a) With the following information work, prepare and answer the following questions:
ABC Corporation has two employees, Peter, and Paul. During the current year, Peter who is single and has no dependents earns $ 65,000 a year, and Paul who is married and has 5 dependents earns $ 150,000 a year.
i) What is the amount of withholding at the Source (Federal Withholding) that the ABC Corporation must make on these wages?
ii) What is the value of Social Security, and Medicaid, FUTA, and SUTA that ABC Corporation has to pay on the wages paid to Peter and Paul?
iii) What is the value of Social Security, and Medicaid, FUTA, and SUTA that Peter and Paul have to pay on the wages received?
iv) What is the total value of taxes on wages paid that ABC Corporation must pay to the IRS and what is the total value of taxes that must be paid to the State of Florida?
b) Classify the following items among “Ordinary Income”, “Passive Income”, “Capital Gain”, “Unrealized Gain”, or “Exclusion”? and why?
– The salary received by an employee
Dividend in declared in shares
Sale for $ 25,000, of an antique that was acquired at a cost of $ 4,500
Income of $ 5,000 corresponding to 10 days of lease of the second property of a taxpayer
car valued at $ 15,000, received as part of an inheritance.
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