Chapter 4 Homework

Chapter 4 Homework - 12. Rhonda - $70.19 Howard - $304.16...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Dustin Taylor BE166 Payroll Accounting Chapter 4 Homework Questions for review: 1,3,5,6,9,12,14,15,16,18,19,20 1. The taxable portion is the amount by which the fair market value of the fringe benefits exceeds what the employee paid, plus any amount the law excludes. 3. a. Not exempt from the withholding of federal income taxes. b. Exempt from the withholding of federal income taxes. c. Exempt from the withholding of federal income taxes. d. Exempt from the withholding of federal income taxes. e. Exempt from the withholding of federal income taxes. 5. Lesser of $16,500 or 100% of pay. 6. A personal allowance is an exempted portion of an employees earnings from withholding. $3,650 is the amount of the personal allowance. An employee can claim a personal allowance for themselves and each qualified dependent that isn't claimed on another person's tax return. 9. Employees may claim exemption from income tax withholding if they had no income tax liability for 2008 and expect none for 2009. They must claim their no-tax liability status on a new Form W-4.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 12. Rhonda - $70.19 Howard - $304.16 14. Supplemental wages paid with regular wages or supplemental wages paid separately from regular wages. 15. Advance EIC payments made by the employer are treated as having been made from amounts withheld as income tax, employee FICA taxes, and employer FICA taxes. 16. Form 944 replaces Form 941 for employers who owe $1,000 or less in employment taxes for the year. 18. $50 per form. 19. $500 penalty per form. 20. Employers need to submit copies of Form W-4 if they are requested in writing by the IRS. Question for discussion: 4 4. I wouldn't give her any advice on her tax situation. If she wants to have $10 extra taken out per week, it is her right to do so. She just needs to fill out line 6 on Form W-4. From a financial standpoint, it's a dumb idea. All you are doing is allowing someone else to draw interest off of your money. She should take that money and put it somewhere it can grow....
View Full Document

Page1 / 2

Chapter 4 Homework - 12. Rhonda - $70.19 Howard - $304.16...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online