Answer 1) his total income from employment I.e salary income is $198000
And income from business is $34000
So his total payroll income will be (198000+34000=232000 $)
Answer 2)
In this year Cheng had a loss of $9000 and income from salary is $198000
So his payroll income will be ($198000-$9000)=$189000
Answer 3 His NIIT will be summation of all income he earns
Wages $198000 + self business income $ 34000 +NII $6000=$238000
Exercise 13-31 (b) (LO. 5) Cheng is an employee of KaTuk Corporation. He also has his...
Exercise 13-31 (b) (LO. 5) Cheng is an employee of KaTuk Corporation. He also has his own business working as a caterer. For 2020, Cheng's wages from KaTuk were $198,000. His self-employment income was $34,000. If required, round any computations to two decimal places. Round final answers to the nearest dollar. a. Compute the total payroll, self-employment, and additional Medicare taxes for Cheng for 2020. 12,682 → Feedback Check My Work Payroll (employment) taxes can be a significant cost for...
Exercise 13-31 (LO. 5) Andrea is an employee of Fern Corporation and single. She also has her own business working as a life coach. For 2020, Andrea's wages from Fern were $210,000. Her self-employment income was $30,000 (line 4, Form SE, based on 92.35% of net earnings as a life coach). If required, round any computations to two decimal places. Round final answers to the nearest dollar. a. Compute the total payroll, self-employment, and additional Medicare taxes for Andrea for...
Volker is an employee of Equus Corporation. He also has his own business working as a ferrier. For 2019, Volker's wages from Equus were $148,000. His self-employment income was $36,500. If required, round any computations to two decimal places and use in subsequent computations. Round final answers to the nearest dollar. If an amount is zero, enter "0". a. Compute the total payroll, self-employment, and additional Medicare taxes for Volker for 2019. b. Assume the same facts except that Volker's...
Lenny Florita, an unmarried employee, works 50 hours in the week ended January 12. His pay rate is $12 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims four withholding allowances. Compute his regular pay, overtime pay (Lenny earns $18 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1,45% for the Medicare portion),...
Lenny Florita, an unmarried employee, works 47 hours in the week ended January 12. His pay rate is $12 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims four withholding allowances. Compute his regular pay, overtime pay (Lenny earns $18 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion),...
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...
Lenny Florita, an unmarried employee, works 47 hours in the week ended January 12. His pay rate is $12 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims four withholding allowances. Compute his regular pay, overtime pay (Lenny earns $18 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion)....
Lenny Florita, an unmarried employee, works 52 hours in the week ended January 12. His pay rate is $16 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims two withholding allowances. Compute his regular pay, overtime pay (Lenny earns $24 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion),...
RE RC mon Problem 54. John Smith, age 31, is single and has no dependents. At the beginning of 2020, John sion Making started his own excavation business and named it Earth Movers, John lives at 1045 Center Street, Lindon, UT, and his business is located at 381 State Street, Lindon, munications UT. The Zip Code for both addresses is 84012. John's Social Security number is 111-11-1111, and the business identification number is 11-1111111. John is a cash basis taxpayer....
Alexander Wilson operates Metroplex Courier and Delivery Service. He has four employees who are paid on an hourly basis. During the workweek beginning December 15 and ending December 21, 2019, his employees worked the number of hours shown below Information about their hourly rates, marital status, and withholding allowances also appears below, along with their cumulative earnings for the year prior to the December 15-21 payroll period. Consider any hours worked beyond 40 in the week as overtime hours and...