1. Suppose a business wants to provide $2000 a month per employee for indemnity health insurance. All employees of the firm pay 25% of their wages in income taxes. Under current Internal Review Service (IRS) rules, how much tax will each employee have to pay for this insurance coverage?
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A: Solution:- Given, Salary = $132,000/year other employees earn = $45,000 each
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A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
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A: Answer:
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A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…
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A: As per our protocol and guidelines we provide solution to the one question only but you have asked…
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A: Given that: Per week pay = $3150 Social security tax rate = 6.2% Medicare tax rate = 1.45%
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A: Formula: Salary after taxes = Gross salary - taxes
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Q: 1.A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
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Q: A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
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- suppose a certain a government employee earns a cna of 18,000 290 1.0.9 at 13th month pay of 27891 has other group from benefits amounting to 10,000, how much of his benefit s is taxable? How much is non taxable? If his tax is 0.08. How much is his tax and what is his net amount for his benefit?1. General Motors offers this employee group term life insurance (GTLI) with a face amount of $100,000, General Motors paid $100 per $10,000 of face amount per year (i.e., $1000) for the GTLI. What will be the yearly personal income tax liability for this employee? a. $0 b. $150 c. $300 d. $15,000 e. $30,000 2. General Motors provides long term disability insurance for this employee. The contract states that this employee will earn $3000 per month ($36,000 per year) if they become disabled. General Motors paid the entire premium cost of $1000 per year. If this employee should become disabled, what would be their yearly personal income tax liability? A. $0 B. $300 C. $900 D. $3600 E. $10,800Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is self-employed and earns $156,000, what are the taxpayer's FICA taxes? Employee's Rates 7.65% on first $142,800 of income 1.45% of income in excess of $142,800 Matching Rates Paid by the Employer 7.65% on first $142,800 paid in wages 1.45% of wages paid in excess of $142,800 Self-Employed Rates 15.3% on first $142,800 of net profits 2.9% of net profits, in excess of $142,800 The FICA taxes are $ (Round to the nearest cent as needed.)
- Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not self-employed and eams $140,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer Employee's Rates 7.65% on first $142,800 of 7.65% on first $142,800 paid income in wages 1.45% of income in excess of $142,800 1.45% of wages paid in excess of $142,800 The taxpayer's FICA taxes are $ (Round to the nearest cent as needed.) RTLA Self-Employed Rates 15.3% on first $142,800 of net profits 2.9% of net profits in excess of $142,800enrollment_id=80494010#m02c-taxes-for-gig-workers/a01/p06 Taxes for Gig Workers Estimated Tax Payments As an employee, some of your taxes are paid with each paycheck throughout the year. But as a self- employed business owner, you need to estimate what you will need to pay in the upcoming year and make payments four times a year, or quarterly. If Chinwe owes $2,164.00, what would her quarterly payments be? for might thvor Type in payment amounts in each open field. Payment of Payment of Payment of Submit April 15 hp June 15 September 15 Not Quite. Divide Chinwe's tax bill into four equal payments Each payment should be for the same amount and typed into all fields1. An employee whose current-year earnings subject to Social Security tax are $137,900 and whose earnings subject to Social Security tax during the current period are $6,450, owes Social Security tax of $_______ . 2. A small business, for which the SIMPLE IRA plan is designed, consists of fewer than _____ employees. Answer: A. 50 B. 100 C. 500 D. 1,000 3. The income threshold for Additional Medicare Tax levied is based on the _____. Answer: A. age of the employee B. amount in the employee's Social Security account C. Social Security income threshold D. employee's tax return filing status
- Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not self-employed and earns $149,000, what are the taxpayer's FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $142,800 of 7.65% on first $142,800 paid 15.3% on first $142,800 of net income in wages 1.45% of income in excess 1.45% of wages paid in of $142,800 excess of $142,800 profits 2.9% of net profits in excess of $142,800 + The taxpayer's FICA taxes are $ (Round to the nearest cent as needed.)9. Compute the prescribed minimum withholding tax of a manager whose monthly salary is P120 000 with transportation allowance of P20 000 and cost of living allowance of P25 000. How much will be her net earnings?Problem Solving. 1. Ms. Beta earned an annual compensation income of P1,140,000, net of statutory payments. Tax exempt 13th month pay and other bonuses – P95,000. How much is the taxable compensation income? 2. Assuming that Ms. Beta's employer already withheld half of her income tax due, how much is the remaining income tax due and payable? 3. How much is Ms. Beta's income tax due?
- A taxpayer filed his income tax return in October 28, 2022. The deadline for the return was April 15, 2022. If he has P40,000 net tax due, compute the penalties in the form of interest. What is the total surcharge penalty? P0 P10,000 P8,000 P20,000 ADD EXPLANATION, THANKSUse the 2012 FICA tax rates, shown below, to answer the following question. If you are not self-employed and earn $118,000, what are your FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 5.65% on first $110,000 7.65% on first $110,000 paid in of income 13.3% on first $110,000 of net profits wages 1.45% of income in excess of $110,000 1.45% of wages paid in excess of 2.9% of net profits in excess $110,000 of $110,000 FICA taxes are $: (Type an integer or a decimal. Round to the nearest cent as needed.)1. soru At the end of 2019, The Business with 20% Corporate tax rate has Expenses: TL3.150.000 and Revenues: TL3.375.000. How much is the Tax Payable if the business prepaid income tax of TL15.000 during the accounting period? a.TL30.000 b.TL15.000 c.TL45.000 d.TL60.000