Phan Mai is a single taxpayer with two dependent children under age 17. Phan estimates her wages for the year will be $36,000 and her itemized deductions will be $11,000. Assuming Phan files as head of household, use Form W-4 on Pages 9-37 and 9-38 to determine the number of withholding allowances Phan should claim.
Answer to relevant QuestionsFor each of the following payments, indicate the form that should be used to report the payment: a. Interest of $400 paid by a bank b. Payment of $400 in dividends by a corporation to a shareholder c. Periodic payments ...Sally hires a maid to work in her home for $250 per month. The maid is 25 years old and not related to Sally. During 2014, the maid worked 10 months for Sally. a. What is the amount of Social Security tax Sally must pay as ...Jenny earns $34,500 in 2014. Calculate the FICA tax that must be paid by: Van makes an investment in a partnership in 2014. Van’s capital contributions to the partnership consisted of $30,000 cash and a building with an adjusted basis of $70,000, subject to a nonrecourse liability of (seller ...Karen, in forming a new corporation, transfers land to the corporation in exchange for 100 percent of the stock of the corporation. Karen’s basis in the land is $275,000, and the corporation assumes a liability on the ...
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