Samantha had more than one job in 2019 and as a result her FICA taxes were over withheld. The over withheld FICA taxes i...
Samantha had more than one job in 2019 and as a result her FICA taxes were over withheld. The over withheld FICA taxes is a tax credit.
True or False
Homework Answers
TRUE
The maximum FICA tax to be withheld in 2019 is $8,239.80
Any FICA amount withheld in excess of $8,239.80 due to more than one job is a tax credit.
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Samantha had more than one job in 2019 and as a result her FICA taxes were over withheld. The over withheld FICA taxes i...
1. Samantha is self-employed. She had a tax liability in 2014 of $17,000. For 2015, her...
1. Samantha is self-employed. She had a tax liability in 2014 of $17,000. For 2015, her business has grown and Samantha projects a 2015 tax liability of $31,000. If Samantha makes timely quarterly installments of estimated taxes of $1,500 or she will NOT be subject to underpayment penalties. True or False? 2. If a taxpayer's AGI is over $150,000 in 2015, he must make estimated tax payments for 2016 that are based on 110% of his 2015 tax liability in...
Laura had $3,000 of state income taxes withheld from her salary in 2019. Laura properly claimed...
Laura had $3,000 of state income taxes withheld from her salary in 2019. Laura properly claimed the standard deduction on her Form 1040 for 2019. Her 2019 state tax return (filed on April 15, 2020) showed an $1,000 refund, which she received on May 25, 2020. How much of the state tax refund should be included in income on her 2020 federal return? $400 $0 $100 $200 $600
Mark has two jobs during 2018. One employer withheld and paid FICA taxes on $80,200 of...
Mark has two jobs during 2018. One employer withheld and paid FICA taxes on $80,200 of Mark's salary and the other employer withheld and paid FICA taxes on $52,800 in salary paid to Mark. Calculate the amount of Mark's credit for the overpayment of Social Security taxes that he should claim on his 2018 Form 1040.
50. Joanne, a single individual, has $2,000 in state taxes withheld from her salary in 2019....
50. Joanne, a single individual, has $2,000 in state taxes withheld from her salary in 2019. Her total itemized deductions are $12,400. She claims the $2,000 as an itemized deduction on her 2019 tax return. In 2020, she receives a state income tax refund of $700. Under the tax benefit rule, she has to report income in 2020 of: a. $2,000. b. $700. c. $200. d. $-0-. e. $-0-, but she must file an amended 2019 tax return and reduce...
The following totals for the month of April were taken from the payroll records of Noll Company Salaries FICA taxes...
The following totals for the month of April were taken from the payroll records of Noll Company Salaries FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes $120,000 9,180 25,000 4 500 320 2,160 0 1) credit to Federal Unemployment Taxes Payable for $320. 2) debit to Federal Unemployment Taxes Expense for $320. 3) credit to Payroll Tax Expense for $320. 4) debit to Federal Unemployment Taxes Payable for $320.
• Charlie and Samantha are resident aliens, married, and want to file a joint return. •...
• Charlie and Samantha are resident aliens, married, and want to file a joint return. • They have three children. Harry is 8 years old and a resident alien. Sherry is 3 years old and Maria is 1 year old and both are U.S. citizens. All three children lived with their parents in the United States all year. Charlie, Samantha, and Harry have Individual Taxpayer Identification Numbers (ITINs). Sherry and Maria have Social Security numbers. • Charlie earned $38,000 in...
Problem 1 Charlie and Samantha are resident aliens, married, and want to file a joint return....
Problem 1 Charlie and Samantha are resident aliens, married, and want to file a joint return. They have three children. Harry is 8 years old and a resident alien. Sherry is 3 years old and Marie is 1 year old and both are US citizens. All three children lived with their parents in the US all year. Charlie, Samantha, and Harry have ITINs. Sherry and Maria have Social Security numbers. Charlie earned $38000 in wages and Samantha earned $11000 in...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. a. Gross Pay through August $ 5,200 18,900 112,900 Gross Pay for September $ 2,400 2,800 8,700 Compute BMX's amounts for each of these four taxes as applied to the employee's gross...
A $100 tax credit lowers your taxes owed by more than a $100 tax deduction. True...
A $100 tax credit lowers your taxes owed by more than a $100 tax deduction. True False
Question text If the rich pay more in taxes than the poor, the tax system could...
Question text If the rich pay more in taxes than the poor, the tax system could not be regressive. Select one: True False Question text If revenue from a cigarette tax is used to provide medical care to individuals that develop health problems due to smoking, the cigarette tax may be justified on the basis of the benefits principle of taxation. Select one: True False Question text Benjamin earned more than $50,000 and Franklin earned less than $40,000. If the...
The following totals for the month of April were taken from the payroll records of Noll Company Salaries FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes $120,000 9,180 25,000 4 500 320 2,160 0 1) credit to Federal Unemployment Taxes Payable for $320. 2) debit to Federal Unemployment Taxes Expense for $320. 3) credit to Payroll Tax Expense for $320. 4) debit to Federal Unemployment Taxes Payable for $320.
• Charlie and Samantha are resident aliens, married, and want to file a joint return. • They have three children. Harry is 8 years old and a resident alien. Sherry is 3 years old and Maria is 1 year old and both are U.S. citizens. All three children lived with their parents in the United States all year. Charlie, Samantha, and Harry have Individual Taxpayer Identification Numbers (ITINs). Sherry and Maria have Social Security numbers. • Charlie earned $38,000 in...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. a. Gross Pay through August $ 5,200 18,900 112,900 Gross Pay for September $ 2,400 2,800 8,700 Compute BMX's amounts for each of these four taxes as applied to the employee's gross...
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