Using the following website: 2020-2021 Tax Brackets answer the following questions if you have a job...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Using the following website: 2020-2021 Tax Brackets answer the following questions if you have a job making $12 per hour and work 40 hours per week, based on the 2020 federal income tax brackets: a) How much money do you gross each pay period (2 weeks in a pay period, 2 pay periods per month)? $ x Use 2 decimal places. b) What is your annual gross pay? $ X Use 2 decimal places. c) Which tax bracket do you fall into for the 2020 tax year? 12 % Tax rate 10% 12% 22% 24% 32% 35% 37% Taxable income bracket $0 to $9,875 $9,876 to $40,125 $40,126 to $85,525 $85,526 to $163,300 $163,301 to $207,350 $207,351 to $518,400 $518,401 or more Tax owed 10% of taxable income $987.50 plus 12% of the amount over $9,875 $4,617.50 plus 22% of the amount over $40,125 $14,605.50 plus 24% of the amount over $85,525 $33,271.50 plus 32% of the amount over $163,300 $47,367.50 plus 35% of the amount over $207,350 $156,235 plus 37% of the amount over $518,400 You have a job with a gross pay of $63,000. Using the website 2020-2021 Federal Tax Brackets, answer the following questions, based on the 2020 Federal Tax Brackets: a) What is your tax bracket? 22 % b) What is the amount paid in taxes for the following brackets: 10% & 12% combined $ x 22% $ x c) How much in total do you pay in Federal Taxes? X Use the following websites to answer the questions: 2020-2021 Federal Tax Brackets Social Security and Medicare Tax You work at a job with an annual gross salary of $37,000. Use the 2020 Federal Tax Bracket information. a) How much do you gross per paycheck? (assume 2 pay periods per month) $ b) How much Federal Tax is taken out of each paycheck? $ Use 2 decimal places. Use 2 decimal places. c) How much Social Security Tax is taken out of each paycheck? $ d) How much Medicare Tax is taken out of each paycheck?$ Use 2 decimal places. e) You are looking at apartments and like one that rents for $1000.00 per month. Do you decide to rent it? Explain your decision. X Use 2 decimal places. Social Security Is Old-Age, Survivors, and Disability Insurance (OASDI) program limits the amount of earnings subject to taxation for a given year. The same annual limit also applies when those earnings are used in a benefit computation. This limit changes each year with changes in the national average wage index. We call this annual limit the contribution and benefit base. This amount is also commonly referred to as the taxable maximum. For earnings in 2021, this base is $142,800. The OASDI tax rate for wages paid in 2021 is set by statute at 6.2 percent for employees and employers, each. Thus, an individual with wages equal to or larger than $142,800 would contribute $8,853.60 to the OASDI program in 2021, and his or her employer would contribute the same amount. The OASDI tax rate for self- employment income in 2021 is 12.4 percent. For Medicare's Hospital Insurance (HI) program, the taxable maximum was the same as that for the OASDI program for 1966-1990. Separate HI taxable maximums of $125,000, $130,200, and $135,000 were applicable in 1991-93, respectively. After 1993, there has been no limitation on HI-taxable earnings. Tax rates under the HI program are 1.45 percent for employees and employers, each, and 2.90 percent for self-employed persons. Using the following website: 2020-2021 Tax Brackets answer the following questions if you have a job making $12 per hour and work 40 hours per week, based on the 2020 federal income tax brackets: a) How much money do you gross each pay period (2 weeks in a pay period, 2 pay periods per month)? $ x Use 2 decimal places. b) What is your annual gross pay? $ X Use 2 decimal places. c) Which tax bracket do you fall into for the 2020 tax year? 12 % Tax rate 10% 12% 22% 24% 32% 35% 37% Taxable income bracket $0 to $9,875 $9,876 to $40,125 $40,126 to $85,525 $85,526 to $163,300 $163,301 to $207,350 $207,351 to $518,400 $518,401 or more Tax owed 10% of taxable income $987.50 plus 12% of the amount over $9,875 $4,617.50 plus 22% of the amount over $40,125 $14,605.50 plus 24% of the amount over $85,525 $33,271.50 plus 32% of the amount over $163,300 $47,367.50 plus 35% of the amount over $207,350 $156,235 plus 37% of the amount over $518,400 You have a job with a gross pay of $63,000. Using the website 2020-2021 Federal Tax Brackets, answer the following questions, based on the 2020 Federal Tax Brackets: a) What is your tax bracket? 22 % b) What is the amount paid in taxes for the following brackets: 10% & 12% combined $ x 22% $ x c) How much in total do you pay in Federal Taxes? X Use the following websites to answer the questions: 2020-2021 Federal Tax Brackets Social Security and Medicare Tax You work at a job with an annual gross salary of $37,000. Use the 2020 Federal Tax Bracket information. a) How much do you gross per paycheck? (assume 2 pay periods per month) $ b) How much Federal Tax is taken out of each paycheck? $ Use 2 decimal places. Use 2 decimal places. c) How much Social Security Tax is taken out of each paycheck? $ d) How much Medicare Tax is taken out of each paycheck?$ Use 2 decimal places. e) You are looking at apartments and like one that rents for $1000.00 per month. Do you decide to rent it? Explain your decision. X Use 2 decimal places. Social Security Is Old-Age, Survivors, and Disability Insurance (OASDI) program limits the amount of earnings subject to taxation for a given year. The same annual limit also applies when those earnings are used in a benefit computation. This limit changes each year with changes in the national average wage index. We call this annual limit the contribution and benefit base. This amount is also commonly referred to as the taxable maximum. For earnings in 2021, this base is $142,800. The OASDI tax rate for wages paid in 2021 is set by statute at 6.2 percent for employees and employers, each. Thus, an individual with wages equal to or larger than $142,800 would contribute $8,853.60 to the OASDI program in 2021, and his or her employer would contribute the same amount. The OASDI tax rate for self- employment income in 2021 is 12.4 percent. For Medicare's Hospital Insurance (HI) program, the taxable maximum was the same as that for the OASDI program for 1966-1990. Separate HI taxable maximums of $125,000, $130,200, and $135,000 were applicable in 1991-93, respectively. After 1993, there has been no limitation on HI-taxable earnings. Tax rates under the HI program are 1.45 percent for employees and employers, each, and 2.90 percent for self-employed persons.
Expert Answer:
Answer rating: 100% (QA)
a To calculate the gross pay per pay period well first calculate the gross pay per month and then di... View the full answer
Related Book For
Supply Chain Network Design Applying Optimization and Analytics to the Global Supply Chain
ISBN: 978-0133017373
1st edition
Authors: Michael Watson, Sara Lewis, Peter Cacioppi, Jay Jayaraman
Posted Date:
Students also viewed these accounting questions
-
If you have a 99% confidence interval for based on a simple random sample: (a) Is it correct to say that the probability that is in the specified interval is 99%? Explain. (b) Is it correct to say...
-
if you have a process that takes 2 seconds to load on a network drive, and takes 1 second to load on a desktop, what is the difference in time for 1260 process entries? put your answer in total...
-
If you have a stock-to-sales ratio of 2, how many months of supply do you have? How many weeks of supply?
-
Gems Co. uses the indirect method to prepare its statement of cash flows. The following comparative statement of financial position for 2021 and 2022 are presented: At December 31 2022 2021 Property,...
-
For the last five years the sales of Departments D, E, and F have maintained a relatively stable ratio of 13: 17: 21. Department E is forecasting sales of $478,000 for next year. Based on the past...
-
Glaucoma is the second leading cause of vision loss world-wide. High intraocular pressure (pressure inside the eye) almost always accompanies vision loss. It is postulated that the high pressure...
-
When the plaintiff was 16, he was employed by Kmart as a cashier. At the end of his training, he was required to read Kmarts policy agreement, which included an agreement to submit all employment...
-
Windom College, a not-for-prot institution, engaged in the following transactions during its scal year ending June 30, 2014. Prepare appropriate journal entries, indicating the types of funds (by...
-
Prepare journal entry for December 31 adjusting entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"...
-
B52 Skate Training prepares adjustments annually and showed the following on its June 30, 2023, year-end: Additional information available at year-end: a. The Prepaid Arena Rental of $182,000 was...
-
Determine your Breakeven Analysis for your Marketing Plan. (HINT: You may want to find out your Breakeven Point in Years it will take to recover your expenses for your MBA.) 2. ADDITIONAL HINTS: To...
-
A small ball of mass m and radius r is released from a height h = 3R. The ball rolls without slipping down the incined plane and over the circular track of radius R. Find the speed of the ball at...
-
A block of mass m = 8,9 kg slides on a rough surface and moves toward a spring with a spring constant k = 1004 N/m, as shown in the figure below. When the block is d = 13,1 m away from the spring, it...
-
Photon Corporation has a client who wants to purchase $50,000 of goods on credit. Photon thinks that the client has a 97% probability of paying the $50,000 in 3 months and a 3% chance of a complete...
-
A block of mass m = 13,9 kg is attached to the free end of a light string wrapped around a reel of radius R = 0,38 m and mass M = 7,2 kg. The reel is a uniform disk and fixed on an axis about which...
-
Define an AVL-2 tree to be a BST where each node v satisfies balance(v) {-2,-1,0,1,2}. Let N(h) be the minimum number of nodes in an AVL-2 tree of height h. Prove that h = O(lgn) for the case where...
-
QUESTION 1(20 Marks) SUNNY EXPRESS TRAIN which you are working for has tasked you to write a negative letter declining a customer's request for a refund. Using the following template write a negative...
-
Use nodal analysis to determine voltages v1, v2, and v3 in the circuit Fig. 3.76. Figure 3.76 4 S 3i, 2 A 4A
-
A small medical supply company in Australia has just developed a never-before-seen product with major pre-release orders from around the globe already. This company will need more production capacity...
-
The classic transportation problem that you can find in most linear programming books (or by a quick search of the Internet) is set up something like this: You have a set of source points with a...
-
In the five-warehouse solution, even though the Columbus warehouse is very close to the plants, it still chooses to serve customers from additional warehouses. Why? In other words, why not save on...
-
Use the numbers for the alcohol and tobacco category from the table in the Application "Goods with a Large Consumer Surplus Loss from Price Increases" to draw a figure that illustrates the roles that...
-
Change the answer given in the Challenge Solution for the short run rather than for the long run.
-
Are allocations \(a\) and \(g\) in Figure 10.4 part of the contract curve? Data From Figure 10.4:- 60 80 50 160 30 12. 20 20 Jane's wood 40 40 Denise's candy Od 20 Contract curve Denise's wood 20 218...
Study smarter with the SolutionInn App