If an employee is expecting to earn $185,000 in 2024 (all from the salary from her current job), what amount should she enter in line 1 or TD1 form if she doesn't like to owe at the end of the year?
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- During 2019, Jake Gore worked for two different employers. Until May, he worked for Wonderman Construction Company in Kansas City, Kansas, and earned 21,500. The state unemployment rate for Wonderman is 4.6%. He then changed jobs and worked for Buxmont Improvement Company in Mobile, Alabama, and earned 33,100 for the rest of the year. The state unemployment rate for Buxmont is 5.1%. Determine the unemployment taxes (FUTA and SUTA) that would be paid by: a. Wonderman Construction Company................................ _______ b. Buxmont Improvement Company.................................... _______1 Julia is turning 65 in June 1, 2022. She wants to stop paying into CPP. As she gets paid twice a month and her gross pay is $3,500 for every pay check, what is her CPP contribution for 2022? What is her CPP deductions from each pay period? How much does her employer have to remit to CRA each pay period? Please show the calculations.2019 Thuy worked as the assistant manager at Burger Crown through August 2019 and received wages of $79,000. Thuy then worked at Up and Down Burger starting in September of 2019 and received wages of $61,500. Calculate the amount of Thuy's overpayment of Social Security taxes that she should report on her 2019 Form 1040. Round your answer to two decimal places.$__________
- Becky was an employee during 2020 and she received the following income and benefits from her employer: Salaries - $40,000 Bonus paid in 2020 - $2,500 Private health services plan paid by employer - $500 What is Becky's employment income that will be from her employer? Question 2 options: a) $43,000 b) $42,000 c) $40,000 d) $42,500Jane, who is expecting to finish college in May 2020, is fortunate to have already arranged full-time employment after graduation. She will begin work on July 1, 2020, as a staff accountant at a nearby professional services firm with a starting salary of $64,600 per year. Jane is married to Craig, who plans to be a full-time student throughout the year. They anticipate generating no income for the year other than the salary from her new position. How many withholding allowances would you expect Jane to claim on her Form W–4? Assuming that Jane and Craig use the standard deduction, calculate the Federal income tax liability on their projected taxable income for 2020. What advice would you give to Jane? What further changes should she make to her W–4 at the beginning of 2021?In 2021, Mr. Crisanto Reyes, a Minimum Wage Earner, received the following from his employer:Annual minimum wage salary, P167,500;Holiday pay, overtime pay, and night shift differential pay, P10,000;13th-month pay, P13,000How much is his income tax due?
- In 2022, Yami, a factory worker, receives P20,000 as monthly gross compensation. The amount includes P2,500 as overtime premium pay. What is the amount charged to factory overhead control?Allie started her new job in 2020. She received the following payments or benefits paid on her behalf by her employer. $84,000 in salary. $ 6,000 contribution to employer qualified pension plan for her. $ 9,250 contribution to her employer’s qualified health insurance plan for her. $ 8,400 in bonus for the year (paid in January 2021 for 2020) $7,500 Board of Director’s fee since she is a member of the company BOD. $ 800 for group term life insurance coverage of $50,000 $ 1,400 for a whole life insurance policy with a face value of $100,000 $ 2,200 for disability insurance premiums (no elections made) What is Allie’s gross income for 2020?Carla earns 137,100 from January through November 2020, before resigning to work for a new employer who pays her 3,000 for December 2020. How much FICA would be withheld on the 3,000? a. 229.50 b. 68.30 c. 169.50 d. 186.00
- Rahima works at Grameen phone and her current salary is 32,000 taka per month on July 1, 2020. She received a 8% raise on April 1, 2021. What is her annual salary for the income year and tax liability? (number only for answer, do not show calculation)Haley has an annual salary of $1,000,000 in 2019, 2020, and 2021. She is thinking about retiring at the beginning of 2022 after working for XYZ Corp. and participating in XYZ Corp.’s defined benefit plan. If XYZ Corp.’s defined benefit plan pays employees 3 percent for every year of service for the average of their three highest years of compensation, what is the minimum number of years of service that would maximize Haley’s benefit if she were to retire at the beginning of 2022? Assuming she worked the minimum number of years to receive the maximum benefit, what would her annual defined benefit plan payment be in retirement?Ann received $8,400 of regular employment insurance benefits during 2019 and has a repayment rate of 30% in Box 7. At what net income level will she be subject to claw back on the benefits she received?
