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- The 0.9 percent Medicare tax applies to: a.Earned income b.Tax exempt income c.Gain on the sale of a principal residence d.IRA distributionsWhich equation could be used to identify one of the following levels of Federal Income Tax withholding? PERCENTAGE METHOD FOR FIT WITHHOLDING - SINGLE PERSON WEEKLY PAYROLL PERIOD Allowance Rate = $63.46 Weekly Taxable Wage Over The amount of FIT withholding is -- ch w If he But not over... y rin $1 $0.00 0.10(gross pay - $51) $14.40 + 0.15(gross pay - 195) $81.90 0.20(gross pay - $645) $195 195 645 645 1,482 Select one: O A. FIT = 14.4 + 0.15g; where g = gross pay in dollars. O B. FIT = 81.9g +.2(645); where g = gross pay in dollars. O C. FIT = 81.9(0.20) + (g - 645); where g = gross pay in dollars. O D. FIT = 0.15g 14.85; where g = gross pay in dollars.27. Which of the following is a type of regular income tax a. Individual Income tax b. Corporate Income Tax c. Mixed Earner Income Tax O d. Both A and B 28. A taxpayer using GAAP cash - basis on a calendar year shall compute the taxable income using * a. Tax cash basis on a calendar year b. Tax cash basis on a fiscal year c. Tax accrual basis on a calendar year d. Tax accrual basis on a fiscal year
- A. Describe THREE (3)features of payroll taxes B. Explain the purpose of each of the following payroll taxes: Income Tax (PAYE) NIS NHT ED TAXWhat is the maximum that can be deducted as an above the line deduction for the amount that you pay to social security for self-employment taxes? a. 25% b. 100% C. 50% d. none e. 75%You pay personal taxes on your calculated ____ income. a. adjusted gross b. marginal c. taxable d. gross
- Find the amounts that are missing from this summary of an income tax return: a. Gross income $42,685 b. Adjustments to income $3,670 c. Adjusted gross income d. Deductions $8,978 e. Adjusted gross income less deductions f. Exemptions (4 $3,100) $12,400 g. Taxable income Vince Bottolito's adjusted gross income on his federal tax return was $53.748. He claimed the standard deduction of $4,850, and one exemption at $3,100. What was Vince's taxable income? The Valek's gross income last vear was $64.890. They had adjustments to income totaling S3.829. Their deductions totaled $12.502. and they had four exemptions at S3.100 each. Find their taxable income.What is the formula for finding taxable income when you are given allowances Select one: O A. Taxable Income = Gross Pay + (Allowances x $63.46) %3D O B. Taxable income Gross Pay - (Allowances x $63.46) %3D O C. Taxable Income Gross Pay/(Allowances x $63.46) O D. Faxable Income Gross Pay - (Allowances/$63.46) %3DQuestion 2a) Income tax is calculated as follows;Taxable Salary Rate of Tax (GH¢)First 1000 0. 05Next 1,000 0.10Next 3,000 0.25Next 4,000 0.40Remainder 0.60Calculate the tax on a taxable salary of;i. GH¢ 2,450ii. GH¢ 10,500 with GH¢ 450 as none taxable allowance. b) A card is picked at random from cards numbered from 1 to 20. Find the probability that the number on the card isi. divisible by 5ii. a prime number c) Find the following probabilities; P(0 < z < 2.32)
- 1. What self-employment tax rate is applied to earnings that exceed $142,800 in a year and also do NOT exceed the additional Medicare tax threshold? Answer: A. 15.3% B. 12.4% C. 2.9% D. 1.45% 2. What is the standard credit applied to the FUTA tax rate in non-credit reduction states? Answer: A. 0.6% B. 0.9% C. 5.4% D. 6% 3. An employer in a non-credit reduction state would pay FUTA taxes of _____ for an employee whose year-to-date earnings prior to the current period are $7,200 and who earns $1,100 during the current period. Answer: A. $0 B. $6.60 C. $43.20 D. $49.80Date 6. The percent of gross income that is deducted for income tax usually depends on the amount earned. Different ranges of income have different amounts of taxes deducted. Complete the following tables. Range of Annual Gross Income Percent of Taxable Income Going to Federal Income Tax from $0 to $ from $ to $ from $ to $ Income over $ Percent of Taxable Range of Annual Gross Income Going to Income Provincial Income Tax from $0 to $ from $ from $ Income over $ to $ to $Question 1: Which of the following appears on the W-3 Form but does not appear on the W-2 Form? Answer: A. O Federal income tax withheld В. O Kind of payer С. Social Security wages D. Dependent care benefits