Questions from General Taxation

Q: Erica earned $128,800 during 2017. How much will

Erica earned $128,800 during 2017. How much will her employer withhold from her, in total, for FICA taxes? a. $9,069.60. b. $9,214.60. c. $9,741.00. d. $9,754.00.

Q: Adenike has two jobs and earned $ 110,000 from her

Adenike has two jobs and earned $ 110,000 from her first job and $20,000 from her second job. How much total FICA taxes will Adenike have withheld from her wages from working two jobs? a. $9,730.80....

Q: Carlos earned a total of $225,000 for 2017.

Carlos earned a total of $225,000 for 2017. How much in FICA tax will his employer be required to withhold in his name? a. $10,834.50. b. $11,148.90. c. $11,373.90. d. $12,029.10.

Q: Dewoun has two jobs, and both employers withheld FICA tax.

Dewoun has two jobs, and both employers withheld FICA tax. From his first job, he earned $102,100, and from his second job, he earned $28,200. How much can Dewoun claim as an additional payment on h...

Q: Carmen earned $75 in tips in September. When must she

Carmen earned $75 in tips in September. When must she inform her employer of her tips on Form 4070 for federal income tax and FICA withholding purposes? a. By September 30. b. By October 10. c. By O...

Q: In a large food or beverage establishment, any tip shortfall from

In a large food or beverage establishment, any tip shortfall from a directly tipped employee is recorded on the employee’s W-2 as a. W-2 box 8 - Allocated tips. b. W-2 box 14 - Other. c. W-2 box 1-...

Q: Which of the following is an individual-sponsored pension plan?

Which of the following is an individual-sponsored pension plan? a. Defined benefit plan. b. Keogh plan. c. Roth IRA. d. SIMPLE plan.

Q: Terri is single and age 32. She reported AGI of $

Terri is single and age 32. She reported AGI of $64,000 in tax year 2017. She is an active participant in her employer’s pension plan. What is the maximum deductible IRA contribution she can make in...

Q: Ed and Cathy, both under age 50, file a joint

Ed and Cathy, both under age 50, file a joint return. Neither is covered under an employer pension plan. Cathy earned compensation of $53,000 in 2017. Ed worked part-time and earned $1,200. What i...

Q: Jack is single and age 53. He reported AGI of $

Jack is single and age 53. He reported AGI of $68,000 in 2017. He is an active participant in his employer’s pension plan. What is the maximum deductible IRA contribution he can make in 2017? a. $...