Homework Answers
Answer is 75,000.
Health insurance premium paid by employer is not included in gross Total income
If 401k plans exempts contributions form federal tax with holding,then your contributions are not part of your gross income,otherwise it is included in gross Total income.
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Michelle is an employee at ABC College. She earns a salary of $75,000. Her employer pays...
K receives certain employment benefits in addition to a salary. During the current year, her employer...
K receives certain employment benefits in addition to a salary. During the current year, her employer paid for the following benefits: Premium of $200 for group sickness and accident insurance coverage, Annual dues of $1,500 for fitness club membership for personal use, Psychologist fee of $1,100 for mental health counseling for K’s son, and Premium of $800 for a private health services plan. What amount, with respect to the benefits, is included in K’s employment income for tax purposes?
Brad Young is married with one withholding, earns $3,600 per month. Brad's employer pays him on...
Brad Young is married with one withholding, earns $3,600 per month. Brad's employer pays him on a semimonthly basis. He has two pre-tax deductions: qualified health insurance deductions of $100 per pay and a 5% 401(k) contribution. Brad will pay $157 in fedeal taxes. Required: What is Brad's Net pay? Round calculations to 2 decimal places and share calculations. Employee Name Married/Single # of withhold Wages Gross Insurance 401(k) Federal taxable wage FICA taxable wages Federal WH Social Security WH...
Brad Young is married with one withholding, earns $3,600 per month. Brad's employer pays him on...
Brad Young is married with one withholding, earns $3,600 per month. Brad's employer pays him on a semimonthly basis. He has two pre-tax deductions: qualified health insurance deductions of $100 per pay and a 5% 401(k) contribution. Brad will pay $157 in federal taxes. Required: What is Brad's net pay? Round calculations to 2 decimal places and share calculations. Employee Name: Brad Young Married # of withholding: 1 Wages: ??? Gross: ??? Insurance: $100 401(k): 5% Federal Taxable wages: ???...
Brad Young is married with one withholding, earns $3,600 per month. Brad’s employer pays him on...
Brad Young is married with one withholding, earns $3,600 per
month. Brad’s employer pays him on a semimonthly basis. He has two
pre-tax deductions: qualified health insurance deductions of $100
per pay and a 5% 401(k) contribution. Brad will pay $157 in federal
taxes. What is Brad’s Net pay? Round calculations to 2 decimal
places.
social Medicare Federal FICA Federal Employee NameMarried / Single withhold age Grs Insurance Taxable Taxable Wages Wages WH WHİWH|Net Pay
25. Michelle works for a company that contributed $3,000 to her health savings account (HSA). The...
25. Michelle works for a company that contributed $3,000 to her health savings account (HSA). The account earned $100 in interest during the year. Michelle withdrew only $1,800 to reimburse her for medical expenses not covered by her medical insurance plan. Michelle is not required to recognize any gross income from the HSA for the year. a. True b. False 26. Samantha was the beneficiary of a life insurance policy on the life of her deceased husband. She elected to...
Brooke Bennington works for ABC all year and earns a monthly salary of $12,400. There is...
Brooke Bennington works for ABC all year and earns a monthly salary of $12,400. There is no overtime pay. Brocke's income tax withholding rate is 15% of gross pay. In addition to payroll taxes, Brooke elects to contribute 4% monthly to United Way. ABC also deducts $150 monthly for co-payment of the health insurance premium. As of September 30, Brooke had $111,600 of cumulative eamings. (Click the icon to view payroll tax rate information.) Read the reauirements. Requirement 1. Compute...
Questions 10-13. DIRECTIONS: Answer Questions 10 through 13 based on the information below. Salary expense was...
Questions 10-13. DIRECTIONS: Answer Questions 10 through 13 based on the information below. Salary expense was listed as a total of $27,600 for the month of June 2018. Withholding taxes were determined to be $7,250 for Income taxes and $1,170 for FICA taxes with held from employees. Payroll deductions for employee pension fund contribution amounted to $2,500. Assume the employer's FICA tax share is equal to the employees' and that the employer's share of pension costs is double that of...
complete the work sheet Employee #1 Colin Forth, 40 years old Annual Salary $80,000 Married with...
complete the work sheet Employee #1 Colin Forth, 40 years old Annual Salary $80,000 Married with a 10-year-old son Studied part-time at Humber College for 2 months, and paid tuition fees of $1,500. Spouse, Emma has $65,000 income Employee #2 Renata Hoover, 45 years old Annual Salary $70,000 Single Studied full-time at University of Toronto for 4 months, paid tuition fees of $4,500 Renata’s 75-year-old father lives with her. Her father qualifies for disability tax credit and has no income....
Problem 5-43 (LO. 2,5) Bertha is considering taking an early retirement offered by her employer. She...
Problem 5-43 (LO. 2,5) Bertha is considering taking an early retirement offered by her employer. She would receive $3,000 per month, indexed for inflation. However, she would no longer be able to use the company's health facilities, and she would be required to pay her hospitalization insurance premiums of $8,000 each year. Bertha and her husband will file a joint return and take the standard deduction. She currently receives a salary of $55,000 a year. If she retires, she will...
Problem 5-43 (LO. 2,5) Bertha is considering taking an early retirement offered by her employer. She...
Problem 5-43 (LO. 2,5) Bertha is considering taking an early retirement offered by her employer. She would receive $3,000 per month, indexed for inflation. However, she would no longer be able to use the company's health facilities, and she would be required to pay her hospitalization insurance premiums of $8,000 each year. Bertha and her husband will file a joint return and take the standard deduction. She currently receives a salary of $55,000 a year. If she retires, she will...
Brad Young is married with one withholding, earns $3,600 per
month. Brad’s employer pays him on a semimonthly basis. He has two
pre-tax deductions: qualified health insurance deductions of $100
per pay and a 5% 401(k) contribution. Brad will pay $157 in federal
taxes. What is Brad’s Net pay? Round calculations to 2 decimal
places.
social Medicare Federal FICA Federal Employee NameMarried / Single withhold age Grs Insurance Taxable Taxable Wages Wages WH WHİWH|Net Pay
25. Michelle works for a company that contributed $3,000 to her health savings account (HSA). The account earned $100 in interest during the year. Michelle withdrew only $1,800 to reimburse her for medical expenses not covered by her medical insurance plan. Michelle is not required to recognize any gross income from the HSA for the year. a. True b. False 26. Samantha was the beneficiary of a life insurance policy on the life of her deceased husband. She elected to...
Brooke Bennington works for ABC all year and earns a monthly salary of $12,400. There is no overtime pay. Brocke's income tax withholding rate is 15% of gross pay. In addition to payroll taxes, Brooke elects to contribute 4% monthly to United Way. ABC also deducts $150 monthly for co-payment of the health insurance premium. As of September 30, Brooke had $111,600 of cumulative eamings. (Click the icon to view payroll tax rate information.) Read the reauirements. Requirement 1. Compute...
Questions 10-13. DIRECTIONS: Answer Questions 10 through 13 based on the information below. Salary expense was listed as a total of $27,600 for the month of June 2018. Withholding taxes were determined to be $7,250 for Income taxes and $1,170 for FICA taxes with held from employees. Payroll deductions for employee pension fund contribution amounted to $2,500. Assume the employer's FICA tax share is equal to the employees' and that the employer's share of pension costs is double that of...
Problem 5-43 (LO. 2,5) Bertha is considering taking an early retirement offered by her employer. She would receive $3,000 per month, indexed for inflation. However, she would no longer be able to use the company's health facilities, and she would be required to pay her hospitalization insurance premiums of $8,000 each year. Bertha and her husband will file a joint return and take the standard deduction. She currently receives a salary of $55,000 a year. If she retires, she will...
Problem 5-43 (LO. 2,5) Bertha is considering taking an early retirement offered by her employer. She would receive $3,000 per month, indexed for inflation. However, she would no longer be able to use the company's health facilities, and she would be required to pay her hospitalization insurance premiums of $8,000 each year. Bertha and her husband will file a joint return and take the standard deduction. She currently receives a salary of $55,000 a year. If she retires, she will...
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