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The current social security tax by law is set at 6.2% with a wage based limitation of $113,700.
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- Social Security is a 6.2 % tax income up to a level that is matched by one’s employer? True or FalseYou decide to work part-time at a local clothing store. The job pays $8.50 per hour and you work 16 hours per week. Your employer withholds 10% of your gross pay for federal taxes, 5.65% for FICA taxes, and 4% for state taxes. What is your weekly gross pay? How much is withheld per week for federal taxes? How much is withheld per week for FICA taxes?Question 48 of 50. Choose the response that completes the following sentence. A taxpayer may claim an exemption from withholding on their Form W-4 when they: Did not have a federal income tax liability for the prior year and do not expect to have any liability for the current year. O Do not want to have any taxes withheld from a second job. Experience a life-changing situation that will likely result in eligibility for one or more tax credits. Have considerable amounts of self-employment or investment income. Mark for follow up CR Question 40 of 50
- Estate duty is a direct tax True/FalseJohn works from 7am to 4pm 5 days a week, he does not receive overtime He gets an hour unpaid lunch During the year john gets paid for : 10 holiday days, 10 sick days, 14 vacation days, 5 personal days John is paid $20 an hour Johns weekly federal income tax deduction is $65, social security tax is .062 of his gross wage, medicare tax is .008 of his gross pay, and state tax is $25 per week What would John's gross and net pay be for the year ending December 31st, 2021?Ian McCarthy works for Willow Tree Homes. His rate of pay is $16.00 per hour and he is paid one and one-half times the regular rate for all hours worked in excess of 40 per week. During the last week of March of the current year he worked 45 hours. Ian is single and claims 2 withholding allowances on his W-4 form. His weekly wages are subject to the following deductions: a. Employee (Federal) income tax (use withholding table provided). b. Social Security tax at 6.2%. С. Medicare tax at 1.45%. d. Health insurance premium, $60. e. Credit union deposit, $140. f. United Way contribution, $15. Required: 1. Compute McCarthy's regular, overtime, gross, and net pay. If requíred, round your answers to the nearet cent. Regular pay Overtime pay Gross pay Net pay 2. Journalize the payment of his wages for the week ended March 26, crediting Cash for the net amount. When required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.
- When the income tax was first proposed in 1894, it was ruled unconstitutional? True or falseNguyen is a single mother who earns $20,000 per year. She receives $3,600 per year in in-kind transfers and a $600 earned income tax credit. If her earned income rises to $25,000, she will lose the tax credit and $1,900 of her in-kind transfer benefits. What is Nguyen's effective marginal tax? 10.0% 12.5% 50.0% 59.5%Define income tax.
