Question
1. Hera earned a $175,000 salary in 2021. Her husband, Zeus, earned $100,000 salary in 2021. Hera and Zeus file a joint tax return. How
1. Hera earned a $175,000 salary in 2021. Her husband, Zeus, earned $100,000 salary in 2021. Hera and Zeus file a joint tax return. How much in FICA taxes will they owe in 2021?
Multiple Choice
a. $19,266
b. $19,717
c. $15,054
d. $19,042
2. Happy, Sleepy, Grumpy, and Doc all did not make adequate estimated payments. Which of them will not owe underpayment penalties for 2021 given the following information?
| Tax liability | |||
|---|---|---|---|
| 2021 | 2020 | 2019 | |
| Happy | $ 2,200 | $ 0 | $ 500 |
| Sleepy | $ 1,500 | $ 500 | $ 700 |
| Grumpy | $ 1,200 | $ 200 | $ 0 |
| Doc | $ 800 | $ 1,100 | $ 1,001 |
Multiple Choice
a. Happy
b. Sleepy
c. Grumpy
d. Doc
e. "Happy" and "Doc".
f. None of the choices are correct.
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Financial Accounting A Business Perspective
Authors: Jefferson Williams, Roger Hermanson, James Don Edwards
10th Edition
1930789793, 978-1930789791
