Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the 2016 marginal tax rates to compute the income tax owed by the following person. Unmarried head of household with two dependent children. Gross

image text in transcribed
image text in transcribed
image text in transcribed
Use the 2016 marginal tax rates to compute the income tax owed by the following person. Unmarried head of household with two dependent children. Gross income: $61,000 Adjustments: none Deductions: $4779 state taxes $4000 theft loss Tax credit: $1000 Click the icon to view the 2016 marginal tax rates. The income tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.) Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is self-employed and earns $172,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employee's Rates Employer Self-Employed Rates 7.65% on first $118,500 of 7.65% on first $118,500 paid 15.3% on first $118,500 of net income in wages profits 1.45% of income in excess 1.45% of wages paid in 2.9% of net profits in excess of $118,500 excess of $118,500 of $118,500 The FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.) 0.6.cu You decide to work part-time at a local supermarket. The job pays $10.50 per hour and you work 19 hours per week. Your employer withholds 10% of your gross pay for federal taxes, 7.65% for FICA taxes, and 3% for state taxes. Complete parts (a) through (1) below a. What is your weekly gross pay? The weekly gross pay is $ (Round to the nearest cent as needed.) ular icter Dolor Use the 2016 marginal tax rates to compute the income tax owed by the following person. Unmarried head of household with two dependent children. Gross income: $61,000 Adjustments: none Deductions: $4779 state taxes $4000 theft loss Tax credit: $1000 Click the icon to view the 2016 marginal tax rates. The income tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.) Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is self-employed and earns $172,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employee's Rates Employer Self-Employed Rates 7.65% on first $118,500 of 7.65% on first $118,500 paid 15.3% on first $118,500 of net income in wages profits 1.45% of income in excess 1.45% of wages paid in 2.9% of net profits in excess of $118,500 excess of $118,500 of $118,500 The FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.) 0.6.cu You decide to work part-time at a local supermarket. The job pays $10.50 per hour and you work 19 hours per week. Your employer withholds 10% of your gross pay for federal taxes, 7.65% for FICA taxes, and 3% for state taxes. Complete parts (a) through (1) below a. What is your weekly gross pay? The weekly gross pay is $ (Round to the nearest cent as needed.) ular icter Dolor

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

External Quality Audit Has It Improved Quality Assurance In Universities

Authors: Mahsood Shah, Chenicheri Sid Nair

1st Edition

1843346761, 978-1843346760

More Books

Students also viewed these Accounting questions