The function of state tax in terms of federal tax if the rate of state tax is 5 % , the rate of the federal tax is 30 % , and before taxes the corporation has an income of $ 200 , 000 .
The function of state tax in terms of federal tax if the rate of state tax is 5 % , the rate of the federal tax is 30 % , and before taxes the corporation has an income of $ 200 , 000 .
Solution Summary: The author calculates the function of state tax in terms of federal income tax if the federal tax rate is 5%.
To calculate: The function of state tax in terms of federal tax if the rate of state tax is 5%, the rate of the federal tax is 30%, and before taxes the corporation has an income of $200,000.
(b)
To determine
To calculate: The function of federal tax in terms of state tax if the rate of state tax is 5%, the rate of the federal tax is 30%, and before taxes the corporation has an income of $200,000.
(c)
To determine
To calculate: The state tax and federal tax if the equations of federal tax is f=0.3(200,000−s) and state income tax is s=0.05(200,000−f).
(d)
To determine
To calculate: The amount of the bonus, federal tax, and the state tax for the corporation, if the bonus given to the employees is 20% where the 20% bonus is computed in the income after deducting the amount of bonus, the state tax, and the federal tax from the income of $200,000.
Which equation could be used to identify one of the following levels of Federal Income
Tax withholding?
PERCENTAGE METHOD FOR FIT WITHHOLDING - SINGLE PERSON
WEEKLY PAYROLL PERIOD
Allowance Rate $63.46
%3D
Weekly Taxable Wage
The amount of FIT withholding is -
Over
But not over...
$0.00 0.10(gross pay - $51)
$14.40 + 0.15(gross pay - 195)
$81.90 + 0.20(gross pay - $645)
$1
$195
+
195
645
645
1,482
Select one:
O A. FIT = 14.4 + 0.15g; where g = gross pay in dollars.
O B. FIT = 81.9g + .2(645); where g gross pay in dollars.
O C. FIT = 81.9(0.20) + (g - 645); where g = gross pay in dollars.
O D. FIT = 0.15g - 14.85; where g = gross pay in dollars.
The expenses and income of an
individual are given in table form
to the right. Find the net monthly
cash flow (it may be negative
or positive). Assume that
amounts shown for salaries and
wages are after taxes and that
1 month= 4 weeks.
Income
Part-time job: $1400/month
Student loans: $6600/year
Scholarship: $5500/year
The net monthly cash flow is $
(Round to the nearest dollar as needed.)
Expenses
Rent: $550/month
Groceries: $40/week
Tuition and fees: $7500/year
Health insurance: $40/month
Entertainment: $300/month
Phone: $70/month
CINCI
The expenses and income of an individual are given in table form to the right. Find the Income
net monthly cash flow (it could be positive or negative). Assume salaries and wages
are after taxes. When you need to convert between weeks and months assume that Part-time job: $600 / month
1 month = 4 weeks
Expenses
Rent: $500 / month
College fund from grandparents: $450 / month
Groceries: $50 / week
Scholarship: $5400 / year
Tuition and fees: $2400 twice a year
Incidentals: $60 / week
The net monthly cash flow is $
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