Question 13 of 15. A single taxpayer who is a dependent under age 65 has to file a tax return if their unearned income exceeds more than which amount? $1,100 $1,200 $4,200 $4,400 Mark for follow up
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- PERSONAL TAXES Joe and Jane Keller are a married couple who file a joint income tax return, where the tax rates are based on the tax tables presented in the chapter. Assume that their taxable income this year was 165,000. a. What is their federal tax liability? b. What is their marginal tax rate? c. What is their average tax rate?Question 5: How much Social Security tax would be owed by an employee who has taxable earnings for Social Security tax of $2,000, and who, prior to the current pay period, has earned $142,500 of taxable earnings for Social Security tax? Answer: A. В. O $18.60 С. O $105.40 D. O $124.00Question 6: What is the earnings threshold over which an employee whose filing status is Married Filing Separately will be subject to the additional Medicare tax? Answer: А. O $117,000 В. O $125,000 С. O S200,000 D. O $250,000
- Question 2: If an individual whose filing status is single earns $256,000 during the year, what portion of the earnings are subject to Additional Medicare Tax, and what is the total (standard and Additional) Medicare Tax rate that will be applied to these earnings? Answer: A. O $6.000 and0.9% В. O $6.000 and 2.35% C. O 556,000 and 0.9% D. O 556.000 and 2.35%1. The original Social Security tax rate was _____ of taxable earnings. Answer: A. 10% B. 1% C. 5% D. 7% 2. The 2021 Social Security wage base is _____. Answer: A. $100,000 B. $113,700 C. $125,000 D. $142,800 3. What is the earnings threshold over which an employee whose filing status is Married Filing Separately will be subject to the additional Medicare tax? Answer: A. $117,000 B. $125,000 C. $200,000 D. $250,000Question 13: Louisa is an employee of Maroon Corp. Louisa files as Married Filing Jointly on her tax return. Over what amount will Maroon Corp. begin to withhold the additional Medicare tax from her earnings? Answer: A. SO В. O $125.000 C. O $200,000 D. $250,000
- Question 5: A married individual who is paid on a monthly basis, claims 3 federal withholding allowances, completed the pre-2020 Form W-4, and earns $1,892 has $ in federal income tax withholding when using the wage-bracket method.Problem 1-15 Filing Status and Tax Computation (LO 1.5) Each of the following taxpayers has 2023 taxable income before the standard deduction as shown. Determine from the tax table provided, the amount of the income tax (before any credits) for each of the following taxpayers for 2023: Taxpayer(s) Filing Status Single MFS Allen Boyd Caldwell Dell Evans MFJ H of H Single Taxable Income Before the Standard Deduction $36,000 38,200 64,020 50,922 59,003 Income Tax $You and spouse are filing a joint return. Your current deductions have reduced your taxable income to $88,990, bringing you into the 25 percent tax bracket. The first dollars you earned will be taxed at the bracket. Question content area bottom Part 1 A. 10 percent B. 15 percent C. 25 percent D. 33 percent tax
- Hw.68. what is the maximum earned income tax credit that a taxpayer can claim in 2021? $4,000, $1700, $2500, or $1502?Schedule Z-If your filing status is Head of household If your taxable income is: The tax is: of the But not amount over- Over- over- $0 $13,850 10% $0 13,850 52,850 $1,385.00 + 12% 13,850 52,850 84,200 6,065.00 + 22% 52,850 84,200 160,700 12,962.00 + 24% 84,200 160,700 204,100 31,322.00 + 32% 160,700 204,100 510,300 45,210.00 + 35% 204,100 510,300 152,380.00 + 37% 510,300 Write the equation of the 5th row in y=mx+b formFor the following taxpayers, determine if they are required to file a tax return in 2023. Problem 8-80 Part a (Algo) a. Ricko, single taxpayer, with gross income of $15,800.
