QUESTION 12 Snoopy Pty Ltd pays for its employee, Peanut's, home phone bill. Peanut uses the phone entirely for private calls and under the agreement with Snoopy, Peanut has to repay Snoopy 30% of the costs. For the FBT year ended 31 March 2021, Snoopy paid all of Peanut's home phone bills totalling $1,700. Šnoopy pays the bills directly to Telstra and is entitled to input tax credits. Peanut paid Snoopy 30% of the total phone bills. What is Snoopy's FBT liability in relation to the phone bill? O a. $1,163 O b.$2,475 OC $1,662 Od.51.190
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- question 26 Sean is paid a semi-monthly salary in the amount of $3750. His employer also pays his life insurance premium of $20/month. His income tax withholding on the current pay is $690. Sean also contributes $5 per pay to his Canada Savings Bonds. Sean has contributed $1500 to CPP for the year and $600 to EI. What is the EI expense?Problem #4 Youngston Company (a Massachusetts employer) wants to give a holiday bonus check of $750 to each employee. Since it wants the check amount to be $750, it will need to gross-up the amount of the bonus. Calculate the withholding taxes and the gross amount of the bonus to be made to Genna Fredrich if her earnings for the year are $55,920. Besides being subject to social security taxes and federal income tax (supplemental rate), a 5.05% Massachusetts income tax must be withheld on supplemental payments $ Problem #5 Samantha Montgomery (age 42) is employed by Canon Company and is paid a salary of $62,430. She has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Montgomery: a. What is the maximum that she can contribute into this retirement fund? $ b. What would be the company's contribution? $ c. What would be her weekly take-home pay with the retirement contribution deducted (married filing jointly,…Example 6-4 Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2019) would be: Take-home pay $621.00 Less: Exempt amount (from Figure 6.3). 396.16 Federal tax levy $224.84 Figure 6.32019 Table for Amount Exempt for Tax Levy (Single Person) Filing Status: Single PayPeriod Number of Exemptions Claimed on Statement 0 1 2 3 4 5 More Than 5 Daily 46.92 63.07 79.22 95.37 111.52 127.67 46.92 plus 16.15 foreach dependent Weekly 234.62 315.39 396.16 476.93 557.70 638.47 234.62 plus 80.77 foreach dependent Biweekly 469.23 630.77 792.31 953.85 1115.39 1276.93 469.23 plus 161.54 foreach dependent Semimonthly 508.33 683.33 858.33 1033.33 1208.33 1383.33 508.33 plus 175 foreach dependent Monthly 1016.67 1366.67 1716.67 2066.67 2416.67 2766.67 1016.67 plus 350 foreach dependent Source: Internal Revenue Service. Carson Holiday has a…
- Question 1 Hinda works for LMN in Nova Scotia and earns an annual salary of $70,000.00 paid on a bi-weekly basis. The company provides its employees with group Not yet term life insurance coverage of two times annual salary and pays a monthly premium of $0.75 per $1,000.00 of coverage. Hinda receives a cash taxable answered car allowance of $300.00 per pay. Hinda contributes 5% of her salary each pay to an RRSP. Each pay Hinda contributes $15.00 to United Way. She also Marked out of belongs to a union and pays $40 in union dues per pay period. Hinda's federal and provincial TD1 claim codes are 1. She will not reach the Canada 10.00 Pension Plan or Employment Insurance annual maximums this pay period. P Flag question Calculate Hinda's net pay. Make sure to use the CRA payroll deduction tables to determine federal and provincial income taxes. Use 2021 rates. Round to two decimal places and do not include commas (() or the $ sign. Answer:Example 6-4 Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2020) would be: Take-home pay $621.00 Less: Exempt amount (from Figure 6.3). 403.84 Federal tax levy $217.16 Figure 6.32020 Table for Amount Exempt for Tax Levy (Single Person) Filing Status: Single PayPeriod Number of Exemptions Claimed on Statement 0 1 2 3 4 5 More Than 5 Daily 47.69 64.23 80.77 97.31 113.85 130.39 47.69 plus 16.54 foreach dependent Weekly 238.46 321.15 403.84 486.53 569.22 651.91 238.46 plus 82.69 foreach dependent Biweekly 476.92 642.30 807.68 973.06 1138.44 1303.82 476.92 plus 165.38 foreach dependent Semimonthly 516.67 695.84 875.01 1054.18 1233.35 1412.52 516.67 plus 179.17 foreach dependent Monthly 1033.33 1391.66 1749.99 2108.32 2466.65 2824.98 1033.33 plus 358.33 foreach dependent Source: Internal Revenue Service. Carson Holiday…PROBLEM 1 Mary Matthews made $950 in a biweekly pay period. Only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company’s 401(k) plan. Determine Matthews’ take home pay if she is married and claims 2 allowances (use wage bracket method).
- 1-The employer provided the accommodation to its employee costing £ 80,000 with annual value of £1,000 and the official rate of interest of 2.5% during the tax year 2019/20. Accommodation is not job related. Which one of the following is taxable benefit from accommodation as per the UK tax laws? O a. None of the options b. £125 O C. £1,125 O d. £1,00016. If you have an employee no exempt with $64,500 yearly salary, with 1 withholding single and biweekly pay, how much the employer need to deduct in income tax? A. $396.89 B. $410.20 C. $580.30 D. $590.01 LProblem 6-17 The Nanny Tax (LO 6.7) Sally hires a maid to work in her home for $400 per month. The maid is 25 years old and not related to Sally. During 2021, the maid worked 10 months for Sally. Do not round immediate computations and round your final answers to two decimal places. a. What is the employer's share of Social Security tax Sally must pay? b. What is the employer's share of Medicare tax Sally must pay? Sally's employer's Medicare tax: $ c. What is the amount of Social Security and Medicare tax which must be withheld from the maid's wages? Sally should withhold for Social Security and Medicare tax of: $
- QUESTION ONE Manuel, aged 55, has been married to Marlin, aged 50, for many years. Manuel has been employed by Chiili Ltd at an annual salary of K60,000. He is also entitled to a car allowance of K15,000 per annum. The tax deducted under the PAYE system for the year 2023 was K16,059. He also paid NAPSA contributions of K3,000. During the year 2023, the company offered him a house which he bought and decided to rent out with effect from 1 June 2023. This was after he spent K1,200 on initial repairs to make the house habitable. The house could not be occupied without this expenditure being incurred. The first tenant took residence in the house at an annual rental of K3,400 (net) payable quarterly in advance, on 1 July 2023. Other expenses incurred in addition to the initial repairs were: Insurance 1 800 Decoration and painting 550 General maintenance 600 Electricity 450…26-Jaleel is an insurance agent and collects insurance premiums from his clients every month. His total collection of insurance premiums for the month of June 2019, £30,000. Which of the following is correct with regards to the calculation of VAT as per UK tax laws? a. 5% VAT on such Taxable Supplies O b. Exempted Supplies so not VAT O c. 0% VAT on such Taxable Supplies O d. 10% VAT on such Taxable SuppliesProblem 6-16 The Nanny Tax (LO 6.6) Sally hires a maid to work in her home for $400 per month. The maid is 25 years old and not related to Sally. During 2022, the maid worked ten months for Sally. Do not round immediate computations and round your final answers to two decimal places. a. What is the employer's share of Social Security tax Sally must pay? b. What is the employer's share of Medicare tax Sally must pay? Sally's employer's Medicare tax: $ c. What is the amount of Social Security and Medicare tax which must be withheld from the maid's wages? Sally should withhold for Social Security and Medicare tax of: