Answered step by step
Verified Expert Solution
Question
1 Approved Answer
In 2021, Bianca earned a salary of $164,000 from her employer. Round your answer to whole dollar amount, if necessary. How much in FICA and
In 2021, Bianca earned a salary of $164,000 from her employer. Round your answer to whole dollar amount, if necessary. How much in FICA and Medicare taxes will be withheld from Bianca's salary? Social Security: 10,168 X Medicare: $ 2,378 Compute the additional Medicare tax for the following taxpayers. If required, round your answers to the nearest dollar. a. Mario, who is single, earns wages of $336,200. His additional Medicare tax is $ b. George and Shirley are married and file a joint return. During the year, George earns wages of $164,800, and Shirley earns wages of $247,200. Their additional Medicare tax is $ c. Simon has net investment income of $45,120 and MAGI of $225,600 and files as a single taxpayer. Simon's additional Medicare tax is $ Problem 12-23 (LO. 3) Green Corporation hires six individuals on January 4, 2021, all of whom qualify for the work opportunity credit. Three of these individuals receive wages of $8,500 during 2021, and each individual works more than 400 hours during the year. The other three individuals each work 300 hours and receive wages of $5,000 during the year. a. Calculate the amount of Green's work opportunity credit for 2021. 5,000 X Feedback Check My Work The work opportunity tax credit was enacted to encourage employers to hire individuals from one or more of a number of targeted and economically disadvantaged groups. b. If Green pays total wages of $140,000 to its employees during the year, how much of this amount can Green deduct, assuming that the work opportunity credit is taken? 140,000 X
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started