Calculation of Social Security Tax and Marginal, Average and Effective Tax Rates on Social Security Taxes (LO. 1)
Rory earns $70,000 per year as a college professor. Latesia is a marketing executive with a salary of $140,000. With respect to the Social Security tax (OASDI: 6.2%; MHI: 1.45%) calculate the following:
(Hint: OASDI 6.2% tax is only on max of $128,400 for the year.)
When required, round the total taxes to two decimal places.
a.
Rory's total FICA taxes: $
Latesia's total FICA taxes: $
Rounding instructions for parts (b), (c), and (d): When required, round the tax rates to two decimal places.
b.
Rory's marginal tax rate: %
Latesia's marginal tax rate: %
c.
Rory's average tax rate: %
Latesia's average tax rate: %
d.
Rory's effective tax rate: %
Latesia's effective tax rate: %
Answers: 1
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Jen left a job paying $75,000 per year to start her own florist shop in a building she owns. the market value of the building is $120,000. she pays $35,000 per year for flowers and other supplies, and has a bank account that pays 5 percent interest. what is the economic cost of jen's business?
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Use the information below to answer the following question. the boxwood company sells blankets for $60 each. the following was taken from the inventory records during may. the company had no beginning inventory on may 1. date blankets units cost may 3 purchase 5 $20 10 sale 3 17 purchase 10 $24 20 sale 6 23 sale 3 30 purchase 10 $30 assuming that the company uses the perpetual inventory system, determine the gross profit for the month of may using the lifo cost method.
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Juan's investment portfolio was valued at $125,640 at the beginning of the year. during the year, juan received $603 in interest income and $298 in dividend income. juan also sold shares of stock and realized $1,459 in capital gains. juan's portfolio is valued at $142,608 at the end of the year. all income and realized gains were reinvested. no funds were contributed or withdrawn during the year. what is the amount of income juan must declare this year for income tax purposes?
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Calculation of Social Security Tax and Marginal, Average and Effective Tax Rates on Social Security...
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