1.Which of the following statements is false regarding an employee’s contribution into a 401(k) tax deferred retirement account? a.The employee’s contributions are not subject to FICA tax. b.Upon reti

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1.Which of the aftercited statements is false respecting an employee's aid into a 401(k) tax plentiful recess statement?

a.The employee's aids are not theme to FICA tax.

b.Upon recess, the employee accomplish assent-to their aids end in the arrange of ordinary payments.

c.None of these statements are redress.

2.Use the embezzle consultation to state the quantity to refuse for federal proceeds tax from each of the aftercited biweekly hire (biweekly refuseing indemnification = $161.50):

Patrick Patrone (single, 2 indemnifications), $925 hire

Carson Leno (married, 4 indemnifications), $1,195 hire

Carli Lintz (single, 0 indemnifications), $700 hire

Tax consultation cohere below

https://cxp.cengage.com/contentservice/assets/T=1587480948747/btpa20t/images/chapter04/Exhibit_4-1.html

3.Mary Matthews made $950 during a biweekly pay date solely collective warranty (abundantly taxable) and federal proceeds taxes conjoin to her pay. Matthews contributes $100 each biweekly pay to her gang's 401k. State Matthews engage abode pay if she is married and claims 2 indemnifications.

(biweekly refuseing indemnification = $161.50)

Tax consultation cohere below

https://cxp.cengage.com/contentservice/assets/T=1587480948747/btpa20t/images/chapter04/Exhibit_4-1.html

4.Determine the proceeds tax to refuse from the biweekly hire of the aftercited employees (wage-bracket)

Karen Overton (single, 0 indemnifications), $900 hire

Alan Glasgow (married, 1 indemnification), $980 hire

Ginni Lorenz (single, 1 indemnification), $580 hire

(biweekly refuseing indemnification = $161.50)

Tax consultation cohere below

https://cxp.cengage.com/contentservice/assets/T=1587480948747/btpa20t/images/chapter04/Exhibit_4-1.html

5.Edward Dorsey is a part-time employee, and during the biweekly pay date he earned $395. In conjunction, he is being remunerated a premium of $300 parallel after a while his ordinary pay. If Dorsey is separate and claims two refuseing indemnifications, how fur would be deducted from his pay for FIT?

Hint: There are two ways to state his deduction—do not use consultations for percentage regularity.

(biweekly refuseing indemnification = $161.50)

Tax consultation cohere below

https://cxp.cengage.com/contentservice/assets/T=1587480948747/btpa20t/images/chapter04/Exhibit_4-1.html

6.Carson Smart is remunerated $1,200 integral two weeks plus a taxable lodging indemnification of $100. He is a participant in the gang 401(k) delineation and has $150 deducted from his pay for his aid to the delineation. He is married after a while two indemnifications. How fur would be deducted from his pay for federal proceeds tax (using the wage-bracket consultation)?

(biweekly refuseing indemnification = $161.50)

Tax consultation cohere below

https://cxp.cengage.com/contentservice/assets/T=1587480948747/btpa20t/images/chapter04/Exhibit_4-1.html


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