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Q: Catherine is employed in ABC Corporation. She received the basic wage for 2015 in the total amount…

A: Tax refers to the amount charged by the government from the individual or companies on the income…

Q: In 2020, Mary, age 70 and head of household (unmarried), had income of $37,000 and exclusions of…

A: Given : Mary's  age 70 and head of household (unmarried) Income =  $37,000 Exclusions =  $500…

Q: In the 2018 tax year, Michelle paid the following amounts relating to her 2016 tax return: Tax…

A: Income tax: Income tax refers to the direct tax levied on individual person or business and…

Q: Tim, a single taxpayer, operates a business as a single-member LLC. In 2021, his LLC reports…

A: a) Calculation of Excess loss An excess business loss is the amount by which the total deductions…

Q: If Emily earns wages of $26,000 for 2020, calculate the total amount of the FICA tax that must be…

A: Payroll taxes The employer is required to pay a certain percentage to the government on the behalf…

Q: In each of the following cases, discuss how the taxpayers might respond to a tax rate increase in a…

A: When there is an increase in the rate of taxes, it may discourage people to work efficiently in the…

Q: Ted earned $150,000 during the current year. He paid Alice, his former wife, $75,000 in alimony. The…

A: Alimony:Alimony is a fixed amount of money wherein, the court orders a person to make payment for…

Q: For the following taxpayers determine which one is not required to file a tax return in 2018. a.…

A: Return filing Status: It is the status given to the taxpayers for determining their threshold for…

Q: In 2021, Miranda records net earnings from self-employment of $158,500. She has no other income.…

A: GIVEN DATA   In 2021, Miranda records net earnings from self-employment of $158,500.   She has no…

Q: Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not…

A: Taxable income:-It is an income that is liable for tax payment as per the slab rate prescribed in…

Q: Elwin worked at three jobs during 2020. He earned $30,000, $27,000, and $9,000, respectively, from…

A: Formula: FICA Tax = Social security tax + Medicare Tax. Sum of social security tax and medicare tax…

Q: Taylor, age 18, is claimed as a dependent by her parents. For 2021, she has the following income:…

A: Income Tax- Income Tax refers to the charge which is calculated on the salary of a personal or a…

Q: Steve and Claire are married, and both lived and worked in North Carolina for the entire 2013 tax…

A: Taxable income= Adjusted gross income-Standard deduction-Exemption=$80,000-$6,000-$2,500×2=$69,000

Q: On March 5, 2016, Mr. and Mrs. Horton borrowed $100,000 against the equity in their personal…

A: Definition: Financial leverage: Financial leverage is the ability to increase earnings by issuing…

Q: the 2 questions below are wrong can youble check them plaese  For Addison's filing status, the…

A: Here discuss about the details of calculation of total amount of taxable income with the net tax due…

Q: Compute the penalty described for the following taxpayers. If an amount is zero, enter "0". If…

A: As per IRS, if any assessee fails to pay taxes till due date, then late payment penalty called…

Q: In 2022, Ava, an employee, who files single, has AGE of $26,600 and incurred the following…

A: The question lists down the expenses incurred by Ava and seeks answers on what would be itemized…

Q: Prior to the current period, Jack had earnings subject to FICA tax of $133,500. During the current…

A: Withholding tax refers to social security tax and Medicare tax. Social security tax is 6.2% on the…

Q: Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax exempt income. She did…

A: Calculate the excess taxable income.

Q: Determine whether the taxpayer in each of the following situations is in constructive receipt of…

A: Constructive receipt of income is an accounting concept under which an individual or business entity…

Q: In 2020, Ava, an employee, who files single, has AGI of $38,700 and incurred the following…

A: The question lists down the expenses incurred by Ava and seeks answers on what would be itemized…

Q: In 2020, Mason, age 35 and single, earned wages of $75,000. Mason had no exclusions, and he had…

A: As per United State tax laws Itemized deduction are those deduction which can be claimed as…

Q: Assuming they all meet the income requirements, which of the following taxpayers qualify for the…

A: The earned-income credit (EIC) is a refundable tax credit that is intended to augment low-income…

Q: In 2021, Sonny earns $47,900 and is unemployed for $10,000. What is Sonny's taxable income if he…

A: As per Income tax act 1961 (endian no any other detail given for other country tax that why)

Q: Tim, a single taxpayer, operates a business as a single-member LLC. In 2021, his LLC reports…

A: Given data Business Income of $404,500 Business Deductions $707,875 Resulting in a loss $303,375 (a)…

Q: Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not…

A: Qualified Business Income - It is the net amount which is qualified items of gain, income loss and…

Q: Ray, who is single and 22 years old, was unemployed for a few months during 2020. He earned $6,700…

A: Answer: Option A. $0

Q: In 2019, Miranda records net earnings from self-employment of $146,000. She has no other income.…

A: The profitability of the company can be arrived from the income statement prepared by the management…

Q: Tim, a self-employed taxpayer, did not have all the information he needed to timely file his 2020…

A: Every citizen is liable to pay taxes on the income earned by him during a particular accounting or…

Q: Last year, Aleshia identified $2,200 as a nonbusiness bad debt. In that tax year before considering…

A: Alisha has received $1,848 in the current year which was considered as bad debt. Therefore, the…

Q: Baker is single and earned $226,000 of salary as an employee in 2020. How much should his employer…

A: FICA is a U.S. There is a federal payroll tax. It stands for the Federal Insurance Contribution…

Q: Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax-exempt income. She did…

A: As per IRS it is mandatory to file 1040 form if the income earned in year 2018 is $12,000 or more…

Q: Tim, a single taxpayer, operates a business as a single-member LLC. In 2020, his LLC reports…

A: Business income is the income realized from the operation of the entities. It is the net profit or…

Q: K, a purely self-employed non-VAT taxpayer operating a merchandising business, had the following…

A: Purely self employed individual whose Gross Receipts and other non operating income do not exceed P…

Q: Catherine is employed in ABC Corporation. She received the basic wage for 2015 in the total amount…

A: Tax is a charge which is charged on the taxable income of a taxpayer. The withholding tax is the tax…

Q: Greg earned $25,500 in 2021 and had $1,500 of federal income taxes withheld from his salary.…

A: It is given that, Greg earned $25,500 in 2021 and had $1,500 of federal income taxes withheld from…

Q: Tim, a single taxpayer, operates a business as a single-member LLC. In 2020, his LLC reports…

A: The threshold limit is $259,000 for 2020 as defined by IRS for single-member LLC. As per IRS, Form…

Q: Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2020.…

A: FICA refers to Federal Insurance Contribution Act. As per this act, the employers as well as the…

Q: , Martin had two employers during the year. Both employers withheld Social Security tax from his…

A: When an employee has social security tax which is more or RRCT tier 1 withheld , they can claim the…

Q: Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross…

A: Tax Liability: It is total  amount of money due to tax authorities in the form of tax debt.

Q: Terry worked for two employers during 2018. The amount of wages paid to Terry by both employers…

A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…

Q: Assume that Joseph is a single taxpayer who does not itemize deductions and operates a sole…

A: Qualified business income (QBI) deduction: Qualified business income deduction is the amount that…

Q: ou are the tax supervisor at a local tax return preparation firm. Suzanne and her husband Steve have…

A: The question is based on the concept of Taxation

Q: Through November, Cameron has received gross income of $120,000. For December, Cameron is…

A: As you have not mentioned which year has to be considered for calculation, so i am solving as per…

Q: in 2018, miranda records net earnings from self-employment of $146,000. she has no other income.…

A: The question is based on the concept of taxation

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.