Subject : - Accounting Rachel receives employer provided health insurance. The employer's cost of the health insurance is $6,100 annually. What is her employer's after-tax cost of providing the health insurance, assuming that the employer's marginal tax rate is 21 percent and is profitable?
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52.
Subject : - Accounting
Rachel receives employer provided health insurance. The employer's cost of the health insurance is $6,100 annually. What is her employer's after-tax cost of providing the health insurance, assuming that the employer's marginal tax rate is 21 percent and is profitable?
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- 2c . Under the current tax treatment of employer-sponsored healthinsurance, how much is $100 of insurance worth for a worker whoseeffective tax rate is 25%? How much is $100 of insurance worth for aworker whose effective tax rate is 35%? -- show your calculationsand discuss the implications.1. Payments made by an employer for health insurance on behalf of an employee are considered income to the employee at the time the payments are made. a. True b. False 2. Joey is a single taxpayer. Joey's employer pays $1,800 per year for his health insurance. During the year, Joey had medical expenses of $2,500 and the insurance company reimbursed him for the full $2,500. How much of the above amounts, if any, must be included in Joey's gross income? Why?Rachel receives employer-provided health insurance. The employer's cost of the health insurance is $6900 annually. What is her employer's after-tax cost of providing the health insurance, assuming that the employer's marginal tax rate is 21 percent and the employer is profitable? (Do not use dollar sign or other punctuation.)
- Rachel receives employer provided health insurance. The employer's cost of the health insurance is $6,200 annually. What is her employee's after-tax cost of providing the health insurance, assuming that the employer's marginal tax rate is 21 percent and is profitable?If Julia, age 65 and self employed paid 380.00 per month for health ins, how much can she deduct if she only had part b medicareSuppose Alexa has a weekly paycheck with gross earnings of $1,234.00 and is single with no dependents. a. Calculate her Federal Withholding Tax for the pay period using the Wage Bracket Method. b. Find Alexa’s net pay, in addition to all mandatory deductions, she has union dues of $5.00, she has both medical and dental insurances and she has a cafeteria plan contribution of $15.00.
- 39. Annie is covered by a $200,000 group-term life insurance policy of which her daughter is the sole beneficiary. Annie's employer pays the entire premium for the policy, for which the uniform premium table factor is $0.75 per $1,000 per month of coverage. How much, if any, of the cost of the group-term life insurance is included in Annie's gross income on an annual basis? a. $0. b. $450. c. $1,350. d. $1,800.JDD Corporation provides the following benefits to its employee, Ahmed (age 48): Description Salary Health insurance Dental insurance Life insurance Dependent care Professional dues Personal use of company jet Amount $ 344,000 13,700 4,200 3,600 4,400 520 227,000 The life insurance is a group-term life insurance policy that provides $273,000 of coverage for Ahmed. Assuming Ahmed is subject to a marginal tax rate of 32 percent, what is his after-tax benefit of receiving each of these benefits? (Use EXHIBIT 12-8.) Note: Enter all amounts as positive values. Round your intermediate computations and final answers to the nearest whole dollar. Description Taxable benefits Amount Salary Personal use of company jet Life insurance (taxable portion) $ 344,000 227,000 Taxable total Marginal tax rate Income tax on benefits After-tax benefit of taxable items Nontaxable benefits $ 571,000 32 %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.)
- A self-employed taxpayer may be eligible to deduct amounts paid for medical insurance for themselves and for their families, as long as neither they nor their spouse were eligible for employer-sponsored health insurance. To claim this deduction, a qualifying taxpayer should: 1 Claim a nonrefundable tax credit based on the cost of the insurance. 2 Deduct the cost of the health insurance premiums as a business expense on Schedule C. 3 Only deduct the health insurance costs on Schedule A if they itemize their deductions. 4 Report the health insurance costs, up to the amount of net business income, as an adjustment to income on Schedule 1 and on Form 1040.Find the Social Security tax and the Medicare tax paid by Jeff Mendi for the current pay period. Assume all Jeff's earnings are subject to both taxes and that the FICA rate is 6.2% and the Medicare rate is 1.45%. Earnings Current Pay Period $484.88 Employee FICA @ 6.2% Medicare @ 1.45% Mendi, J. .... What is the FICA tax deducted from Jeff's current gross earnings? (Round to the nearest cent.) The Medicare deduction from Jeff's current gross earnings is $ (Round to the nearest cent.)A taxpayer would be required to pay Social Security and Medicare taxes for a domestic employee in all but one of the following situations. In which situation would this not be required? a.A cook who is paid $35,000 a year b.A nanny who earns $22,000 a year c.A baby-sitter who earns $1,300 a year d.A cleaning lady who is paid $8,000 a year e.The taxpayer would not have to pay Social Security and Medicare taxes in any of the above situations.
