Question

a.) Asteria earned a $25,500 salary as an employee in 2018. How
much should her employer have withheld from her paycheck for FICA
taxes? **(Rounded to the nearest whole dollar
amount)**.

b.) Brandon and Jane Forte file a joint tax return and decide to itemize their deductions. The Forte's income for the year consists of $120,000 in salary, $1,000 interest income, $1,500 nonqualifying dividends, and $1,100 long-term capital gains. The Forte's expenses for the year consist of $3,000 investment interest expense and $900 tax preparation fees. Assuming that the Forte's marginal tax rate is 30% and they make no special elections, what is the amount of investment interest expense deduction for the year?

c.) Alain Mire files a single tax return and has adjusted gross income of $304,000. His net investment income is $53,000. What is the additional tax that Alain will pay on his net investment income for the year?

Answer #1

Arturo earned a 27,500 salary as an employee in 2019. how much
should his employer have withheld from his paycheck (employee
portion) for FICA taxes
rounded to the nearest whole dollar amount?
A. 4208
B. 4055
C. 2104
D. 1951
E. 1705

Mickey and Jenny Porter file a joint tax return, and they
itemize deductions. The Porters incur $2,075 in investment
expenses. They also incur $3,125 of investment interest expense
during the year. The Porters’ income for the year consists of
$151,500 in salary and $2,605 of interest income.
a. What is the amount of the Porters’ investment
interest expense deduction for the year?
investment interest expense deduction:

QUESTION HAS 2 PARTS
1. An employee earns $6,200 per month working for an employer.
The FICA tax rate for Social Security is 6.2% of the first $118,500
earned each calendar year and the FICA tax rate for Medicare is
1.45% of all earnings. The current FUTA tax rate is 0.6%, and the
SUTA tax rate is 5.4%. Both unemployment taxes are applied to the
first $7,000 of an employee's pay. The employee has $210 in federal
income taxes withheld....

Ellen , 45 and single has the following income and deductions
in 2019.
Salary
$50,000
Interest
Income
3,200
Dividends
800
Medical
Expenses
6,150
Property Taxes on Personal
residence
6,300
Interest on Home
Mortgage
7,600
State and Local Income
Taxes
5,800
State and Local Sales
Taxes
2,000
Investment Interest
Expense
5,000
In addition, Ellen’s car (value
=$15,000, cost $20,000) was stolen during the year and the
insurance reimbursement was $7,000. She also had $2,000 of travel
expenses related to her job...

Mickey and Jenny Porter file a joint tax return, and they
itemize deductions. The porters incur $2,000 in investment
expenses. They also incur $3,000 of investment interest expense
during the year. The Porters' income for the year consists of
$150,000 in salary and $2,5000 of interest income.
a. What is the amount of the Porters' investment interest
expense deduction for the year?
b. What would their investment interest expense deduction be if
they also had a ($2,000) long-term capital loss?

Reba Dixon is a fifth-grade school teacher who earned a salary
of $38,000 in 2018. She is 45 years old and has been divorced for
four years. She receives $1,200 of alimony payments each month from
her former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments from tenants and she incurred $19,500 of expenses
associated with the rental.
Reba and her daughter Heather (20 years old at the...

Mickey and Jenny Porter file a joint tax return, and they
itemize deductions. The Porters incur $3,275 in investment
expenses. They also incur $5,125 of investment interest expense
during the year. The Porters’ income for the year consists of
$175,500 in salary and $4,285 of interest income.
a. What is the amount of the Porters' investment interest expense
deduction for the year?
Investment Interest Expense Deduction
b. What would their investment interest expense deduction be if
they also had a...

Tiffany is unmarried and has a 15-year-old qualifying child.
Tiffany has determined her tax liability to be $4,000, and her
employer has withheld $2,040 of federal taxes from her paycheck.
Tiffany is allowed to claim a $3,700 child tax credit for her
qualifying child. She is also allowed to claim a $1,200 recovery
rebate credit for herself and a $500 recovery rebate credit for her
child. Assume Tiffany did not receive the rebate credit in
advance.
What amount of taxes...

Tiffany is unmarried and has a 15-year-old qualifying child.
Tiffany has determined her tax liability to be $4,000, and her
employer has withheld $2,040 of federal taxes from her paycheck.
Tiffany is allowed to claim a $3,700 child tax credit for her
qualifying child. She is also allowed to claim a $1,200 recovery
rebate credit for herself and a $500 recovery rebate credit for her
child. Assume Tiffany did not receive the rebate credit in
advance.
What amount of taxes...

Kip Bowman is owner and sole employee of KB Corporation. He pays
himself a salary of $1,550 each week.
Additional tax information
includes:
FICA tax—OASDI
6.2% on first $132,900
FICA tax—HI
1.45% on total pay
Federal income tax
$232.50 per pay
State income tax
22% of the federal income tax withholding
Federal unemployment tax
0.6% on first $7,000
State unemployment tax
0.05% on first $14,000
Additional payroll deductions
include:
401(k) plan
3% per pay
Child support garnishment
$115 per pay...

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