Vanida received workers' compensation due to an injury on the job. When Vanida files her tax return, her workers' compensation income will be: Fully taxable. Nontaxable. Partially taxable. Taxable at the discretion of the employer.
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- What portions of an employees take-home pay are exempt from a federal tax levy?The Social Security payroll tax is split equally between the employee and the employer. Would it make any difference if the entire tax was imposed on employees? Would employees be helped if all the tax was imposed on employers?a. Assume that Eva is concidered to be an employee. What amount of FICA taxes is she required to pay for the year? b. What is her regular income tax liability for the year? c. Assume that Eva is concidered self-employed contractor. What is her self-employment tax liability and additional medicare tax liability for the year? d. Assume Eva is concidered to be self employed contractor. What is her regular tax liability for the year?
- The substituted Filing of Tax Return is applicable where (choose the exception) The employee earns pure compensation income The employee has only one employer The tax withheld by the employer is correct The employee is also engaged in the exercise of a professionIf an employee does not complete a Form W-4, the employer must withhold tax as if the employee were single with no exemptions? True or False1. Under individual employee coverage, the worker is covered by the FLSA if: a.the worker is a housekeeper in a private home for 16 hours a week. b.the domestic receives cash wages of at least $2,300 from the employer in the calendar year. c.the worker produces goods for interstate commerce. d.All of these choices are correct. e.None of these choices are correct. 2. The FICA tax rates for the self-employed are: a.6.2% (OASDI) and 2.9% (HI). b.6.2% (OASDI) and 1.45% (HI). c.12.4% (OASDI) and 1.45% (HI). d.10.0% (OASDI) and 1.0% (HI). e.None of these choices are correct. 3. The garnishment that takes priority over all others, except bankruptcy orders is : a.a government student loan b.an administrative wage garnishment c.a child support order d.a state tax levy e.a creditor garnishment 4. The FLSA requires that: a.employers use the continental time system to record all time worked by employees. b.employees sign each clock card. c.employers keep records that show…
- As You Read QUESTION What could happen if your employer did not deduct federal income taxes from your paychecks?Which of the following can self-employed taxpayers NOT deducts as deductions for AGI? The cost of the health insurance premiums paid by the self-employed The employers portion of self-employment tax Contributions to a SEP or other retirement programs from the self-employment The income tax paid on the income earned by the self-employmentIt is mandatory for both the employer and employee to pay ________. A. employee income tax B. FICA C. SUTA D. federal unemployment tax
- Mrs. Y, wife of a deceased employee, received financial benefits voluntarily voted upon by the Board of Directors of the employer-company in recognition of her husband’s long and loyal service and primarily to help her meet financial needs. Which of the following is false? A. Mrs. Y is not subject to income tax on the financial benefits she received because there were no services rendered by Mrs. Y. B. Mrs. Y is subject to income tax on the financial benefits she received because such amount is in consideration of her deceased husband’s employment. C. The amount is not considered as income of the deceased employee because the giving was not in payment for services rendered. D. A and BVirginia Pecson is an MWE working in Quezon City. As such, her employer did not withhold any tax from her compensation. In addition to her Statutory Minimum Wage (SMW), she also earned a one-time commission from her employer in September of taxable year 2018. In what months of the taxable year shall her employer withhold income tax from her SMW? (a) When she received the commission in September, she ceased to be an MWE. Her employer shall withhold income taxes from her compensation (which includes the SMW) received in the months of September thru December 2018. (b) None. Her employer may not withhold income taxes from the SMW she received in all the 12 months of 2018. Her employer shall withhold the CWT only from the commission she received in September 2018. (c) In all the months of 2018. (d) None of the above.A married taxpayer files a separate tax return from his wife and does not participate in an employer-sponsored retirement plan at work. The taxpayer has moved out of the couples' home, but lived with his spouse part of the year. The taxpayer cannot deduct any contributions he makes to his traditional IRA if his modified AGI exceeds $_______________?
