Ralph and Kathy Gump are married with one 20-year-old dependent child. Ralph earns a total of $39,000 and estimates their itemized deductions to be $16,000 for the year. Kathy is not employed. Use Form W-4 on Pages 9-39 and 9-40 to determine the number of withholding allowances that Ralph should claim.
Answer to relevant QuestionsSophie is a single taxpayer. For the first payroll period in October 2014, she is paid wages of $3,250 monthly. Sophie claims three allowances on her Form W-4. a. Use the percentage method to calculate the amount of ...Yolanda earns $119,000 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 ...Bill and Guilda each own 50 percent of the stock of Radiata Corporation, an S corporation. Guilda’s basis in her stock is $25,000. On July 31, 2014, Bill sells his stock, with a basis of $40,000, to Loraine for $50,000. ...Indicate which of the following statements are true or false: ________ The IRS is a division of the Treasury Department. ________ The IRS has four major divisions. ________ The IRS local offices process most individual ...
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