Homework Answers
Russian income tax is an example of proportional tax.
Proportional income tax is a tax policy where same level of taxes are levied from income irrespective of the amount of income. It is a tax levied on all classes of income be it lower class or higher class. In Russia, 13% of income is levied on income of all individuals.
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Which of the following is an example of a proportional tax? The U.S. Federal Income Tax....
Payroll taxes paid by employees include which of the following? O Federal income tax, federal unemployment...
Payroll taxes paid by employees include which of the following? O Federal income tax, federal unemployment tax, and Medicare O Social security, federal unemployment tax, and state unemployment tax O Social security, federal income tax, and federal unemployment tax O Federal income tax withheld, state income tax withheld, and Medicare Which of the following statements about bonds and notes is not correct? O A company can borrow the funds necessary to finance its activities using bonds or promissory notes O...
Single Taxpayer: Employee Employer Gross Wages 250,000 Federal income tax (W-4) State income...
Single Taxpayer: Employee Employer Gross Wages 250,000 Federal income tax (W-4) State income tax (M-4) Social Security tax Medicare tax Additional medicare tax Other EE deductions Health insurance for example (50% EE/50% ER) Net pay FUTA @ .6% SUTA @ 5.4% Total payroll tax expense It is very important for all individuals and especially, accounting professionals/CPAs to understand how payroll works. Use the attached Excel file to complete these payroll tax calculations - proper Excel utilization is required. Assume the...
Which of the following have the broadest tax base? Federal income tax Federal payroll tax Federal...
Which of the following have the broadest tax base? Federal income tax Federal payroll tax Federal excise tax on gasoline Federal excise tax on airline fares
2. (CPA) Which of the following is generally not subject to federal income tax? a. cash...
2. (CPA) Which of the following is generally not subject to federal income tax? a. cash proceeds from inheritance. b. interest on federal income tax refund. c. interest on Ohio state bonds. d. more than one choice (a-c) is correct
How do you find the federal income tax deduction? I’ve looked up this question to see but each question i’ve found is an...
How
do you find the federal income tax deduction? I’ve looked up this
question to see but each question i’ve found is answered
differently.
The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30, 2017. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2 %) , Medicare tax (1.45%), federal income tax withholding, state income tax (1.0 %), and net pay for the...
Please match tax with type Federal US personal income tax Social security A) Progressive Property tax...
Please match tax with type Federal US personal income tax Social security A) Progressive Property tax B) Proportional Corporate tax (in the aspect of declining capital accumulation) Regressive Sales tax Medicare
Which of the following Federal Government budget items is classified as Discretionary Spending?
Which of the following Federal Government budget items is classified as Discretionary Spending? Social Security Benefits National Defense Maintaining interstate highways more than one of these answers are correct Net Interest
5. The federal unemployment tax is levied on a. employees and employers. b. employers and is...
5. The federal unemployment tax is levied on a. employees and employers. b. employers and is deducted from employees' earnings. c. employees and is deducted from customer payments. d. employers and is not deducted from employees' earnings. 6. A self-employment tax is required of an individual who owns his or her own business and makes a. $400 or more. b. $1 or more. c. $1,000 or more. d. $200 or more. 7. Which of the following tax programs often has...
Which of the following is not a current liability? Sales tax payable; Payroll taxes payable; c....
Which of the following is not a current liability? Sales tax payable; Payroll taxes payable; c. Unearned revenues; D. Allowance for doubtful accounts. B. Which of the following is not a current liability? Discount on Bonds Payable due in 7 years; Wages Payable; Estimated Warranty Payable for items sold with a one year warranty: Out of court litigation settlement liability due to be paid next month. B. Page 2 of 6 Which of the following is not a payroll tax...
A. Which of the following is not a payroll tax expense to the employer? State unemployment...
A. Which of the following is not a payroll tax expense to the employer? State unemployment taxes. B. Federal unemployment taxes. Social Security and Medicare taxes. Federal income taxes withheld from employee paychecks.
Payroll taxes paid by employees include which of the following? O Federal income tax, federal unemployment tax, and Medicare O Social security, federal unemployment tax, and state unemployment tax O Social security, federal income tax, and federal unemployment tax O Federal income tax withheld, state income tax withheld, and Medicare Which of the following statements about bonds and notes is not correct? O A company can borrow the funds necessary to finance its activities using bonds or promissory notes O...
How
do you find the federal income tax deduction? I’ve looked up this
question to see but each question i’ve found is answered
differently.
The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30, 2017. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2 %) , Medicare tax (1.45%), federal income tax withholding, state income tax (1.0 %), and net pay for the...
Please match tax with type Federal US personal income tax Social security A) Progressive Property tax B) Proportional Corporate tax (in the aspect of declining capital accumulation) Regressive Sales tax Medicare
Which of the following is not a current liability? Sales tax payable; Payroll taxes payable; c. Unearned revenues; D. Allowance for doubtful accounts. B. Which of the following is not a current liability? Discount on Bonds Payable due in 7 years; Wages Payable; Estimated Warranty Payable for items sold with a one year warranty: Out of court litigation settlement liability due to be paid next month. B. Page 2 of 6 Which of the following is not a payroll tax...
A. Which of the following is not a payroll tax expense to the employer? State unemployment taxes. B. Federal unemployment taxes. Social Security and Medicare taxes. Federal income taxes withheld from employee paychecks.
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