Solution-What is the amount of excess payroll tax credit

What is the amount of excess payroll tax credit

Reference no: EM132762867

Question: 1. Nancy, 45 year old and single, has two jobs. Her gross income was $100, 000 from the full-time job and $50,000 from her pat time job. Both employers deducted the appropriate amount for Social Security and Medicare during 2019. What is the amount (if any) of excess payroll tax credit that Nancy can claim in her tax return for 2019? Round your answers to the nearest dollar.

2. Ted and Nancy have three children: Amal (age 14), Arwa (age 19), and Tom (age 21). Arwa works after school and earned $4,000 in 2019. Tom works 30 hours per week and is a part-time student at the local community college earning $8,400 in 2019. If Ted and Nancyâ s AGI in 2019 is $150,000, how much can they claim on their joint tax return for the child tax credit (not the refundable amount)?

Reference no: EM132762867

Questions Cloud

Compute break-even sales for overall enterprise product : The fixed costs are $620,000, and the sales mix is 40% bats and 60% gloves. Compute the break-even sales (units) for the overall enterprise product, E

Find and calculate goodwill on the transaction : Calculate goodwill on the transaction. A Company purchases the net assets of B Company for $7,600. Information concerning B Company.

What is the buoyant force acting on the submerged log : If the mass of the log is 438 kg, what is the buoyant force acting on the submerged log

Find what inventory valuation method does each company use : Find what inventory valuation method does each company use? Why do you think the companies picked these methods? How do both companies deal

What is the amount of excess payroll tax credit : Nancy, 45 year old and single, has two jobs. Her gross income was $100, 000 from the full-time job and $50,000 from her pat time job. Both employers deducted.

What is advantage of presenting the cost-volume-profit : Cost-volume-profit chart - What is the main advantage of presenting the cost-volume-profit analysis in graphic form rather than equation form

What each atomic structure could be : Two different atoms have six protons each, Describe what each atomic structure could be, listing the possible number and location of all subatomic particles.

Calculate the maximum dividend the business can pay out : On 1 January 2019, George commenced a retail business, which buys and sells fuel. He started the business by investing personal savings of $20,000.

What is the temperature in celsius : Today we measured the speed of sound to be 348 m/s. What is the temperature in Celsius?

User Account

All Pages

What is the amount of excess payroll tax credit

Reference no: EM132762867

Reference no: EM132762867

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

Explain the difference between the voting interest model

Explain five key internal controls

Which method of managing inventory designed to minimize

Why are the notes significant for understanding an

What amount should be reported as cash

What was the straight line interest expense on the december

Compute the accounts receivable turnover

What is the difference between dss and knowledge management

Prepare in partial format the liability section

Prepare a scatter diagram for each of these data sets and

Which sources product managers leverage for innovation idea

How much did Johnny make from this transaction

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT