In 2017 a tax payer received $1000 of tips that should of been reported to the employer, but did ...
in 2017 a tax payer received $1000 of tips that should of been reported to the employer, but did not. other income for the year was $20000. how much additional social security tax will the taxpayer pay when she completes form 4137.
Homework Answers
Social Security Tax rate in United States is 6.2%
Since $1000 was not Included in Taxable Income so Social Security Tax will be 6.2% of $1000 = (1000 x 6.2)/100 = $62.
Social Security tax on other Income $20000 is 6.2/100*20000 = $1240
So Total Additional tax to be paid is 1240+62 = 1302$
Add Answer to:
In 2017 a tax payer received $1000 of tips that should of been reported to the employer, but did ...
Please answer all the questions that you can, thank you so much - How are employer-sponsored...
Please answer all the questions that you can, thank you so much - How are employer-sponsored saving plans different from a pension plan? -What is included in Gross Pay If you are paid every two weeks (bi-weekly) how many paychecks do you get a year? -What is the current Social Security Tax Rate and Medicare Tax Rate? -Look up the current 2020 caps for social Security and Medicare? What are they for each -Which tax provides for medical benefits? A....
Federal taxation HELP please 1040 form and schedules for 2017 tax return Alice Johnson, Social Se...
federal taxation HELP please 1040 form and schedules for 2017 tax return Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by State University of Florida. She has the following items pertaining to her income tax return for the current year: Received a $30,000 salary from her employer, who withheld $4,200 federal income tax. . Received a gift of 1,000 shares of Ace Corporation stock with a $100,000 FMV from her mother. She...
a city received 720,000,000 in tax revenue in 2017. how much tax revenue did the city...
a city received 720,000,000 in tax revenue in 2017. how much tax revenue did the city received when measured in billions of dollars
As a wage earner, the taxpayer pays Federal income tax by having it withheld from his...
As a wage earner, the taxpayer pays Federal income tax by having it withheld from his or her pay during the year. The withholding is based on the number of allowances he or she claims when filing Form W-4 - Employee's Withholding Allowance Certificate, with an employer. All of the following are true regarding the completion of Form W-4 except: A. A taxpayer can claim any number of allowances B. If the taxpayer has not changed jobs, he or she...
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...
Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant...
Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 11-1111111). She also writes computer software programs for tax practitioners and has a part-time tax practice. Beth is single and has no dependents. Beth's birthday is July 4, 1972, and her Social Security number is 123-45-6785. She wants to contribute $3 to the Presidential Election Campaign Fund. The following information is...
Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant...
Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 11-1111111). She also writes computer software programs for tax practitioners and has a part-time tax practice. Beth is single and has no dependents. Beth's birthday is July 4, 1972, and her Social Security number is 123-45-6785. She wants to contribute $3 to the Presidential Election Campaign Fund. The following information is...
Patty Banyan is a single taxpayer, age 35, living at 543 Space Drive, Houston, TX 77099....
Patty Banyan is a single taxpayer, age 35, living at 543 Space Drive, Houston, TX 77099. Her Social Security number is 466-33-1234. For 2018, Patty has no dependents, and received a W-2 from her job at a local restaurant where she parks cars. These wages are Patty's only income for 2018. Required: Complete Form 1040 for Patty Banyan for the 2018 tax year. She wants to donate $3 to the Presidential Election Campaign Fund. The election to donate does not...
Jones Individual Tax Return
Please complete the 2018 federal income tax return for Tim and Linda Jones. Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable assumptions to fill in the gaps. Tim and Linda Jones live in Dyer brook, Maine. Tim is the Vice-President of Sales at a small start-up company. Linda is a former advertising executive who currently consults with former clients. The Joneses have three children Holly...
Use the following information to complete Rhonda Hill's 2018 federal income tax return. If information is...
Use the following information to complete Rhonda Hill's 2018 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps. The forms, schedules, and instructions can be found at the IRS Web site (www.irs.gov). The instructions can be helpful in completing the forms. Facts: Rhonda Hill (unmarried) is employed as an office manager at the main office of Carter and Associates CPA firm. Rhonda lives in a home she purchased 20 years ago. Rhonda's older...
federal taxation HELP please 1040 form and schedules for 2017 tax return Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by State University of Florida. She has the following items pertaining to her income tax return for the current year: Received a $30,000 salary from her employer, who withheld $4,200 federal income tax. . Received a gift of 1,000 shares of Ace Corporation stock with a $100,000 FMV from her mother. She...
Most questions answered within 3 hours.
-
A chemical equation is balanced by adding coefficients in front
of some formulas so that the...
asked 53 seconds from now -
From the literature (reference your sources): What are the
lattice parameters of calcite and aragonite? Why...
asked 39 minutes ago -
Your system is rejecting the question am asking which is
preceded by a case study. It...
asked 43 minutes ago -
3. On January 2, 2000, Larry creates a trust with himself as
trustee. Larry as trustee...
asked 40 minutes ago -
A member of the volleyball team spikes the ball. During this
process, she changes the velocity...
asked 47 minutes ago -
Are adult gamers less likely to use a gaming console (Xbox,
PlayStation, Wii, etc...) than teen...
asked 1 hour ago -
The University of
Texas recently reported that 43% of college students aged 18-24
would spend their...
asked 1 hour ago -
The length of stay at a specific emergency department in
Phoenix, Arizona, in 2009 had a...
asked 1 hour ago -
. Please give the mechanism for this type of problem. Step by
Step
The toxin that...
asked 1 hour ago -
If you have a 1M stock solution and you want to dilute 1 :10
with water,...
asked 1 hour ago -
In a load instruction, the effective address is obtained by
A) Retriving the address from a...
asked 1 hour ago -
Use the following information to answer this question.
Windswept, Inc. 2017 Income Statement ($ in millions)...
asked 1 hour ago