3)Carson Smart is paid $1,200 every two weeks plus a taxable lodging allowance o
ID: 2493875 • Letter: 3
Question
3)Carson Smart is paid $1,200 every two weeks plus a taxable lodging allowance of $100. He is a participant in the company 401(k) plan and has $150 deducted from his pay for his contribution to the plan. He is married with two allowances. How much would be deducted from his pay for federal income tax (using the wage-bracket table)?
4)Employers must submit Forms W-4 to the IRS for
e. all Forms W-4
5)Leinart Company had taxable wages (SUTA and FUTA) totaling $175,000. During the year, the company was late in paying its state contributions of 3.6% and is, therefore, subject to the FUTA credit reduction. Determine the amount of net FUTA tax.
a. those claiming more than 10 allowances b. all Forms W-4 claiming exemption c. those requested in writing by the IRS d. those requesting additional amounts to be withhelde. all Forms W-4
5)Leinart Company had taxable wages (SUTA and FUTA) totaling $175,000. During the year, the company was late in paying its state contributions of 3.6% and is, therefore, subject to the FUTA credit reduction. Determine the amount of net FUTA tax.
Explanation / Answer
3)
Taxable wages = $1,300 - $150 = $1,150
Amount to be deducted = $68
4)
Answer is c) those requested in writing by the IRS.
Form W4 is submitted by the employees to employers for claiming exemptions from withholding tax. Normally, employers are not required to submit such forms to IRS unless requested by IRS.
5)
FUTA Tax= $175,000 * 0.36 = $63,000.
Federal Unemployment Tax Act requires employers to pay tax on portion of employee's earnings to fund unemployment agencies.
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.