Chapter 2, Problem 33P

Which one of the following costs is most likely NOT fully deductible? Group of answer choices Jose, a local business owner, pays $30,000 in Self-Employment taxes. Sandra owns a mini golf course. She pays her employer portion of payroll taxes because of her employees, which totals to $12,000. Travis owns a CPA firm and pays his son Joe as an associate. Joe is a CPA and is paid the same salary as the other associates. X-Corp writes off a $12,000 business debt owed by Sam because he has not responded to their numerous requests for payment.

G, the Manager of ABC Co., was given a fringe benefit of a Household Expense account for the salary of his driver and other personal expenses in the amount of P20,000 per month for the current year. Compute the following: 1) Grossed Up Monetary of the Fringe Benefits 2) Fringe Benefits Tax Payable 3) If G is employed in an Offshore Banking unit, compute the fringe Benefits Tax. Upload your solutions in Spreadsheet Format.

What is the taxpayer's gross income in each of the following situations? Do not type a dollar sign. Use commas when appropriate as in 3,500. If the answer is zero, type a 0. a. Myra received a salary of $80,000 from her employer, Green Construction. b. In July, Green Construction gave Myra an all-expense-paid trip to Las Vegas (value of $3,200) for exceeding her sales goals. c. Darrin received $9,000 from his employer to help him pay his medical expenses not covered by insurance, this payment is not available to all employees. d. Blake received $5,000 from his deceased wife's employer to help him in his time of greatest need." e. Austin collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wife's employer.

1. Under individual employee coverage, the worker is covered by the FLSA if: a.the worker is a housekeeper in a private home for 16 hours a week. b.the domestic receives cash wages of at least $2,300 from the employer in the calendar year. c.the worker produces goods for interstate commerce. d.All of these choices are correct. e.None of these choices are correct.   2. The FICA tax rates for the self-employed are: a.6.2% (OASDI) and 2.9% (HI). b.6.2% (OASDI) and 1.45% (HI). c.12.4% (OASDI) and 1.45% (HI). d.10.0% (OASDI) and 1.0% (HI). e.None of these choices are correct.   3. The garnishment that takes priority over all others, except bankruptcy orders is : a.a government student loan b.an administrative wage garnishment c.a child support order d.a state tax levy e.a creditor garnishment   4. The FLSA requires that: a.employers use the continental time system to record all time worked by employees. b.employees sign each clock card. c.employers keep records that show…

The Diamond Corporation has two employees, Emily and Mary.  Assume Diamond does not defer payroll tax payments or claim employee retention credits or sick and family leave credits.   a. If Emily earns wages of $26,000 for 2020, calculate the total amount of the FICA tax that must be paid: ​ ​ ​ by Emily ​ by Diamond Corporation ​ Total ​ ​ b. If Mary earns wages of $164,000 for 2020, calculate the total amount of the FICA tax that must be paid: ​ ​ ​ by Mary ​ by Diamond Corporation ​ Total

PSb 5-9 Calculate Self-Employment Tax For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files tax returns under single status. Remember, the IRS instructs employers to collect additional Medicare tax on all employee earnings more than $200,000 in a single year without regard to filing status. NO TE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.

The employer paid the P30,000 monthly rental of the residential house used by M, the Manager of the corporation for the current year. The total rental expenses of M for the year paid by the employer is P360,000. Compute the following: 1) Monetary Value of the fringe benefits; 2) Grossed Up Monetary Value 3) Fringe Benefits Tax Payable. Upload your solutions in Spreadsheet Format.

Determine the self-employment tax for an individual who has $111,700 in wages, $4,000 in interest income, and $20,000 in self-employment income. The self employment tax is________?

Claudette earns $1,400.00 bi-weekly. She has a taxable car allowance of $70.00 and a non-cash taxable benefit of $25.00 per pay. Union dues of $18.00 are deducted from each pay. Her TD1 has a claim code 1 and the deduction code on her TP-1015.3-V is A. Calculate the insurable earnings. $1,400.00 $1,452.00 $1,470.00 $1,495.00