Taxable income $ Amount of his tax savings $ How much did it actually cost Brad on an after-tax basis to make this retirement plan contribution?
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Brad Shin is an operations manager for a large manufacturer. He earned $72,500 in 2015 and plans to contribute the maximum allowed to the firm's 401(k) plan. Assuming that Brad is in the 25% tax bracket, calculate his taxable income and the amount of his tax savings. Assume an individual employee can put as much as $18,000 into a tax-deferred 401(k) plan. Recall that standard deduction is $6,300 in 2015 and personal exemption amount is $4,000. If necessary, round the answer for tax savings to the nearest cent.
| Taxable income | $ |
| Amount of his tax savings | $ |
How much did it actually cost Brad on an after-tax basis to make this retirement plan contribution? If necessary, round the answer to the nearest cent.
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- 1. Luis Gomez is an operations manager for a large manufacturer. He earned $74,500 in 2018 and plans to contribute the maximum allowed to the firm's 401(k) plan. Assuming that Luis is in the 25 percent tax bracket, calculate his taxable income and the amount of his tax savings. Assume an individual employee can put as much as $18,500 into a tax-deferred 401(k) plan. The standard deduction for 2018 is $12,000. If necessary, round the answer for tax savings to the nearest cent. 1A. Taxable Income: 1B. Amount of his tax savings: 2. How much did it actually cost Luis on an after-tax basis to make this retirement plan contribution? If necessary, round the answer to the nearest cent. $_______Adam Fleeman, a skilled carpenter, started a home improvement business with Tom Collins, a master plumber. Adam and Tom are concerned about the payroll taxes they will have to pay. Assume they form an S corporation, and each earns a salary of $85,000 from the corporation; in addition, they expect their share of business profits to be $60,000 each. How much combined Social Security tax and Medicare tax (Employee Rate=7.65%; Employer Rate=7.65%) will Adam and the corporation have to pay on his salary and profits?Samantha has graduated from a law school and decided to open her own professional practice. In the current year (2022), her net profit was $30,000. If Samantha's self-employment tax is $4,500 and marginal income tax rate is 22%, determine the percentage of the federal tax burden on Samantha's business income that is represented by the self- employment tax. (Round your final answer to zero decimal place) E) 42% F) 15% G) 45% H) 22%
- Adam Fleeman, a skilled carpenter, started a home improvement business with Tom Collins, a master plumber. Adam and Tom are concerned about the payroll taxes they will have to pay. Assume they form an S corporation and each earns a salary of $70,000 from the corporation; in addition, they expect their share of business profits to be $90,000 each. How much Social Security tax and Medicare tax (or self-employment tax) will Adam, Tom, and their corporation have to pay on their salary and profits? (Assume Adam and Tom are paying themselves reasonable salaries.)Ms. Anna Frozen operates an ice cream store while she offers bookkeeping services to her clients. In 2018, her gross sales amounted to P400,000, in addition to her receipts from bookkeeping services of P150,000. She already signified her intention to be taxed at 8% income tax rate in her 1st quarter return. What is her tax due liability in her 1st quarter return? Mr. John Wick operates books stores and renders services as a professional broker. In 2018, his gross sales amounted to P800,000. In addition to that, he received P300,000 from his services as a broker. Assume that he failed to signify his intention to be taxed at 8% income tax rate on gross sales in his initial Quarterly Income Tax Return, and he incurred the cost of sales and operating expenses amounting to P600,000 and P200,000, respectively. What is the income tax due to John Wick in his quarterly income tax return?Adam Fleeman, a skilled carpenter, started a home improvement business with Tom Collins, a master plumber. Adam and Tom are concerned about the payroll taxes they will have to pay. Assume they form an S corporation and each earns a salary of $106,000 from the corporation; in addition, they expect their share of business profits to be $88,500 each. How much Social Security tax and Medicare tax (or self-employment tax) will Adam, Tom, and their corporation have to pay on their salary and profits? (Assume Adam and Tom are paying themselves reasonable salaries.) Adam Tom S corporation FICA Tax
- Mr. Juan Dela Cruz operates a mini bakeshop while he offers cleaning services to his clients. In 2018, his gross sales amounted to P280,000 in addition to his receipts from cleaning services of P20,000. He incurred cost of sales and operating expenses amounting to P20,000 and P5,000, respectively or a total of P30,000. He consulted you if he could avail of either the graduated income tax rates (0%-35%) or the flat 8% income tax rate. Compute for the income tax due for 2018 considering the tax option that is more favorable to him.Mary is a self-employed attorney. a. Assuming that Mary earns $27,500 from her practice, calculate the total amount of her self-employment tax liability for 2020. b. Assuming that Mary earns $163,000 from her practice, calculate the total amount of her self-employment tax liability for 2020. In your calculations, round all calculations to the nearest two decimals. These answers do not need to be rounded to the nearest whole dollar.Bluedragon is engaged in the following business activities for the year 2021: buying and selling of computer of computer parts with gross sales of P1,500,000 and as a freelance graphic artist with gross receipts of P1,000,000. Assuming the taxpayer opted for the income tax of 8% for self-employed individuals, how much is the percentage tax? *
- 1. Dr. Mitch earns by offering clinical services to her clients. In 2020, he earned 1,000,000 from his practice of profession. How much is her taxable income and his tax due for year 2020?2. Ms. Olivia is a marketing officer in a private company where she earns 60,000 monthly. Aside from that, she owns a clothing line that earns 50,000 monthly. For year 2020, her total compensation was 720,000 and received 100,000 additional pay which consists of overtime pay and holiday pay. In that same year, her gross sales from her clothing line totaled to 600,000 and showed 200,000 and 150,000 as cost of sales and operating expenses. How much is her taxable income and tax due if she choose to be taxed according to graduated income tax rates?Steven has an RRSP contribution limit of $17,120 in 2022. In February he contributes $10,000 and another $10,000 in April (30th). How much tax liability will he be subject to as a result of this over-contribution? Assume Steven has never over- contributed before. $230.40 $70.40 There would be no tax liability $882. In 2016, the maximum taxable income for Social Security was SI18,500 and the tax rate was 6.2%. a. What is the maximum Social Security tax anyone could have paid in the year 2016? b. Randy had two jobs in 2016. One employer paid him $67,010 and the other paid him $71,200. Each employer took out 6.2% for Social Security taxes. How much did Randy overpay for Social Security taxes in 2016? er Seri l Security was r