You are employed as a sales representative throughout 2020, with plus a commission on all your sales. Your commissions income in employer reimburses you for your hotel, meals, and airline costs. A promotion expenses are your expense as the employer will not pro reimbursement for these expenses. You use your own car for work. You receive an allowance for using $1,500 each month. The ending balance UCC of Class 10 is $16,0 2019.You estimate that for 2020 the total costs associated with driv Operating Costs Financing Costs Total $10,600 1,800 $12,400
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- During 2019, Jake Gore worked for two different employers. Until May, he worked for Wonderman Construction Company in Kansas City, Kansas, and earned 21,500. The state unemployment rate for Wonderman is 4.6%. He then changed jobs and worked for Buxmont Improvement Company in Mobile, Alabama, and earned 33,100 for the rest of the year. The state unemployment rate for Buxmont is 5.1%. Determine the unemployment taxes (FUTA and SUTA) that would be paid by: a. Wonderman Construction Company................................ _______ b. Buxmont Improvement Company.................................... _______Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.In 2020, Mr. Pacino was employed as account officer in a non-life insurance company. He received P8,000 basic monthly salary. In addition, he gets 5% of gross premium as commission on policies issued under his account. In 2020, gross premiums under his account totaled P4.2 million. He is likewise entitled to representation allowance of P1,000 a month. How much is to be included as gross income in 2020? Select one: а. Р318,000 b. exempt С. Р306,000 d. P96,000
- Thuy worked as the assistant manager at Burger Crown through August 2020 and received wages of $81,000. Thuy then worked at Up and Down Burger starting in September of 2020 and received wages of $61,500. Calculate the amount of Thuy's overpayment of Social Security taxes that she should report on her 2020 Form 1040. Round your answer to two decimal places.$fill in the blank 1Thuy worked as the assistant manager at Burger Crown through August 2021 and received wages of $81,000. Thuy then worked at Up and Down Burger starting in September of 2021 and received wages of $64,000. Calculate the amount of Thuy's overpayment of Social Security taxes that she should report on her 2021 Form 1040. Round your answer to two decimal places.Ann hires a nanny to watch her two children while she works at a local hospital. She pays the 19-year-old nanny $170 per week for 42 weeks during the current year. Do not round immediate computations and round your final answers to two decimal places. a. What is the employer's portion of Social Security and Medicare tax for the nanny that Ann should pay when she files her Form 1040 for 2018?$ b. What is the nanny's portion of the Social Security and Medicare tax?$
- You have just received a garnishment order for your employee Derek Jones. The gamishment order requires you to deduct and remit 17% of gross eanings less statutory deductions, from Derek's pay for court ordered family support payments. You are preparing the January 15", 2018 semi-monthly payroll and have the following information related to Derek Employee Information Employee Name Birth Date Derek Jones May 17, 1992 Pay Details Annual salary Vacation pay Gamishment order Pay schedule Employer name $45,000 6% paid each pay 17% Semi-monthly St. Johns Company located in Brandon, Manitoba Miscellaneous deductions RRSP deduction $4150.00 per month Union dues $430.00 per pay Additional information Federal tax (already calculated) $134.02 Provincial tax (already calculated) 5128.24 CPP deduction (already calculated) $84.60 El deduction (already calculated)- $34.87 Required: Calculate Derek's January 15h Net Pay Show and label your calculationsYou are required to manually calculate the wages for Aaron for the week ending 22 July 2022 based on the information provided below. A template is provided for recording the calculations. • Aaron's hourly rate is $45 per hour and he is paid overtime at time and a half for hours in excess of 38 hours each week. He claims the tax free threshold for this job and PAYG is to be deducted in accordance with ATO requirements • Aaron has a salary sacrifice agreement with his employer and sacrifices $80 per week to superannuation. As part of this agreement Superannuation Guarantee payments are paid on ordinary time earnings prior to salary sacrifice. • Aaron is paid a car allowance at the standard ATO rate of 78 cents per kilometre For the week ended 22nd July 2022 Aaron worked a total of 42 hours and travelled 35 kilometres for work in his car. Complete the pay calculations for the week in the table below. Ensure that your calculations for PAYG withholding and superannuation guarantee comply…Assume the year is 2021. Harold’s father, John, requires assistance at home 4 hours each day, 5 days a week. Harold hires Bernice to come to John’s home to assist him during that time. What category of worker is Bernice? What must Harold pay Bernice for one week? What taxes should Harold withhold from Bernice’s salary? What employment taxes does Harold have to pay on Bernice’s pay? Does Harold or Bernice owe FICA and in what amount depending on who has the responsibility? Do Harold or Bernice owe FUTA on her wages?
- For each independent situation, determine the amount, if any that is includible in the gross income of the employee. The employee of a motel has the choice of free lodging on the premises (fair market value $400 per week) or extra cash compensation. He is not required to live on premises. He chooses the lodging. An employee arranges to have his annual bonus, $1,000, paid directly to his son. His objective is to make a wedding gift to the son. An employee earns a salary of $500 per week. Pursuant to a court order, $100 of his salary goes to his ex-wife for child support.) Izzy works for Bee Gone Inc. In 2021, her annual salary is $40,000. In addition to her salary, her employer provides her with the following benefits in 2021: $5,000 of health insurance, $40,000 of group term life insurance, and $2,000 of child and dependent care services. Her employer also provides her with meals on Saturdays on the business premises to limit the time she is away from the front desk during busy times. These yearly value of these meals is $500. Izzy contributes $2,000 in 2021 towards a traditional IRA. Izzy files taxes as single. Her itemized deductions are $3,000 and the standard deduction for single filing status in 2021 is $12,550. What is Izzy's taxable income for 2021? 2) Ray owns a Chocolate store as a sole proprietor. In 2021, sales revenue equaled $100,000. The business had the following expenses in 2021: $2,000 of advertising, $15,000 of supplies, and $1,500 of insurance. Ray also incurred the following expenses related to the bakery. He traveled to a bakery…A call center agent receiving a monthly salary of P21,000 with mandatory annual deductions of P15,166, which includes SSS, PhilHealth, and Pag-Ibig contributions. What will be the amount for his annual gross income?