Homework Answers
| Req. C | |
| Weekly Pay (42640/52) | $ 820.00 |
| Less: Weekly Retirement Contribution (12500/52) | $ 240.38 |
| Weekly Wages | $ 579.62 |
| Less: | |
| FICA Tax (820*(6.2%+1.45%)) | $ 62.73 |
| Federal Income Tax (Refer to Weekly Wage Table 2019 for Married Persons, Column for 2 Allowances) | $ 20.00 |
| State Income Tax | $ 18.86 |
| Weekly Take Home Pay | $ 478.03 |
| Req. D | |
| Weekly Pay (42640/52) | $ 820.00 |
| Less: | |
| FICA Tax (820*(6.2%+1.45%)) | $ 62.73 |
| Federal Income Tax (Refer to Weekly Wage Table 2019 for Married Persons, Column for 2 Allowances) | $ 44.00 |
| State Income Tax | $ 18.86 |
| Weekly Take Home Pay | $ 694.41 |
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Just need help on question C and D.
Thanks in advanced.
Just need help on prt...
Need help on part C and D Thanks George Clausen (age 48) is employed by Kline...
Need help on part C and D
Thanks
George Clausen (age 48) is employed by Kline Company and is paid an annual salary of $42,640. He has just dedded to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen: a. What is the maximum that he can contribute into this retirement fund? 12,500 b. What would be the company's contribution? 1,279.20 J Notes For Items c. & d. below, round interim...
George Clausen (age 48) is employed by Kline Company and is paid a salary of $42,640....
George Clausen (age 48) is employed by Kline Company and is paid a salary of $42,640. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen: a. What is the maximum that he can contribute into this retirement fund? b. What would be the company's contribution? Round your answer to the nearest cent. c. What would be his weekly take-home pay if he contributes the maximum allowed...
Samantha Montgomery (age 42) is employed by Canon Company and is paid an annual salary of $62,430. She has ju...
Samantha Montgomery (age 42) is employed by Canon Company and is paid an annual salary of $62,430. She has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Montgomery a. What is the maximum that she can contribute into this retirement fund? 12,500 b. What would be the company's contribution? 1,872.9 Noter For items c. & d. below, round interim amounts to two decimal places. Use theese values in...
tax year 2018 Samantha Montgomery (age 42) is employed by Canon Company and is paid an...
tax year 2018
Samantha Montgomery (age 42) is employed by Canon Company and is paid an annual salary of $62,430. She has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Montgomery a. What is the maximum that she can contribute into this retirement fund? 12,500 b. What would be the company's contribution? 1,872.0 Note: For items c. & d. below, round interim amounts to two decimal places. Use...
Sean Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March,...
Sean Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, single, 3 allowances), social security taxes, and state income tax (2%). Enter deductions beginning...
I need help answering E Comprehensive Problem 13-87 (LO 13-1, LO 13-2, LO 13-3, LO 13-4,...
I need help answering E
Comprehensive Problem 13-87 (LO 13-1, LO 13-2, LO 13-3, LO 13-4, LO 13-5, LO 13-6) Gerry (age 56) and Elaine (age 54) have been married for 12 years and file a joint tax return. The couple lives in an apartment in downtown Manhattan. Gerry's father, Mortey, recently retired from Del Boca Vista Corporation (DBVC), where he worked for many ears. Mortey participated in DBVC's defined benefit plan. Elaine is an editor and works for Pendent...
Your best friend Dave just celebrated his 24th birthday and wants to start saving for his anticipated retirement. Dave p...
Your best friend Dave just celebrated his 24th birthday and wants to start saving for his anticipated retirement. Dave plans to retire in 36 years and believes that he will have 25 good years of retirement and believes that if he can withdraw $125,000 at the end of each year, he can enjoy his retirement. Assume that a reasonable rate of interest for Dave for all scenarios presented below is 6.5% per year. This is an annual rate, review each...
MAN2 3000A%20May june%202017 %20MCQ9620Removedpdf Question 11 (answer all parts Nick has just turned 25 and considers joining the pension plan offered by his employer. If he joins the pension pla...
MAN2 3000A%20May june%202017 %20MCQ9620Removedpdf Question 11 (answer all parts Nick has just turned 25 and considers joining the pension plan offered by his employer. If he joins the pension plan, Nick will need to pay annual contributions during his employment. The first contribution should be paid on his 26th birthday (i.e., in a year's time). Nick plans to retire on his 65 birthday (ie., in 40 years' time). when he would have to pay his last contribution to the pension...
Your best friend Frank just celebrated his 30th birthday and wants to start saving for his anticipated retirement. Frank plans to retire in 35 years and believes that he will have 20 good years of ret...
Your best friend Frank just celebrated his 30th birthday and wants to start saving for his anticipated retirement. Frank plans to retire in 35 years and believes that he will have 20 good years of retirement and believes that if he can withdraw $90,000 at the end of each year, he can enjoy his retirement. Assume that a reasonable rate of interest for Frank for all scenarios presented below is 8% per year. This is an annual rate, review each...
Question 6 chapter 5 Hi, please help me to solve these questions. Thanks Jacques, who is...
Question 6 chapter 5 Hi, please help me to solve these questions. Thanks Jacques, who is age 45, has just resigned from his current job. He worked for Ace, which sponsors a cash balance plan and a standard 401(k) plan. Each of the plans uses the longest permitted vesting schedule and both plans are top heavy. He has a balance of $40,000 in the cash balance plan, has deferred $20,000 into the 401(k) plan and has employer matching contributions of...
Need help on part C and D
Thanks
George Clausen (age 48) is employed by Kline Company and is paid an annual salary of $42,640. He has just dedded to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen: a. What is the maximum that he can contribute into this retirement fund? 12,500 b. What would be the company's contribution? 1,279.20 J Notes For Items c. & d. below, round interim...
Samantha Montgomery (age 42) is employed by Canon Company and is paid an annual salary of $62,430. She has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Montgomery a. What is the maximum that she can contribute into this retirement fund? 12,500 b. What would be the company's contribution? 1,872.9 Noter For items c. & d. below, round interim amounts to two decimal places. Use theese values in...
tax year 2018
Samantha Montgomery (age 42) is employed by Canon Company and is paid an annual salary of $62,430. She has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Montgomery a. What is the maximum that she can contribute into this retirement fund? 12,500 b. What would be the company's contribution? 1,872.0 Note: For items c. & d. below, round interim amounts to two decimal places. Use...
I need help answering E
Comprehensive Problem 13-87 (LO 13-1, LO 13-2, LO 13-3, LO 13-4, LO 13-5, LO 13-6) Gerry (age 56) and Elaine (age 54) have been married for 12 years and file a joint tax return. The couple lives in an apartment in downtown Manhattan. Gerry's father, Mortey, recently retired from Del Boca Vista Corporation (DBVC), where he worked for many ears. Mortey participated in DBVC's defined benefit plan. Elaine is an editor and works for Pendent...
MAN2 3000A%20May june%202017 %20MCQ9620Removedpdf Question 11 (answer all parts Nick has just turned 25 and considers joining the pension plan offered by his employer. If he joins the pension plan, Nick will need to pay annual contributions during his employment. The first contribution should be paid on his 26th birthday (i.e., in a year's time). Nick plans to retire on his 65 birthday (ie., in 40 years' time). when he would have to pay his last contribution to the pension...
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