Margaret Vanyo's gross pay is $37,000 a year. The state income tax rate is three and...
Margaret Vanyo's gross pay is $37,000 a year. The state income tax rate is three and a half percent of taxable wages. Vanyo takes a single exemption of $2,500. How much is withheld from her gross earnings for state income tax for the year?
|
a |
$1,110.00 |
|
b |
$1,020.55 |
|
c |
$1,065.00 |
|
d |
$1,207.50 |
Homework Answers
Option D : $1,207.5
Gross Pay = $37,000
Exemption = $ 2,500
Taxable = $34,500
Tax @ 3.5% = $1,207.5
Gross Pay is the total amount of wages paid to your employee before non-taxable pay, such as expense reimbursements or mileage reimbursements, or non-taxable deductions are taken into account.
Add Answer to:
Margaret Vanyo's gross pay is $37,000 a year. The state income
tax rate is three and...
Lonnie Flanagan's weekly gross pay is $1,250. Each week she has $64.37 in deductions, plus state...
Lonnie Flanagan's weekly gross pay is $1,250. Each week she has $64.37 in deductions, plus state tax of three percent of her gross pay, and Social Security and Medicare taxes of 8.65 percent of her income. What is her net pay? a 1,435.00 b $1,065.00 c $1,040.00 d $1,058.79
For tax purposes, "gross income" is all the money a person receives in a given year from any sour...
If any could please help with
question E & F
Answer for Question C is $37,500
For tax purposes, "gross income" is all the money a person receives in a given year from any source. But income taxes are levied or "taxable income" rather than gross income. The difference between the two is the result of many exemptions and deductions. To see how they work, suppose you made $50,000 last year in wages, earned $10,000 from investments, and were given...
FINANCIAL PLANNING PROBLEMS 1. Computing Taxable Income. Thomas Franklin arrived at the following tax information Gross...
FINANCIAL PLANNING PROBLEMS 1. Computing Taxable Income. Thomas Franklin arrived at the following tax information Gross salary, $41.780 Interest earnings, $225 Dividend income, $80 One personal exemption, $2,650 Itemized deductions, $3,890 Adjustments to income, $1,150 What amount would Thomas report as taxable income? (Obj.1) 2. Determining Tax Deductions. If Lola Harper had the fol lowing itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $6,050. (Obj. 2) Donations to church...
1. Daniel Simmons arrived at the following tax information: Gross salary: $62,250 Dividend income $140 Itemized...
1. Daniel Simmons arrived at the following tax information: Gross salary: $62,250 Dividend income $140 Itemized deductions: $7,000 Interest earnings $75 One personal exemption $4050 Adjustments to income $850 What amount would Daniel report as taxable income? 2. If Samantha jones had the following itemized deductions, should she use schedule A or standard deduction. The standard deduction for her tax situation is $6350. Donations to the church and other charities $3050. Medical and dental expenses exceeding 10% of adjusted gross...
Questions and Problems V. Ramon, a single taxpayer with no dependents, has adjusted gross income for...
Questions and Problems V. Ramon, a single taxpayer with no dependents, has adjusted gross income for 2019 of $98.000 and his itemized deductions total $19.000. What taxable income will Ramon show in 2019? a. $74,950 b. $74,850 c. $79,000 (d) $85 ano LO 1.4 c. $87,650 8. Ben is a single taxpayer with no dependents and is 32 years old. What is the minimum amount of income that he must have to be required to file a tax return for...
Determine the gross pay for each employee listed below. When necessary, round intermediate calculations and the...
Determine the gross pay for each employee listed below. When necessary, round intermediate calculations and the final answer to the nearest cent. Clay Jones is paid time-and-a-half for all hours over 40. He worked 45 hours during the week. His regular pay rate is $25 per hour. $ Mary James worked 48 hours during the week. She is entitled to time-and-a-half for all hours in excess of 40 per week. Her regular pay rate is $20 per hour. $ Lori...
Estimating taxable income, tax liability, and potential refund. Kara Hooks is 24 years old and single,...
Estimating taxable income, tax liability, and potential refund. Kara Hooks is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $55,000 as a sales assistant for Business Solutions: $3,910 of her wages was withheald for federal income taxes. In addition, she had interest income of $142. She takes the standard deduction. Calculate her taxable income, tax liability, and tax refund or owed. For your calculations, use a standard deduction of $6,100 and...
II. Monetary Policy and Explanation: ots. FEDERAL TAX SYSTEM. Tax 1. If the net profit from...
II. Monetary Policy and Explanation: ots. FEDERAL TAX SYSTEM. Tax 1. If the net profit from your business was $10,000 for this year and you added it to your personal taxable income of $135,000 for this year, according to the tax tables used in class, how much tax would you owe? a. Tax 1) Total Income (wages + capital gain profit from business + Interest income.) Exemption amount (Subtract from Total Income) Adjusted Gross Income (AGI) Family 1 (Does not...
Susie is single and has determined the following tax information for the year: regular gross salary...
Susie is single and has determined the following tax information for the year: regular gross salary - $30,000; customer tips - $1,500 ($1,000 received in her regular paychecks and $500 received in cash directly from customers); cash gift from her Papa - $2,000; interest earned - $20; Federal income tax refund - $600; Traditional IRA contribution - $1,000; personal exemption - $3,950; itemized deductions - $4,900; and standard deduction - $6,200. Using the above facts, what is Susie’s federal taxable...
For 2019 Annita has gross income of $100,000 and deduction of $160,000 for regular tax purposes....
For 2019 Annita has gross income of $100,000 and deduction of $160,000 for regular tax purposes. What are the tax consequences to Annita in the current year? Would the result have any impact on Annita’s tax liability in the prior year if it had taxable income in that year of $50,000? Suppose that for the following year Annita has taxable income from all activities in that year of 30,000. Assume the tax rate is a flat 21% of taxable income....
If any could please help with
question E & F
Answer for Question C is $37,500
For tax purposes, "gross income" is all the money a person receives in a given year from any source. But income taxes are levied or "taxable income" rather than gross income. The difference between the two is the result of many exemptions and deductions. To see how they work, suppose you made $50,000 last year in wages, earned $10,000 from investments, and were given...
FINANCIAL PLANNING PROBLEMS 1. Computing Taxable Income. Thomas Franklin arrived at the following tax information Gross salary, $41.780 Interest earnings, $225 Dividend income, $80 One personal exemption, $2,650 Itemized deductions, $3,890 Adjustments to income, $1,150 What amount would Thomas report as taxable income? (Obj.1) 2. Determining Tax Deductions. If Lola Harper had the fol lowing itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $6,050. (Obj. 2) Donations to church...
Questions and Problems V. Ramon, a single taxpayer with no dependents, has adjusted gross income for 2019 of $98.000 and his itemized deductions total $19.000. What taxable income will Ramon show in 2019? a. $74,950 b. $74,850 c. $79,000 (d) $85 ano LO 1.4 c. $87,650 8. Ben is a single taxpayer with no dependents and is 32 years old. What is the minimum amount of income that he must have to be required to file a tax return for...
II. Monetary Policy and Explanation: ots. FEDERAL TAX SYSTEM. Tax 1. If the net profit from your business was $10,000 for this year and you added it to your personal taxable income of $135,000 for this year, according to the tax tables used in class, how much tax would you owe? a. Tax 1) Total Income (wages + capital gain profit from business + Interest income.) Exemption amount (Subtract from Total Income) Adjusted Gross Income (AGI) Family 1 (Does not...
Most questions answered within 3 hours.
-
In Netherland Dwarf rabbits, dwarf size is determined by allele
N, and normal-size by allele n....
asked 3 minutes ago -
During Heaton Company’s first two years of operations, it
reported absorption costing net operating income as...
asked 18 minutes ago -
Consider testing the
hypotheses:
H0: p = 0.56
H1: p > 0.56
where p is
the...
asked 21 minutes ago -
In a two-factor analysis of variance a main effect is defined as
____.
a. the unique...
asked 28 minutes ago -
A bank's loan officer rates applicants for credit. The ratings
are normally distributed with a mean...
asked 29 minutes ago -
Fill in the following information for Adipic Acid: molecular
weight, g or ml, mole, melting point,...
asked 34 minutes ago -
how
to use a for loop to iterate over the string below and print each
character...
asked 36 minutes ago -
Please type answer, Thanks.
Respond to the following in a minimum of 175
words:
Research industry...
asked 35 minutes ago -
Assume that all interest rates in the economy increase from 9
percent to 10 percent. Which...
asked 45 minutes ago -
Describe the function of a Change Control Board.
When calculating Planned Value (PV), what is the...
asked 51 minutes ago -
The customer help center in your company receives calls from
customers who need help with some...
asked 1 hour ago -
A manufacturer wished to compare the wearing qualities of two
different types of automobile tires, A...
asked 1 hour ago