Question

In: Accounting

kim is single and earns wages of $230,000 in 2020. Kim's employer withhold all the required...

kim is single and earns wages of $230,000 in 2020. Kim's employer withhold all the required payroll taxes including 20% federal income tax withholding and 5% state income tax withholding. The employers rates for FUTA and SUTA are .6% and 5.4% respectively. Calculate Kim's net pay for 2020 and the total payroll expense paid to kim by her employer.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Molly is single and earns $150,000 in wages as a lawyer. Her employer withheld $30,000. She...
Molly is single and earns $150,000 in wages as a lawyer. Her employer withheld $30,000. She is also an equal co-owner in a real estate management partnership with her friend Issa. The partnership earned $8,000 this year. The following also occurred this year: Molly purchased a stock last year for $28,000 and sold the stock this year for $22,000. During this year and before the sale of the stock, the stock paid Molly $200 in dividends. Molly’s bank paid her...
1. Employers are required to withhold Medicare taxes on only the first $200,000 of Medicare wages....
1. Employers are required to withhold Medicare taxes on only the first $200,000 of Medicare wages. True False 2. For 2018, the maximum penalty for failing to comply with the ACA mandate on any taxpayer's tax return is $695. True False
Sally’s employer paid her $150,000 in wages in 2020. Which of the following is correct? a....
Sally’s employer paid her $150,000 in wages in 2020. Which of the following is correct? a. all of her wages are subject to social security taxes but only a portion thereof are subject to the Medicare tax b. all of her wages are subject to Medicare taxes but only a portion thereof are subject to social security taxes c. she is not subject to either social security taxes or Medicare taxes d. she is subject to the self employment tax...
Johnny received a $2,100 grant from his employer and, as required by his employer, used all...
Johnny received a $2,100 grant from his employer and, as required by his employer, used all of the money for tuition and fees to take three graduate-school courses during the period September 1 to December 31 of the current year. Johnny is not a candidate for a degree and has never received a scholarship or fellowship grant before. He had previously met the minimum educational requirements for his employment position; however, due to new requirements established by his employer, these...
Sarah is single. She files her tax return as Single. Her 2020 income from wages is...
Sarah is single. She files her tax return as Single. Her 2020 income from wages is $450,400. She has “net long-term capital gains” of $100,000. Total 2020 gross income is $550,400. Sarah is under 65 years of age and does not itemize her deductions. What is Sarah’s total federal income tax? A) $112,829.75        B) $128,095.50.      C) $147,922.50 D) $149,701 please show work thank you
The following information for 2020 relates to Will, a single taxpayer, age 18: wages - 9,500;...
The following information for 2020 relates to Will, a single taxpayer, age 18: wages - 9,500; taxable interest income - 10,600; itemized deductions - 1,500. Compute Will's tax liability for 2020 assuming he is self-supporting. Compute Will's tax liability for 2020 assuming he is dependent of his parents and they support him entirely (his earned income is NOT more than 50% of his support). His parents marginal tax rate is 22% ​
Donna Williams is a single taxpayer. She has wages of $175,000. Her employer has assessed 1.45%...
Donna Williams is a single taxpayer. She has wages of $175,000. Her employer has assessed 1.45% of medicare taxes on her wages. Further in the current year she has recognized capital gains of $75,000, earned Interest Income of $6000, and has a passive loss incurred in the current tax year of $12,000. The activity causing the passive loss was not disposed of in the current year. What amount, if any, of high wage surtax and/or Net Investment Income tax does...
Employers are required to pay all of the following on the wages paid to each employee...
Employers are required to pay all of the following on the wages paid to each employee except: Multiple Choice Medicare taxes. Worker's compensation insurance. Pension plan benefits. Social security taxes.
Brooke, a single taxpayer, works for Company A for all of 2020, earning a salary of...
Brooke, a single taxpayer, works for Company A for all of 2020, earning a salary of $50,000. b. Assume Brooke works for Company A for half of 2020, earning $50,000 in salary, and she works for Company B for the second half of 2020, earning $90,000 in salary. What is Brooke’s FICA tax obligation for the year? (Round your intermediate calculations to the nearest whole dollar amount.) FICA Tax Obligation ______________________
Brooke, a single taxpayer, works for Company A for all of 2020, earning a salary of...
Brooke, a single taxpayer, works for Company A for all of 2020, earning a salary of $50,000. b. Assume Brooke works for Company A for half of 2020, earning $50,000 in salary, and she works for Company B for the second half of 2020, earning $90,000 in salary. What is Brooke’s FICA tax obligation for the year? (Round your intermediate calculations to the nearest whole dollar amount.) FICA Tax Obligation ______________________
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT