Answer:
Capital gain tax = $1,540.
Explanation:
As per the data given in the question,
For stocks of A
Profit = (selling price - purchasing price) × units
= ($19 - $23) × 200
= -$800
For stocks of B
Profit = ($57-$41) × 600
= $9,600
Total profit = profit for stock A + profit for stock B
= -$800 + $9,600
= $8,800
Therefore, capital gain for both year = $8,800
Tax rate = 35%
Capital gain tax = Capital gain × Tax rate
= $8,800 × 35%
=$3,080
As share holds for more than a year,
So, Capital gain tax = $3,080 ÷ 2 = $1,540.
Answer: $1750
Explanation:
Given Data
Earnings = $44/ hr
Overtime Earnings = 1.5 times Of $44
= $66
Hours worked during the week = 55 hrs
Social security tax rate = 6.0%
Medicare tax rate = 1.5%
Federal income tax = $633
Therefore:
Gross pay = Normal pay + overtime pay
Normal pay
= $44 * 40 hrs
= $1760
Overtime pay
= $66 * 15 hrs
= $990
Gross pay = $1760 + $990
= $1750
Social security tax
= 0.06 * $2750
= $165
Medicare tax
= 0.015 * $2750
= $41.25
Total tax
= $633 + $41.25 + $165
= $839.25
Net pay
= $2750 - $839.25
= $1910.75
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These firms do not have perfect market information to know all the price charges by different sellers,the quality the market demand and supply is etc.
Answer:
The combined wage bracket tables in Exhibits 9-3 and 9-4 is missing hence I will use 2014 tax year
answer :
a) Federal income tax withheld
= 75.6 + ( 1989.60 - 944 )*15% = $232.44
b) social security
6% * 1989.6 = $119.38
c) Medicare
1.45% * 1989.6 = $28.85
Explanation:
For a single individual
Two withholding allowance = $329.20 * 2 = $658.40
Gross Pay = $2648
withholding allowance = $658.40
Subject to withholding = $2648 - $658.40 = $1989.60
a) Federal income tax withheld
= 75.6 + ( 1989.60 - 944 )*15% = $232.44
b) social security
6% * 1989.6 = $119.38
c) Medicare
1.45% * 1989.6 = $28.85
