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c. Allison is single and claims one withholding allowance
57. Jones Company has the following employees on payroll:
Calculate the payroll for the last pay period in February. Include
in your calculations federal withholding, FICA, and FUTA.
Assume that Jones Company received the maximum credit for
state unemployment taxes
Chapter 11, complete problem 49 and problem 52. Submit these
items to your instructor.
49. Will, who is single and under age 50, is employed as a full-time
tax accountant at a local manufacturing company where he earns
$60,000 per year. He participates in a pension plan through his
employer. Will also operates a small tax practice in his spare time
during tax season and has net Schedule C income of $8,000. He is
interested in establishing and contributing to other retirement
plans. What options are available to Will?
52. Ken is a self-employed architect in a small firm with four
employees: himself, his office assistant, and two drafters, all of
whom have worked for Ken full-time for the last four years. The
office assistant earns $30,000 per year and each drafter earns
$40,000. Ken’s net earnings from self-employment (after
deducting all expenses and one-half of self-employment taxes) are
$305,000. Ken is considering whether to establish an SEP plan
and has a few questions.
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ACC 401 Week 4 DQ 1 Tax Credits and Payroll Taxes
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