Stephen Belcher's filing status is single, and he has earned gross pay of $1,840. Each period he makes a 401(k) contribution of 6% of gross pay and contributes 3% of gross pay to a dependent care flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $198,950.

Q: Michael is 49 years old and files as single. His 2021 adjusted gross income (AGI) is $49,500, which…

A: Adjusted gross income (AGI) is referred to that amount that is used to determine the income tax…

Q: How much is the taxable compensation income?

A: Tax or Taxes : It the amount paid by the consumers (Individual or business entities) to the…

Q: Carlos incurs the following medical expenses during the current tax year: Surgeon's fees $2,000…

A: Introduction:- Calculation of medical expense =Surgeon's fees+ Medical insurance premiums+ Hospital…

Q: Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy’s employer…

A: In USA as per IRS rules head of household status allows parents or adults…

Q: Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,650.…

A: According to the IRS- Internal Revenue Service of United States,the rate for contribution to social…

Q: Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,820.…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: Paul Robinson's filing status is married filing jointly, and he has earned gross pay of $2,800. Each…

A: The standard medicare tax rate is 1.45% of gross pay. However, if married filling jointly has…

Q: Louise Lewis, age 72, is married and supports her mother, age 96. During 2021. Louise pays $1,300…

A: Medical expenses are deductible over 7.5% of Adjusted gross income. Adjusted Gross income = $100000…

Q: Ms. Lincoln paid $14,340 of medical expenses this year that were not reimbursed by her insurance…

A: Itemize deductions: It is the deduction that will decrease the taxable income of individual…

Q: Skylar is single and earns $410,000 in salary during 2018. What is the amount of 0.9 percent…

A: Employers are required to withhold additional Medicare tax, above the 1.45% Medicare tax rate, at a…

Q: Bruce Miller's filing status is married filing separately, and he has earned gross pay of $3,200.…

A: Medicare tax rate is 1.45% and if total earnings are above $200000, then additional tax rate of 0.9%…

Q: During a recent week, Charlie Scott works 37 regular hours. He earns $9/hour and contributes 3% of…

A: Taxable income is the portion of your gross income that the IRS deems subject to taxes. It consists…

Q: 1:Paul Robinson's filing status is married filing jointly, and he has earned gross pay of $2,650.…

A: We will answer only the first question as it is not specified which question is to be answered.…

Q: Calvin Bell makes a 401(k) retirement plan contribution of 6% of gross pay. He is single, claims two…

A: Answer:- Calvin Bell: Federal Income Tax Withholding :  =(417.93-25.08-259.76)*0.15  = $19.9635…

Q: Reggie, who is 55, had AGI of $32,400 in 2020. During the year, he paid the following medical…

A: Since marijuana cannot be legally procured as per federal statute, the cost to procure is not…

Q: Married taxpayers Otto and Ruth are both self-employed and file a joint return. Otto earns $479,400…

A: Introduction Medicare tax for high income tax payers is 0.9% for employees grosspay which exceed…

Q: Dawn is a single taxpayer. Her income and expenses for the year is as follows: Income…

A:

Q: Kyle Struck's filing status is single, and he has earned gross pay of $2,340. Each period he makes a…

A: Medicare tax refers to the tax levied by the government that helps in funding the Hospital…

Q: During the 2020 tax year, Gwen supports her family as a physical therapist. She reports $90,000 of…

A: Health insurance is a type of insurance that pays for medical costs incurred as a result of an…

Q: xes from Jeremy’s paychecks during the year. Jeremy has one qualifying dependent child (age 14) who…

A: Child tax credit refers to the benefit provided to the guardian of the children in order to decline…

Q: Louise Lewis, age 72, is married and supports her mother, age 96. During 2021. Louise pays $1,300…

A: Introduction: Medical expenses include all costs associated with the prevention or treatment of…

Q: On January 1, 2020, Michelle, age 35, started a new job, and her new employer offers a healthcare…

A: Employers are allowing employees to make regular contribution to some of the accounts. These are…

Q: I just need the amount for the Federal Income tax payable. Martha 3,700 Single Aug. 1st Nov. 30th…

A: Federal Income tax is a tax paid on annual earnings of individuals, , trust, companies, corporation…

Q: Francisco's gross income this year is $29,550. His employer withholds $55 per month to pay for his…

A: The taxable income is used to calculate the total gross income which is deduct with the employer pay…

Q: Jaclyn Connor earned gross pay of $1,820 during a recent pay period. She contributes 7% of gross pay…

A: Taxable earnings is defined as the amount of income that is used for computing how much of tax an…

Q: Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in…

A: The tax credit which is given as the tax relief to the taxpayers in order to bear the children…

Q: Alfred Morneau earned gross pay of $820. Each period he makes a 401(k) contribution of 5% of gross…

A: Hello, as you have posted multiple question so I am only answering first question as per the policy…

Q: Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,650.…

A: Medicare tax are used for fund hospital, hospice, and nursing home expenses for elderly and disabled…

Q: Jane is a single taxpayer with a current year AGI of $181,000 and current year income tax liability…

A: Smallest amount of withholding is 90% of the tax for current year or 100% of tax shown on return in…

Q: Kyle Struck's filing status is single, and he has earned gross pay of $2,340. Each period he makes a…

A: Tax is an amount that is charged by the government from the individual and organizations on the…

Q: 4: Bill Clay's filing status is married filing separately, and he has earned gross pay of $1,900.…

A: It is the federal payroll tax that helps the employees and employers to pay for the medical…

Q: Simon Millstone is 48 years of age and has employment income of S81,000. His employer withheld the…

A: Simon Millstone aged 48 years and his employment income = $81000 His wife, Candice aged 46 years and…

Q: makes a 403(b) contribution of 8% of gross pay. His current year taxable earnings for Medicare tax,…

A: Part 1 Taxable Earnings = 2650.00 Medicare Tax = 2650 * 2.35% = $62.28 Part 2 Gross pay = $1840…

Q: Bradley Banks' filing status is qualifying widower, and he has earned gross pay of $1,570. Each…

A: Dear Student, as per the Bartleby answering guidelines, we can answer the first question if students…

Q: Married taxpayer Otto and Ruth are both self-employed and file a joint return. Otto earns $352,000…

A: Medicare tax is a type of payroll tax which is deducted by the employer to make contribution towards…

Q: Married taxpayers Otto and Ruth are both self-employed and file a joint return. Otto earns $471,600…

A: Medicare tax comes under federal insurance contribution act. These are deducted from the gross…

Q: Caleb Griffin's filing status is married filing jointly, and he has earned gross pay of $3,100. Each…

A: Given   current year earning for Medicare tax = $198400 Therefore, rate applicable = 2.90% / 2 =…

Q: Grady received $8,760 of Social Security benefits this year. Grady also reported salary and interest…

A: Note: Only one situation is solved as the data of other 4 is not given. Taxable income is the amount…

Q: Gina receives a $2,900 distribution from her educational savings account. She uses $1,500 to pay for…

A: ESA Distribution: ESA distributions are tax-free. Amount of the distribution should be less than…

Q: Shawn Buffett's filing status is married filing separately, and he has earned gross pay of $2,680.…

A: General Medicare Tax Rate = 1.45% Additional Medicare Withholding Rate (in case individual Medicare…

Q: Gary and Wendy are married and file a joint tax return claiming their seven children, ages 7,9, 11,…

A: Personal Equity Plan: Capital gains on the investment of shares of publicly listed companies is tax…

Q: Desmond Carroll's filing status is married filing separately, and he has earned gross pay of $4,120.…

A: It must be noted that the social security tax rate for the year 2020 is 6.2% of employee…

Q: Amy is a single taxpayer. Her income tax liability in the prior year was $5,178. Amy earns $50,000…

A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…

Q: Paige had $100,000 of income from wages and $3,650 of taxable interest. Paige also made…

A: Calculation of Paige's total income: Particulars Amount Income from Wages $100,000 Add:…

Q: Alice is single and self-employed in 2021. Her net business profit on her Schedule C for the year is…

A: Self-employment tax: It is a tax that includes social security tax and medicare tax for calculating…

Q: Social Security tax =

A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any…

Q: Louise Lewis, age 72, is married and supports her mother, age 96. During 2021. Louise pays $1,300…

A: Medical expenses are deductible over 7.5% of Adjusted gross income. In this case, Adjusted gross…

Q: Bill Clay's filing status is married filing separately, and he has earned gross pay of $1,900. Each…

A: current-year-to-date total taxable earning for medicare tax              =      $199,600…

Q: Malcolm and Megan Johnson are both over age 65, married and are filing a joint tax return for 2020.…

A: All amounts are in dollars ($).

Q: Dmitry had $42,000 of income from wages and $1,550 of taxable interest. Dmitry also made…

A: Taxable income is the income calculated after multiplying the tax rate by the net income and…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.