Phil Phoenix is paid monthly. For the month of January of the current year, he earned a total of $8,000. The FICA tax rate for social security is 6.2%, and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $8,000 of an employee's pay. The amount of federal income tax withheld from his earnings was $1,000. His net pay for the month is ________.

Basu owns 100% of an S corporation. This year, the corporation paid Basu a salary of $111,000. Basu's share of S corporation income for the year was $44,400. Assume that this is Basu's only income for the year. Compute any resulting payroll and self-employment income taxes.

Assume the Social Security rate is 6.2% and Medicare rate is 1.45%. If an amount is zero, enter "0". If required, round your answers to nearest dollar.

a.   What amount is subject to employee payroll taxes? $
What amount is subject to self-employment taxes? $

b.   Compute any resulting payroll and self-employment income taxes.
Basu's payroll taxes: $
Self-employment income taxes: $

On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $21,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $12,760 of federal income taxes, $1,340 of medical insurance deductions, and $900 of union dues. No employee earned more than $7,000 in this first period.

1.1 Calculate below the amounts for each of these four taxes of Regis Company. Regis’s merit rating reduces its state unemployment tax rate to 4% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.)

1.2 Prepare the journal entry to record Regis Company's January 8 (employee) payroll expenses and liabilities. (Round your answers to 2 decimal places.)

2. Prepare the journal entry to record Regis’s (employer) payroll taxes resulting from the January 8 payroll. Regis’s merit rating reduces its state unemployment tax rate to 4% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.)

1. How much is your payment on a 200k mortgage at 3.5% for a 30 year fixed? Use 250k for the sales price and let the system calculate your taxes and insurance costs. Use the Mortgage Calculator in the Motley Fool Foolish Calculators
2. Pick another housing calculator. Create your own problem using that calculator. Solve the problem and write the question below.

Note: This problem is for the 2018 tax year. Logan B. Taylor is a widower whose wife, Sara, died on June 6, 2016. He lives at 4680 Dogwood Lane, Springfield, MO 65801. He is employed as a paralegal by a local law firm. During 2018, he had the following receipts: Salary $ 80,000 Interest income— Money market account at Omni Bank $300 Savings account at Boone State Bank 1,100 City of Springfield general purpose bonds 3,000 4,400 Inheritance from Daniel 60,000 Life insurance proceeds 200,000 Amount from sale of St. Louis lot 80,000 Proceeds from estate sale 9,000 Federal income tax refund (for 2017 tax overpayment) 700 Logan inherited securities worth $60,000 from his uncle, Daniel, who died in 2018. Logan also was the designated beneficiary of an insurance policy on Daniel's life with a maturity value of $200,000. The lot in St. Louis was purchased on May 2, 2013, for $85,000 and held as an investment. Because the neighborhood has deteriorated, Logan decided to cut his losses and sold the lot on January 5, 2018, for $80,000. The estate sale consisted largely of items belonging to Sara and Daniel (e.g., camper, boat, furniture, and fishing and hunting equipment). Logan estimates that the property sold originally cost at least twice the $9,000 he received and has declined or stayed the same in value since Sara and Daniel died. Logan's expenditures for 2018 include the following: Medical expenses (including $10,500 for dental) $11,500 Taxes— State of Missouri income tax (includes withholdings during 2018) $4,200 Property taxes on personal residence 4,500 8,700 Interest on home mortgage (Boone State Bank) 5,600 Contribution to church (paid pledges for 2018 and 2019) 4,800 Logan and his dependents are covered by his employer's health insurance policy for all of 2018. However, he is subject to a deductible, and dental care is not included. The $10,500 dental charge was for Helen's implants. Helen is Logan's widowed mother, who lives with him (see below). Logan normally pledges $2,400 ($200 per month) each year to his church. On December 5, 2018, upon the advice of his pastor, he prepaid his pledge for 2019. Logan's household, all of whom he supports, includes the following: Social Security Number Birth Date Logan Taylor (age 48) 123-45-6787 08/30/1970 Helen Taylor (age 70) 123-45-6780 01/13/1948 Asher Taylor (age 23) 123-45-6783 07/18/1995 Mia Taylor (age 22) 123-45-6784 02/16/1996 Helen receives a modest Social Security benefit. Asher, a son, is a full-time student in dental school and earns $4,500 as a part-time dental assistant. Mia, a daughter, does not work and is engaged to be married. Federal income tax of $4,500 was withheld from his wages. Required: Compute Logan's income tax for 2018. If Logan has any overpayment on his income tax, he wants the refund sent to him. Assume that the proper amounts of Social Security and Medicare taxes were withheld. Logan does not want to contribute to the Presidential Election Campaign Fund. Make realistic assumptions about any missing data. Enter all amounts as positive numbers except any losses. Use the minus sign to indicate a loss. If an amount box does not require an entry or the answer is zero, enter "0". It may be necessary to complete the other tax schedules before completing Form 1040. Use the included tax rate schedules to compute the tax. When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar.

13) Suppose, $50M of the project s financing is in the form of a 4-year bank loan requiring annual interest payments and a repayment of the principal at the maturity of the loan. Also suppose that the firm is paying a below market interest rate on the loan. Find the NPV of financing if the fair market interest rate on the loan is 9%, but the firm is paying only 8%. The tax rate is 40%

A 10-meter diameter asteroid hitting the Earth is a 1 in 100 year event. If the Earth were hit by a 10-meter diameter asteroid sometime in 2018, how would the odds of the Earth being hit by a different 10-meter asteroid in 2019 compare to the odds of the Earth being hit by a different 10-meter asteroid in 2118? Please explain your answer

Is it true that students tend to gain weight during their first year in college? Cornell Professor of Nutrition David Levitsky recruited students from two large sections of an introductory health course. Although they were volunteers, they appeared to match the rest of the freshman class in terms of demographic variables such as sex and ethnicity. The students were weighed during the first week of the semester, then again 12 weeks later at the end of the semester (weights are in pounds).

1) Construct a dotplot depicting the distribution of the change in the students’ weights from the beginning of the semester to the end of the semester.

2)Suppose Professor Levitsky wishes to use the data he collected from his students in a research paper. He wants to prove freshman students tend to gain weight during their first semester in college.

Frame this research question as a hypothesis testing problem. Identify the parameter being tested, the null value, and explicitly write out the null and alternative hypothesis in terms of the parameter and null value.

A corporate expects to receive $37,119 each year for 15 years if a particular project is undertaken. There will be an initial investment of $118,535. The expenses associated with the project are expected to be $7,570 per year. Assume straight-line depreciation, a 15-year useful life, and no salvage value. Use a combined state and federal 48% marginal tax rate, MARR of 8%, determine the project's after-tax net present worth

Ausel’s is considering a ten-year project that will require $850,000 for new fixed assets that will be depreciated straight-line to a zero book value over the ten years. At the end of the project, the fixed assets can be sold for 15 percent of their original cost. The project is expected to generate annual sales of $928,000 and costs of $721,000. The tax rate is 35 percent and the required rate of return is 14.6 percent. What is the net present value of the project? $8,523.72 $7684.69 $9,579.78 $10,599.28