Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all instances, the individual is self-employed, and the self-employment tax reduction has already been taken. Required: Self-employment income of $62,400. Self-employment income of $62,400 and wage income of $33,500. Self-employment income of $140,000. Self-employment income of $322,000.
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Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all instances, the individual is self-employed, and the self-employment tax reduction has already been taken.
Required:
- Self-employment income of $62,400.
- Self-employment income of $62,400 and wage income of $33,500.
- Self-employment income of $140,000.
- Self-employment income of $322,000.
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- Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all instances, the individual is self-employed, and the self-employment tax reduction has already been taken. Required: a. Self-employment income of $61,800. b. Self-employment income of $61,800 and wage income of $32,000. c. Self-employment income of $125,000. d. Self-employment income of $319,000. Mc Graw Hill 22 é a. Maximum Keogh plan contribution b. Maximum Keogh plan contribution c. Maximum Keogh plan contribution d. Maximum Keogh plan contribution F2 Answer is complete but not entirely correct. Z 3 80 F3 E 4 F6 7 ወ F7 .— 8 Y U DII F8 9 F9Determine the self-employment tax for an individual who has $111,700 in wages, $4,000 in interest income, and $20,000 in self-employment income. The self employment tax is________?Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all instances, the individual is self-employed, and the self-employment tax reduction has already been taken. Required: a. Self-employment income of $71,000. b. Self-employment income of $71,000 and wage income of $38,500. c. Self-employment income of $190,000. d. Self-employment income of $307,000. a. Maximum Keogh plan contribution b. Maximum Keogh plan contribution c. Maximum Keogh plan contribution d. Maximum Keogh plan contribution $ $ Amount $ 614 142 142 380
- Required: A married couple received $9,200 of social security benefits. a. Calculate the taxable amount of those benefits if the couple's provisional income is $20,500. b. Calculate the taxable amount of those benefits if the couple's provisional income is $38,000. c. Calculate the taxable amount of those benefits if the couple's provisional income is $56,000. Taxable amount of benefits a. b. C.Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is self-employed and earns $156,000, what are the taxpayer's FICA taxes? Employee's Rates 7.65% on first $142,800 of income 1.45% of income in excess of $142,800 Matching Rates Paid by the Employer 7.65% on first $142,800 paid in wages 1.45% of wages paid in excess of $142,800 Self-Employed Rates 15.3% on first $142,800 of net profits 2.9% of net profits, in excess of $142,800 The FICA taxes are $ (Round to the nearest cent as needed.)Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not self-employed and earns $149,000, what are the taxpayer's FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $142,800 of 7.65% on first $142,800 paid 15.3% on first $142,800 of net income in wages 1.45% of income in excess 1.45% of wages paid in of $142,800 excess of $142,800 profits 2.9% of net profits in excess of $142,800 + The taxpayer's FICA taxes are $ (Round to the nearest cent as needed.)
- Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not self-employed and earns $128,000, what are the taxpayer's FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $142,800 of 7.65% on first $142,800 paid 15.3% on first $142,800 of net income profits in wages 1.45% of income in excess of $142,800 1.45% of wages paid in excess of $142,800 2.9% of net profits in excess of $142,800 The taxpayer's FICA taxes are $ (Round to the nearest cent as needed.)Taxpayers who make after-tax contributions to a qualified employer plan recover their investment (cost) when they begin to take periodic payments. How is their investment recovered? a. The after-tax portion is recovered first b. the after-tax portion is recovered last c. Part of each year's distribution is taxable and part is recovery of cost until all the cost is recovered. d. Each year's distribution is multiplied by a fixed percentage to determine the taxable amount and the cost recovery of each distribution.Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $133,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer 7.65% on first $118,500 paid in wages Self-Employed Rates 15.3% on first $118,500 of net profits Employee's Rates 7.65% on first $118,500 of income 1.45% of income in excess of $118,500 1.45% of wages paid in excess of $118,500 2.9% of net profits in excess of $118,500 FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.)
- Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not self-employed and eams $140,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer Employee's Rates 7.65% on first $142,800 of 7.65% on first $142,800 paid income in wages 1.45% of income in excess of $142,800 1.45% of wages paid in excess of $142,800 The taxpayer's FICA taxes are $ (Round to the nearest cent as needed.) RTLA Self-Employed Rates 15.3% on first $142,800 of net profits 2.9% of net profits in excess of $142,800Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not self-employed and earns $159,000, what are the taxpayer's FICA taxes? Employee's Rates Matching Rates Paid by the Employer 7.65% on first $142,800 of 7.65% on first $142,800 paid income in wages 1.45% of income in excess 1.45% of wages paid in of $142,800 excess of $142,800 Self-Employed Rates 15.3% on first $142,800 of net profits 2.9% of net profits in excess of $142,800 The taxpayer's FICA taxes are $ (Round to the nearest cent as needed.) EUse the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $132,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer Employee's Rates 7.65% on first $118,500 of 7.65% on first $118,500 paid income in wages 1.45% of income in excess of $118,500 1.45% of wages paid in excess of $118,500 Self-Employed Rates 15.3% on first $118,500 of net profits 2.9% of net profits in excess of $118,500 FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.)