Question

Brook a single taxpayer works for Company A for all of 2018 earnings salary of $57,000. What is her FICA tax obligation for the year. Assume Brook work for Company A for half of 2018, earning $57,000 in salary, and she works for Company B for the second half of 2018, earning $97,000 in salary what is Brooks FICA tax obligation for the year?______________

Answer #1

When Brook is earnings only $57000 her FICA Tax Obligation = 57000*7.65% = $4360.5

(where 7.65% is nothing but a sum of FICA Social Security Tax 6.2% and FICA Medicare tax 1.45%)

In the second scenario, total salary income for Brook = 97000+57000 = $154000

Since this amount exceeds the Social Security wage base of $128400, FICA tax obligation will be calculated as below:

FICA Social Security Tax = $128400*6.2% = $7960.80 or $7961 (rounding off to nearest dollar)

FICA Medicare Tax = $154000*1.45% = $2233

Hence, total FICA obligation = 7961+2233 = $10194

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earning a salary of $72,000. a. a. What is her FICA tax obligation
for the year?

7-Henrich is a single taxpayer. In 2019, his taxable income is
$452,000. His $452,000 of taxable
income includes $55,000 of long-term capital gain that is taxed at
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8-Brooke works for Company A for half of 2019, earning $62,000
in salary and she works for Company B for the second half of 2019,
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Rasheed works for Company A, earning $367,000 in salary during
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Assuming he is single and has no other sources of income, what
amount of FICA tax will Rasheed pay for the year? (Round
your intermediate calculations to the nearest whole dollar
amount.)
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1.Steve’s tentative minimum tax (TMT) for 2019 is $242,000. What
is his AMT if his regular tax is $230,000?
2.Henrich is a single taxpayer. In 2019, his taxable income is
$451,000. His $451,000 of taxable
income includes $55,000 of long-term capital gain that is taxed at
preferential rates. What is his tax liability (including
the net investment income tax)?
3.Brooke works for Company A for half of 2019, earning $60,000
in salary and she works for Company B for the second half...

Rasheed works for Company A, earning $395,000 in salary during
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Assuming he is single and has no other sources of income, what
amount of FICA tax will Rasheed pay for the year? (Round
your intermediate and final answer to the nearest whole dollar
amount.)
Amount of FICA tax:

Problem 8-65 (LO 8-3) Rasheed works for Company A, earning
$399,000 in salary during 2018. Assuming he is single and has no
other sources of income, what amount of FICA tax will Rasheed pay
for the year? (Round your intermediate calculations to the nearest
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question)

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based in NY. His total salary was $200,000 in 2018. His work
assignments were in NY and Florida. He had no other income in 2018.
He does not own or rent any property in NY. 25% of his salary was
earned for the days he worked in Florida and 75% for days worked in
NY during 2015. He filed a NY non resident income tax return and
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This year, Santhosh, a single taxpayer, estimates that his tax
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a. Is Santhosh required to increase his
withholding or make estimated tax payments this year to avoid the
underpayment penalty?
multiple choice
Yes
No
b. By how much, if any, must Santhosh increase his
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Salary
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Interest on bank
account
750
Tax-exempt
interest
500
Deduction for
AGI
5,500
Itemized
deductions
15,000
Taxes
withheld
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