Line 4 of the Form 940 is where items that are not included as FUTA wages...
Line 4 of the Form 940 is where items that are not included as FUTA wages are adjusted out. Which of the following is not an item that is backed out on line 4? a.Contributions paid by employer for health/accident plans for employees. b.Value of a group-term life insurance with a face value of $45,000. c.Wages over $7,000 per employee per year. d.Nondiscretionary bonuses.
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Line 4 of the Form 940 is where items that are not included as
FUTA wages...
a. Complete Part 2 of Form 940 based on the following information: (Round your answers to...
a. Complete Part 2 of Form 940 based on the following information: (Round your answers to two decimal places, if necessary.) Total payroll for the year $913,590 $421,930 Payroll to employees in excess of $7,000 Employer contributions into employees' 401(k) plans $23,710 Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. Total payments to all employees Payments exempt from FUTA tax Select: Total of payments made to each employee in excess of...
1. Which of the following payments is not a taxable benefit to the employees? Multiple Choice...
1. Which of the following payments is not a taxable benefit to the employees? Multiple Choice Premiums for group term life insurance. Gym membership fees to improve the employee's general health and job performance. Public transit pass costs for the employee to get to and from work. Physical health counselling services fees. 2. An employer paid the following amounts for the employee: preparation of personal tax return, to minimize stress ($300); laptop computer to use at work and at home...
Question 8 Which of the following items should be included in gross income? 1) Life insurance...
Question 8 Which of the following items should be included in gross income? 1) Life insurance proceeds 2) Child support payments 3) Accident and health insurance proceeds 4) Cash rebate from a dealer on a car purchase 5) Moving expense reimbursements received from an employer Question 9 Ms. Green is single and over 65 years old. She received the following income in 2019: Interest from certificates of deposit $3,000 Tax-exempt interest 6,000 Taxable dividends ...
Indicate whether the following information is included on the 2019 1040 tax return as Gross Income...
Indicate whether the following information is included on the 2019 1040 tax return as Gross Income or excluded from the 2019 1040 tax return. Indicate the specific amount included or excluded. Item $ Included as Gross Income $ Excluded from Gross Income Earned $45,000 of gross wages from an employer. Received a gift from a grandparent of $10,000 cash. Received a $5,000 signing bonus from an employer. Received child support in the amount of $12,000. Employer-paid health insurance premiums amounted...
Nontaxable Fringe Benefits (LO.4) Dow, 42, is a manager for Winter Company. In addition to his...
Nontaxable Fringe Benefits (LO.4) Dow, 42, is a manager for Winter Company. In addition to his 2019 $81,000 salary, he receives the following benefits from Winter during the current year: • Winter pays all its employees' health and accident insurance Premium paid by Winter for Dow's health insurance are $1,300 • Winter provides all employees with group term life insurance coverage equal to their annual salary. Premiums on Dow's $81,000 in coverage are $810. • Winter has a flexible benefits...
For each of the following independent situations, determine the amount, if any, that the taxpayer must...
For each of the following independent situations, determine the amount, if any, that the taxpayer must recognize in 2019. a. Ross filed his tax return, properly claiming single filing status. His employer paid or provided the following to Ross: Wages $58,500 Fair market value of qualified dependent care services 4,800 Premiums for $45,000 qualified group term life insurance 1,300 Medical insurance premiums paid by employer 900 What is the amount, if any, that will be...
Aflac Insurance Company InformatIon: Aflac is a Fortune 500 insurance company founded in 1955 by three...
Aflac Insurance Company InformatIon: Aflac is a Fortune 500 insurance company founded in 1955 by three brothers, John, Paul and Bill Amos. Today, Aflac employs more than 4,500 people and has more than 71,000 licensed independent agents throughout the United States and Japan. The following is an excerpt from the New York Stock Exchange business summary. “Aflac Incorporated is a general business holding company and acts as a management company, overseeing the operations of its subsidiaries by providing management services...
1. SANCHEZ COMPUTER CENTER During the month of November the following transactions occurred. a. Record the...
1. SANCHEZ COMPUTER CENTER During the month of November the following transactions occurred. a. Record the following transactions in the general journal and post them to the general ledger. b. Prepare a trial balance as of November 30, 201X. Assume the following transactions: Nov. 1 Billed Vita Needle Company $6,800, invoice no. 12675, for services rendered. Nov. 3 Billed Accu Pac, Inc., $3,900, invoice no. 12676, for services rendered. Nov. 5 Purchased new shop benches for $1,400 on account from...
form 1040, schedule 1, schedule B 2018 or 2019 1:4 61 Alice Johnson, Social Security number...
form 1040, schedule 1, schedule B
2018 or 2019
1:4 61 Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by State University of Florida. She has the following items pertaining to her income tax return for the current year • Received a $30,000 salary from her employer, who withheld $4,200 federal income tax • Received a gift of 1,000 shares of Ace Corporation stock with a $100,000 FMV from her mother. She...
Chapter 2 Financial Planning Exercise 4 Preparing personal Income and expense statement Use Worksheet 2.2 Robyn...
Chapter 2 Financial Planning Exercise 4 Preparing personal Income and expense statement Use Worksheet 2.2 Robyn and Matthew Scott are about to construct their income and expense statement for the year ending December 31, 2020. Robyn works full time while Matthew is finishing up graduate school. They have put together the following income and expense Information for 2020: $42,000 2,250 Robyn's salary Reimbursement for travel expenses Interest on: Savings account Certificates of deposit Groceries 110 70 4,150 9,500 Rent Utilities...
a. Complete Part 2 of Form 940 based on the following information: (Round your answers to two decimal places, if necessary.) Total payroll for the year $913,590 $421,930 Payroll to employees in excess of $7,000 Employer contributions into employees' 401(k) plans $23,710 Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. Total payments to all employees Payments exempt from FUTA tax Select: Total of payments made to each employee in excess of...
Nontaxable Fringe Benefits (LO.4) Dow, 42, is a manager for Winter Company. In addition to his 2019 $81,000 salary, he receives the following benefits from Winter during the current year: • Winter pays all its employees' health and accident insurance Premium paid by Winter for Dow's health insurance are $1,300 • Winter provides all employees with group term life insurance coverage equal to their annual salary. Premiums on Dow's $81,000 in coverage are $810. • Winter has a flexible benefits...
form 1040, schedule 1, schedule B
2018 or 2019
1:4 61 Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by State University of Florida. She has the following items pertaining to her income tax return for the current year • Received a $30,000 salary from her employer, who withheld $4,200 federal income tax • Received a gift of 1,000 shares of Ace Corporation stock with a $100,000 FMV from her mother. She...
Chapter 2 Financial Planning Exercise 4 Preparing personal Income and expense statement Use Worksheet 2.2 Robyn and Matthew Scott are about to construct their income and expense statement for the year ending December 31, 2020. Robyn works full time while Matthew is finishing up graduate school. They have put together the following income and expense Information for 2020: $42,000 2,250 Robyn's salary Reimbursement for travel expenses Interest on: Savings account Certificates of deposit Groceries 110 70 4,150 9,500 Rent Utilities...
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