5-Calculate Work Opportunity Work Tax Credit from the following information Employer Z has four employees and worked the following hours: Employee 1= 50 Hours, Employee 2= 60 hours employee 3 =950 Hours Employee 4= 950 hours . Each was paid $10 per hour 7-John and Joan are married and file joint return for 2021. They have two children ages 5 and 7. Their earned income for 2021 is $40,000. Calculate their earned income tax credit

5-Calculate Work Opportunity Work Tax Credit from the following information Employer Z has four employees and worked the following hours: Employee 1= 50 Hours, Employee 2= 60 hours employee 3 =950 Hours Employee 4= 950 hours . Each was paid $10 per hour 7-John and Joan are married and file joint return for 2021. They have two children ages 5 and 7. Their earned income for 2021 is $40,000. Calculate their earned income tax credit

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter12: Tax Credits And Payments

Section: Chapter Questions

Problem 28P

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Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
Lori Kinmark works as a jeweler for a local company. She earns 1,000 per week, plus a year-end bonus of 2,000. Kinmark also earns an additional net self-employment income of 28,000 per year. ____1.Compute Kinmarks annual earnings from employment. ____2.Compute Kinmarks total earnings from her job and from self-employment income. ____3.How much self-employment income should Kinmark include in computing taxable self-employment income for OASDI taxes? ____4.What are the total FICA taxes on her self-employment earnings?
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Precision Labs has two employees. The following information was taken from its individual earnings records for the month of September. Determine the missing amounts assuming that the Social Security tax is 6.2 percent, the Medicare tax is 1.45 percent, and the state income tax is 20 percent of the federal income tax. Assume that the employees are married and have one withholding allowance. All earnings are subject to Social Security and Medicare taxes. Round amounts to the nearest penny.