Question
In: Accounting
. Complete the following table with the information provided Employee, with their allowable deductions Gross income...
. Complete the following table with the information provided
|
Employee, with their allowable deductions |
Gross income |
|
Medical care contribution (1.45%) |
Contribution on income |
Other deductions |
Net income |
|
|
Arroyo (0) |
$835 |
(13%) |
$25 |
||||
|
Bravo (1) |
$780 |
(12%) |
$12 |
||||
|
Colón (2) |
$1,025 |
(9%) |
-0- |
||||
|
Díaz (3) |
$880 |
(11%) |
$5 |
||||
|
Figueroa (4) |
$510 |
(9%) |
-0- |
Determine:
• Contribution to Social Security (FICA)
• Medical care contribution (Medicare - FICA)
• Contribution on income
• Net income
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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what are the most typical deductions allowable for partnerships
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Please complete a multi step income statement with the information provided. (Not all information provided may...
Please complete a multi step income statement with the
information provided. (Not all information provided may be relevant
in completing the question).
Inventory Information
Inventory on hand at the
beginning of October:
Units
Cost / unit
Total Cost
Purchase # 1
15
60
$900
Purchase # 2
25
70
1,750
40
$2,650
October 2018 transactions related to buying and
selling widget inventory
1-Oct
Sold 30 widgets at $125 each
on credit
3-Oct
Purchased 60 widgets at a cost of $80...
Give and simply explain examples of corporate income and allowable deductions..based on latest "Train" Law
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allowable deductions..based on latest "Train" Law
Which list contains 3 Deductions FOR Adjusted Gross Income. Hint: Publication 17: Part 4: Table V...
Which list contains 3 Deductions FOR Adjusted Gross Income.
Hint: Publication 17: Part 4: Table V on Page
120: Other Adjustments to Income
A.
Real Estate Tax
Mortgage Interest
Self Employed Health
Insurance
B.
Self Employed Health Insurance
paid
IRA Contribution
Moving Expenses
C.
Real Estate Tax paid
Mortgage Interest paid
Alimony Paid
D.
Self Employed Health Insurance
paid
IRA Contribution
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Please Compute Gross Income, Adjusted Gross income, and Taxable income based on the following information below....
Please Compute Gross Income, Adjusted Gross income, and Taxable
income based on the following information below.
Salary
$299,750.00
Interest income
$230.00
Municiple Bond interest
$450.00
Treasure bond Interest
$675.00
Dividends
$1,885.00
Short-Term Capital Gain (SBUX STOCK)
$0.00
Short-Term Capital Gain (AMZN STOCK)
-$4,350.00
Short-Term Capital Gain (UA Stock)
$26.45
Long-term Capital Gain (AAPL STOCK)
$3,000.00
Daycare cost for child #1
$10,000.00
Dentist fees (unreimbursed by insurance)
$10,500.00
Prescription cost(reimbursed by insurance)
$1,380.00
Mortgage Interest
$13,478.00
Property Taxes Paid
$4,144.00
Vehicle...
Consider the information provided in the following table. Using the additional information provided at the bottom,...
Consider the information provided in the following table. Using
the additional information provided at the bottom, calculate the
value of the firm using FCFF method.
[15]
Year
2019
2020
2021
2022
2023
2024
2025
Total Assets
10000
Fixed Assets
8000
Current assets
2000
Debt
4000
Equity
5000
Current liabilities
1000
Sales
15000
Operating expenses
12000
EBIT
3000
Int
400
PBT
2600
Tax(25%)
650
PAT
1950
For first five years, growth rate is sales in 5% and from sixth
year...
This question is about deductions for adjusted gross income. According to my textbook (southwestern individual income...
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According to my textbook (southwestern individual income taxes
2019), “excess capital losses” is considered a deduction for AGI.
Does this mean business capital losses or personal capital losses
(such as losses on personal property - a personal use car )?
Also how do I know when a deduction is For AGI or From AGI? Is
there a foolproof way to tell
Data are given below on the adjusted gross income x and the amount of itemized deductions...
Data are given below on the adjusted gross income x and
the amount of itemized deductions taken by taxpayers. Data were
reported in thousands of dollars. With the estimated regression
equation = 4.68 + .16x, the point estimate of a
reasonable level of total itemized deductions for a taxpayer with
an adjusted gross income of $52.5 thousand is $13.08
thousand.
Adjusted Gross Income ($1000s)
Reasonable Amount of
Itemized Deductions ($1000s)
22
9.6
27
9.6
32
10.1
48
11.1
65
13.5
85...
Mark and Patricia report adjusted gross income of $410,000 and itemized deductions of $31,000 for the...
Mark and Patricia report adjusted gross income of $410,000 and
itemized deductions of $31,000 for the interest on their home
acquisition mortgage (principal amount of $890,000 acquired in
2015), $14,000 in state and local taxes, and $38,000 in charitable
contributions. They file a joint income tax return and have four
dependent children under age 16. What is their taxable income for
2019 and allowable tax credits?
Data are given below on the adjusted gross income x and the amount of itemized deductions...
Data are given below on the adjusted gross income x and
the amount of itemized deductions taken by taxpayers. Data were
reported in thousands of dollars. With the estimated regression
equation = 4.68 + .16x, the point estimate of a
reasonable level of total itemized deductions for a taxpayer with
an adjusted gross income of $52.5 thousand is $13.08
thousand.
Adjusted Gross Income ($1000s)
Reasonable
Amount of
Itemized Deductions ($1000s)
22
9.6
27
9.6
32
10.1
48
11.1
65
13.5
85...
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