Using 2013 rates, , the tax owed by each of the following people has been...

50.1K

Verified Solution

Question

Accounting

Using 2013 rates, , the tax owed by each of the following people has been calculated assuming that they all claim the standard deduction and neglect any tax credits.

Deidre is single with no dependents. Her adjusted gross income is $80,000. Rounded to the nearest dollar, Deirdre's income tax is $13,429.

Robert is a head of household taking care of two dependent children. His adjusted gross income is $80,000. Rounded to the nearest dollar, his income tax is $9,340.

Jessica and Frank are married with no dependents. They file jointly. They each have $80,000 in adjusted gross income for a combined $160,000. Their combined income tax, rounded to the nearest dollar, is $26,666.

Complete parts (a)-(e) below.

a. Calculate the FICA tax owed by each of the three sets, assuming the given gross adjusted incomes came from ordinary wages. Note that the FICA tax is 7.65% on the first $113,700 of income from wages and 1.45% on any income from wages in excess of $113,700.

Deidre $___ Robert $___ Jessica and Frank $____ (Round to the nearest dollar as needed.)

b.

c

d

e

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students