Bill Mason is considering two job offers. Job 1 pays a salary of $38,800 with $5,016 of nontaxable employee benefits. Job 2 pays a salary of $36,900 and $6,180 of nontaxable benefits. Use a 15 percent tax rate.
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Bill Mason is considering two job offers. Job 1 pays a salary of $38,800 with $5,016 of nontaxable employee benefits. Job 2 pays a salary of $36,900 and $6,180 of nontaxable benefits. Use a 15 percent tax rate.
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- Bill Mason is considering two job offers. Job 1 pays a salary of $38,800 with $5,016 of nontaxable employee benefits. Job 2 pays a salary of $36,900 and $6,180 of nontaxable benefits. Use a 15 percent tax rate. Calculate the monetary value of each job. Which position would have the higher monetary value?Mandy Feng employs Jay Johnson at a salary of $35,000 a year. Feng is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on Johnson's salary. In addition, Feng must pay SUTA tax at a rate of 5.4% and FUTA tax at a rate of 0.6% on the first $7,000 of Johnson's salary. Compute the total cost to Feng of employing Johnson for the year.Hobby Hut has three employees. Find the amount subject FUTA and the amount of the FUTA for this pay period for each employee. If the YTD is already more than $7000, then $0 is subject to FUTA and the FUTA TAX is $0. And the FUTA rate is at 6.0% or 0.006. Do not put dollars signs in your answers. Employee Year to Date Gross this Pay period Suject to FUTA FUTA Paul Braun 5999 1234 Jackie Prince 9856 2543 Flora Jones 3456 1009
- You are considering two job offers: a full-time permanent position that pays $65,000 annually and a full-time contract job that pays $35 per hour. What is the gross annual income, gross monthly income, and the after-tax monthly income for each job offer? Use the information for calculating income, taxes, and costs that Kafi used in the lesson (Social Security 6.2%, Medicare 1.45%, and Federal 15%). The contract job is self-employment, which is taxed an addition 7.65% of gross income. Job: Permanent Position Contract PositionIncome Information: $65,000 per year $72,800 per yearGross annual income: Gross monthly income:After-tax monthly:Ron Valdes work for two different employers until May. He worked for Roland construction company in Ames Iowa and earn $22,000. The state unemployment rate for Roland is 4.6%. He then change jobs and work for Ford improvement company in Topeka Kansas and earn $29,500 for the rest of the year. The state employment rate for Ford is 5.1%. Determine the unemployment taxes, FUTA and sooner that would be paid by each company.Can I do a general journal entry on this scenario, if so how do i do it? Master Flow’s first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20 / Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma’s Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay.
- Trailers R Us hired Ren, 26, on January 1, 2021. Ren is a member of the long-term family assistance target group. In 2022, he worked 375 hours with wages of $4,500. In 2022, Trailers R Us hired Miroslava, 17. She worked from May 1 through September 1, totaling 425 hours with wages of $4,675. Assuming Trailers R Us had no other qualified employees, what is the maximum Work Opportunity Tax Credit (WOTC) they can claim?Mary Johnson is earning $40,000 per week as her basic salary.Ms. Johnson lives in a house that the company pays the Landlord $5,000 weekly. She receives a non-taxable uniform allowance of $12,500 per week. Ms. Johnson has asked the payroll department to deduct from her salary $5,000 to National Housing Trust (NHT). The company has an approved pension scheme for which the employee contributes 5% per week and the employer matches this amount by contributing the same percentage for the employee. Required: a) Calculate the net pay for Mary Johnson for the week. b) Compute the taxes that the company will pay for Ms. Johnson.You are considering two job offers: Job 1 is a full-time position that pays $58,000 annually and Job 2 is a full-time (40 hours a week) job that pays $26 an hour. You will pay 12% of your income for federal income taxes, 6.2% for Social Security, 1.45% for Medicare, and 4% for state income taxes. Job 1 has the following benefits: Health insurance costs $220 a month pre-tax income and the retirement plan is $180 of your after-tax income. You receive (10 days) of paid vacation. Job 2 has the following benefits: health insurance costs $75 a month of your pre-tax income and the retirement plan is 5% of your pre-tax income. You receive 1 week (5 days) of paid vacation.You plan on taking 2 weeks (10 days) of vacation. What is the Gross Annual Income for Job 2?What is the Gross Annual Income for Job 2? $54,080 $53,339.17 $48,000 $58,000 $54,080 $53,339.17 $48,000 $58,000
- You are considering two job offers: Job 1 is a full-time position that pays $58,000 annually and Job 2 is a full-time (40 hours a week) job that pays $26 an hour. You will pay 12% of your income for federal income taxes, 6.2% for Social Security, 1.45% for Medicare, and 4% for state income taxes. Job 1 has the following benefits: Health insurance costs $220 a month pre-tax income and the retirement plan is $180 of your after-tax income. You receive (10 days) of paid vacation. Job 2 has the following benefits: health insurance costs $75 a month of your pre-tax income and the retirement plan is 5% of your pre-tax income. You receive 1 week (5 days) of paid vacation.You plan on taking 2 weeks (10 days) of vacation. What is the Monthly Take Home Pay for Job 2? $4,444.93 $4,147.69 $3,166.76 $3,188.99You are considering two job offers: Job 1 is a full-time position that pays $58,000 annually and Job 2 is a full-time (40 hours a week) job that pays $26 an hour. You will pay 12% of your income for federal income taxes, 6.2% for Social Security, 1.45% for Medicare, and 4% for state income taxes. Job 1 has the following benefits: Health insurance costs $220 a month pre-tax income and the retirement plan is $180 of your after-tax income. You receive (10 days) of paid vacation. Job 2 has the following benefits: health insurance costs $75 a month of your pre-tax income and the retirement plan is 5% of your pre-tax income. You receive 1 week (5 days) of paid vacation.You plan on taking 2 weeks (10 days) of vacation. What is the After-Tax Monthly Income for Job 1? $4,833.33 $4,613.33 $3,522.27 $3,342.27You are considering two job offers: Job 1 is a full-time position that pays $58,000 annually and Job 2 is a full-time (40 hours a week) job that pays $26 an hour. You will pay 12% of your income for federal income taxes, 6.2% for Social Security, 1.45% for Medicare, and 4% for state income taxes. Job 1 has the following benefits: Health insurance costs $220 a month pre-tax income and the retirement plan is $180 of your after-tax income. You receive (10 days) of paid vacation. Job 2 has the following benefits: health insurance costs $75 a month of your pre-tax income and the retirement plan is 5% of your pre-tax income. You receive 1 week (5 days) of paid vacation. You plan on taking 2 weeks (10 days) of vacation. What is the Monthly Take Home Pay for Job 1?
