User Account

All Pages

What total amount of taxes withheld from phoenixs earnings

Assignment Help Taxation
Reference no: EM131783085

Problem

Phil Phoenix is paid monthly. For the month of January of the current year, he earned a total of $8,538. The FICA tax rate for social security is 6.2% and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $1,416.67. What is the total amount of taxes withheld from the Phoenix's earnings?

Reference no: EM131783085

Questions Cloud

Differences and new features of these versions : Look into the newer versions of Exchange and about the differences and new features of these versions. What issues were fixed?
Develop the regression model : What is the dependent variable? What is the independent variable? Develop the regression model.
Calculate the break even point for a shawarma outlet : Calculate the break even point for a shawarma outlet in terms of both sales dollars and number of shawarmas sold each month.
Maintenance phase of the sdlc : Speculate why the maintenance phase of the SDLC is so much larger than other the other phases.
What total amount of taxes withheld from phoenixs earnings : Phil Phoenix is paid monthly. For the month of January of the current year. What is the total amount of taxes withheld from the Phoenix's earnings?
Region that imported less benefit from limiting imports : How would a city or region that imported less benefit from limiting imports?
Analyse the earned value and s-curve report : Assignment - Project Status and Control. Your task is to consider the overview above and analyse the earned value and S-curve report
Some of the strengths of using iscsi : What are some of the strengths of using iSCSI in your storage environment?
What should he consider as to the years income : How should he report the future payments? Should he consider something different? What should he consider as to this year's income?

Reviews

Write a Review

Taxation Questions & Answers

  Taxable income

Determine taxable income before considering expense.

  Prepare a tax research memo

Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.

  Income by ordinary concepts

Explain what is meant by income by ordinary concepts

  Identify the tax issues

Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.

  Calculate carolines taxable income

Calculate Carolines taxable income

  Taxation – law and practice

Show the tax issues that are raised and the relevant sections of the legislation.

  Payment to the taxpayer

Brief statement in your own words of the facts of the cases.

  Prepare regular corporation tax return

Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise

  Taxation law

Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.

  A tax on cigarettes is a good way of raising tax revenue

Discuss- A tax on cigarettes is a good way of raising tax revenue for the government

  Prepare the required journal entry

Prepare the required journal entry to record the tax expense

  Calculate barbs taxable income

Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd