a. The FICA taxes are = $23,000 X 7.65 % = $1759.50
b. Total Earning = $23,000
Standard deduction = $6300
Excemptions (per person)= $4050
Taxable Income = $23,000- $6300 - $4050 = $12650
Up to $9275@ tax rate 10% ,equals $927.50
($12650-$9275) @ tax rate 15% , equals $506.25
So, the Income Tax is = $927.50+$506.25 = $1433.75
c. Federal tax rate = ($1759.50+$1433.75)/$23000 = 13.88%
In 2016, to help pay for college, you worked part time at a local restaurant, earning $23,000 in wages and tips. Us...
n 2016, to help pay for college, you worked part-time at a local restaurant, earning $ 31 comma 000 in wages and tips. Use the following information to complete parts (a) through (c) below. For people who are not self-employed, the 2016 FICA tax rates were as follows: 7.65% on the first $118,500 from wages and tips 1.45% on income in excess of $118,500 Taxpayers are not permitted to subtract adjustments, exemptions, or deductions when determining FICA taxes. 2016 Marginal...
In 2012, to help pay for college, you worked part-time at a local restaurant, earning $23,000 in wages and tips. Use the following information to complete parts (a) through (c) below For people who are not self-employed, the 2012 Marginal Tax Rates, Standard Deductions, and Exemptions 2012 FICA tax rates were as follows: Tax Rate Single a. Calculate your FICA taxes The FICA taxes are $ For people wno are not seir-employed, the 2012 FICA tax rates were as follows:...
Homework: Section 1.2 Save Score: 0 of 1 pt 17 of 20 (17 complete) HW Score: 78 33%, 1567 of 20 pts X) 1.2.23 EQuestion Help In 2012 to help pay for college, you worked part-time at a local restaurant, earning $22.000 in wages and tips. Use the following information to complete parts (a) through (c) below or people who are not selfi-employed, the 12 FICA tax rates were as follows 2012 Marginal lax Rates, Standard Deductions, and Exemptions Tax...
Score: 0 of 1 pt 22 of 74 (21 complete) v 8.2.21 Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is self-employed and earns $168,000, what are the taxpayer's FICA taxes? Employee's Rates 7.65% on first S 118.500 of income Matching Rates Paid by the Employer 765% on first S 118,500 paid in wages Self-Employed Rates 15.3% on first $118,500 of net profits 1.45% of income in excess of $118,500 1.45% of...
his Question: 1 pl 8 of 14 (5 complete) Ise the 2016 marginal tax rates to compute the income tax owed by the following person Unmarried head of household with two dependent children Gross income: $68,000 Adjustments: none Deductions: 53431 state taxes 52000 theft loss 0 2016 Marginal Tax Rates Tax credit: 53000 Click the icon to view the 2016 marginal tax rates The income tax owed is (Type an integer or a decimal. Round to the nearest ca Tax...
X 8.2.11 2016 Marginal Tax Rates Use the 2016 marginal tax rates to compute the tax owed by the following couple A married couple fling jointly with a taxable income of $300,000 and a $7500 tax credit Click the icon to view the 2016 marginal tax rates The tax owed is (Type an integer or a decimal Round to the nearest cent as needed) Tax Rate 10% 15% 255 28 Unmarried, divorced, Married and each partner Married and both Unmarried...
this is the question TABLE 8.1 2016 Marginal Tax Rates. Standard Deductions, and Exemptions Daftarit, Married and Back dimarad, Partners legally served separate tax retur Married and the the Partners file single tak return Verarried and paying More than half the out of Supporting the partiet Married Filing Separately Tax Rate Single up to $9275 up to $9275 10% 15% 25% $9276 to $37,650 $37.651 to $91.150 $91.151 to $190,150 $190.151 to $413,350 $413,351 to $415.050 more than $415,050 28%...
A married couple filing jointly with a taxable income of $295,000 and a $6000 tax credit The tax code is mathxl.com mat142 26758 Test: Module 6A Test This Question: 1 pt 9 of 20 (17 complete) Use the 2016 marginal tax rates to compute the tax owed by the following couple. A married couple filing jointly with a taxable income of $295,000 and a $6000 tax credit Click the icon to view the 2016 marginal tax rates. The tax owed...
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 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),...