Option ( C )
Vivian here is treated as an independent contractor as she is being paid on hour basis. Payment made to her depends on the number of hours she worked. And as she is an independent contractor, she cannot get fixed salary and she has to pay her own federal income taxes and self employment tax.
Indira and Joe hire Vivian as a care-taker for Indira's mother. Vivian works 10 hours per...
During the first week of January, an employee works 49 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $20 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45%...
During the first week of January, an employee works 47 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $15 per hour and her wages are subiect to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45%...
Read and respond to the following in a 500 word essay no later than midnight March 08 2020. Many small business have to squeeze down cost any way they can just to survive. One way many business' do this is to hire workers as "independent contractors," rather than as regular employees. Unlike rules for regular employees, a business does not have to pay Social Security taxes(FICA) and unemployment insurance payments for independent contractors. Similarly, it does not have to withhold...
During the first week of January, an employee works 48 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $10 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45%...
During the first week of January, an employee works 44 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $14 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45%...
12. Joe and Kathy are married and domiciled in California. Joe works full-time in Arizona and has nonresident status while Kathy remains a California resident. Joe earned $66,000 in 2017 and Kathy earned $32,000. Which of the following statements is true with respect to Kathy and Joe? A. Kathy need only pay California income tax on her earnings of $32,000 B. Kathy must pay income tax on all of her earnings plus one-half of Joe’s earnings based on community income....
What’s the answers 7) Hank eams $24.00 per hour with time-and-a-half for hours in excess of 40 per week. He 50 hours at hisjab during the first week of March 2018. Hark pays income taxes at 15% a 0,1 for OASDI and Medicare. All of his income is taxable under FICA. Determine Hank's net and 766% the week. (Do not round any intermediate calculations, and round your final answer to the neare cent.) A) $1122.00 B) $799.80 C) $1021.0 D)...
R ACC 203 - 204 Exa... ... 0. The payroll taxes the employer is responsible for are: a) FICA, SUTA, and FUTA b) FICA, FIT, and Sir. c) FICA, workers compensation, and FIT. d) None of these answers are correct. "1. The FICA rate for an employer is: a) twice the individual rate. b) equal to the employee rate. c) 7.25% d) 6.2% 2. The Federal Unemployment Tax is: a) pald by the cmployer. b) paid by employees c) paid...
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...
Many small businesses have to squeeze down costs any way they can just to survive. One way many businesses do this is by hiring workers as “independent contractors” rather than as regular employees. Unlike rules for regular employees, a business does not have to pay Social Security (FICA) taxes and unemployment insurance payments for independent contractors. Similarly, it does not have to withhold federal, state, or local income taxes or the employee’s share of FICA taxes. The IRS has a...