total gross income for the 2017 tax year is (Round to the nearest cent) Assuming Gordon's filing status is single, his standard deduction for the 2017 tax year is (Enter the amount to...
Emily, who is single, has been offered a position as a city landscape consultant. The position pays $139,400 in cash wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, and she is not eligible for the qualified business income deduction. (Use the tax rate schedules.) (Round your intermediate calculations and final answer to the nearest whole dollar amount.) a. What is the amount of Emily's after-tax compensation (ignore payroll taxes)? Amount $ 139,400 0...
is problem is for the 2018 tax year. Alfred E. Old and Beulah A. Crane, each age 12, married on September 7, 2016. Alfred and Beulah will file a joint return for 2018. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted old as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304 Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah...
You are to prepare a tax
return using the following information. You will need to use Form
1040, Schedule B if applicable, you determine (Read requirements in
text). John Brown, age 53, (social security number 554-78-4556) is
single and is supporting his 18 year old son, David (social
security number 444-55-7777). David is a student at MirMonte High
School. They live in a rented home at 1245 West 5Th Street,
Coalinga, CA. John is employed as a engineer and received...
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