Tax Returns Answers

Determine the total annual FICA tax for an annual salary of $165,000. Use $106,800 for maximum taxable earnings. a. $901.41 b. $9,014.10 c. $1,262.25 d. $12,622.50 Please select the best answer from the choices provided

Sally has just finished her thirty-fifth year with her company and is getting ready to retire. During her thirty-five years, Sally’s average annual salary was $45,603. How much can Sally expect to receive from Social Security annually if she were to retire today? (Assume she will receive 42% of her average annual salary.) a.$191.53b.$1,915.33c.$19,153.26d.$191,532.60

Determine the total annual FICA tax for an annual salary of $38,480. (FICA is 7.65%) a. $294.37 b. $717.96 c. $2,385.76 d. $2,943.72 Please select the best answer from the choices provided

Christina will be retiring next month from her job after 35 years as a school bus driver. Over the last 35 years, Christina’s annual salary averaged $22,040. She expects to receive some money each month from Social Security and plans to take the rest of the money she needs to pay the monthly bills from savings. Each month her bills total to about $1,375. Assuming her annual Social Security benefit will be 42% of her salary average, how much will she need to take from savings each month to help pay the bills?a.At least $771.40b.At least $603.60c.At least $629.71d.At least $1,722.08

Henry is up for retirement after 35 long years at his pharmacy. Before retiring, he would like to know how much he would receive each month from Social Security if he were to retire. During his 35 years, Henry averaged an annual salary of $45,620. Assuming he would receive 42% of his annual average each year, how much can Henry expect to receive from Social Security on a monthly basis? a. $1,596.70 b. $1,916.04 c. $15,967.00 d. $19,160.40 Please select the best answer from the choices provided

Which group or groups can typically draw benefits that are funded by Social Security taxes? I. Disabled workers II. Laid-off workers III. Family members of deceased workers a. I and II b. II only c. III only d. I and III Please select the best answer from the choices provided

Which of the following criteria would not make a person eligible to receive medicare benefits? a. The person is 65 years of age or older. b. The person has a terminal illness. c. The person has a qualifying disability. d. The person has end stage renal disease. Please select the best answer from the choices provided

Henry is up for retirement after 35 long years at his pharmacy. Before retiring, he would like to know how much he would receive each month from Social Security if he were to retire. During his 35 years, Henry averaged an annual salary of $45,620. Assuming he would receive 42% of his annual average each year, how much can Henry expect to receive from Social Security on a monthly basis? a. $1,596.70 b. $1,916.04 c. $15,967.00 d. $19,160.40 Please select the best answer from the choices provided

Calculate the Social Security and Medicare tax that would be applied to an annual salary of $56,010.a.Social Security tax: $347.26, Medicare tax: $81.22b.Social Security tax: $3,472.62, Medicare tax: $812.15c.Social Security tax: $662.16, Medicare tax: $81.22d.Social Security tax: $6,621.60, Medicare tax: $812.15

Calculate the Social Security and Medicare tax that would be applied to an annual salary of $235,430. Use $106,800 for maximum taxable earnings. a. Social Security tax: $1,459.67, Medicare tax: $341.37 b. Social Security tax: $14,596.66, Medicare tax: $3,413.70 c. Social Security tax: $662.16, Medicare tax: $341.37 d. Social Security tax: $6,621.60, Medicare tax: $3,413.70 Please select the best answer from the choices provided

One possible solution to a diminishing Social Security payroll is to decrease the Social Security benefit by 13%. How would such a decrease effect the benefits on a salary of $54,000? a.Benefit would decrease by $1,404 annually.b.Benefit would decrease by $7,020 annually.c.Benefit would decrease by $8,640 annually.d.Benefit would decrease by $15,660 annually.

Determine the total annual FICA tax for an annual salary of $38,480. (FICA is 7.65%) a. $294.37 b. $717.96 c. $2,385.76 d. $2,943.72 Please select the best answer from the choices provided

For each of the following wages, determine the Social Security tax that would be withheld. Use $106,800 for maximum taxable earnings. i. $23,660 ii. $89,000 iii. $166,090 a. i. $146.69 ii. $551.80 iii. $1,029.76 b. i. $1,466.92 ii. $5,518.00 iii. $10,297.58 c. i. $146.69 ii. $551.80 iii. $662.16 d. i. $1,466.92 ii. $5,518.00 iii. $6,621.60 Please select the best answer from the choices provided

Christina will be retiring next month from her job after 35 years as a school bus driver. Over the last 35 years, Christina’s annual salary averaged $22,040. She expects to receive some money each month from Social Security and plans to take the rest of the money she needs to pay the monthly bills from savings. Each month her bills total to about $1,375. Assuming her annual Social Security benefit will be 42% of her salary average, how much will she need to take from savings each month to help pay the bills?a.At least $771.40b.At least $603.60c.At least $629.71d.At least $1,722.08

Which of the following statements explains the relationship between Social Security and Medicare taxes? a. Both Social Security and Medicare are applied to all wages up to the maximum taxable earnings. b. Both Social Security and Medicare are applied to all wages without limit. c. Medicare is applied to all wages up to the maximum taxable earnings. Social Security is applied to all wages without limit. d. Social Security is applied to all wages up to the maximum taxable earnings. Medicare is applied to all wages without limit. Please select the best answer from the choices provided

For each of the following wages, determine the Medicare tax that would be withheld.i. $23,660ii. $89,000iii. $166,090a.i. $343.07ii. $1,290.50iii. $2,408.31b.i. $3,430.70ii. $12,905.00iii. $24,083.05c.i. $146.70ii. $551.80iii. $1,029.76d.i. $1,466.92ii. $5,518.00iii. $10,297.58

If a 6.2% Social Security tax is applied to a maximum wage of $106,800, the maximum amount of Social Security tax that could ever be charged in a single year is: a. $213.60 b. $6,408.00 c. $6,621.60 d. $17,225.81 Please select the best answer from the choices provided

Calculate the Social Security and Medicare tax that would be applied to an annual salary of $235,430. Use $106,800 for maximum taxable earnings. a. Social Security tax: $1,459.67, Medicare tax: $341.37 b. Social Security tax: $14,596.66, Medicare tax: $3,413.70 c. Social Security tax: $662.16, Medicare tax: $341.37 d. Social Security tax: $6,621.60, Medicare tax: $3,413.70 Please select the best answer from the choices provided

Which of the following is a benefit Social Security does not offer?a.automobile insuranceb.disability insurancec.retirement insuranced.survivor insurance

Which of the following statements accurately describes the result of a decreasing worker-per-beneficiary ratio in the Social Security system?a.Fewer taxed workers than beneficiaries means that the system is collecting more money for the money being drawn out. This leaves money in the system and secures benefits for future beneficiaries.b.Fewer taxed workers than beneficiaries means that the system is collecting more money for the money being drawn out. This leaves a shortage of money in the system making benefits for future beneficiaries unsure.c.Fewer taxed workers than beneficiaries means that more money is being drawn from the system for the money put in. This leaves a shortage of money in the system making benefits for future beneficiaries unsure.d.Fewer taxed workers than beneficiaries means that more money is being drawn from the system for the money put in. This leaves money in the system and secures benefits for future beneficiaries.

Which of the following is a benefit Social Security does not offer?a.automobile insuranceb.disability insurancec.retirement insuranced.survivor insurance

Which of the following criteria would not make a person eligible to receive medicare benefits? a. The person is 65 years of age or older. b. The person has a terminal illness. c. The person has a qualifying disability. d. The person has end stage renal disease. Please select the best answer from the choices provided

For each of the following wages, determine the Social Security tax that would be withheld. Use $106,800 for maximum taxable earnings. i. $23,660 ii. $89,000 iii. $166,090 a. i. $146.69 ii. $551.80 iii. $1,029.76 b. i. $1,466.92 ii. $5,518.00 iii. $10,297.58 c. i. $146.69 ii. $551.80 iii. $662.16 d. i. $1,466.92 ii. $5,518.00 iii. $6,621.60 Please select the best answer from the choices provided

Social Security offers all but which of the following benefits? a. retirement insurance b. home loans c. survivor insurance d. disability insurance Please select the best answer from the choices provided

Social Security offers all but which of the following benefits? a. retirement insurance b. home loans c. survivor insurance d. disability insurance Please select the best answer from the choices provided

Calculate the Social Security and Medicare tax that would be applied to an annual salary of $56,010.a.Social Security tax: $347.26, Medicare tax: $81.22b.Social Security tax: $3,472.62, Medicare tax: $812.15c.Social Security tax: $662.16, Medicare tax: $81.22d.Social Security tax: $6,621.60, Medicare tax: $812.15

Which of the following statements accurately describes the result of a decreasing worker-per-beneficiary ratio in the Social Security system?a.Fewer taxed workers than beneficiaries means that the system is collecting more money for the money being drawn out. This leaves money in the system and secures benefits for future beneficiaries.b.Fewer taxed workers than beneficiaries means that the system is collecting more money for the money being drawn out. This leaves a shortage of money in the system making benefits for future beneficiaries unsure.c.Fewer taxed workers than beneficiaries means that more money is being drawn from the system for the money put in. This leaves a shortage of money in the system making benefits for future beneficiaries unsure.d.Fewer taxed workers than beneficiaries means that more money is being drawn from the system for the money put in. This leaves money in the system and secures benefits for future beneficiaries.

Sally has just finished her thirty-fifth year with her company and is getting ready to retire. During her thirty-five years, Sally’s average annual salary was $45,603. How much can Sally expect to receive from Social Security annually if she were to retire today? (Assume she will receive 42% of her average annual salary.) a.$191.53b.$1,915.33c.$19,153.26d.$191,532.60

Which group or groups can typically draw benefits that are funded by Social Security taxes? I. Disabled workers II. Laid-off workers III. Family members of deceased workers a. I and II b. II only c. III only d. I and III Please select the best answer from the choices provided

One possible solution to a diminishing Social Security payroll is to decrease the Social Security benefit by 13%. How would such a decrease effect the benefits on a salary of $54,000? a.Benefit would decrease by $1,404 annually.b.Benefit would decrease by $7,020 annually.c.Benefit would decrease by $8,640 annually.d.Benefit would decrease by $15,660 annually.

If a 6.2% Social Security tax is applied to a maximum wage of $106,800, the maximum amount of Social Security tax that could ever be charged in a single year is: a. $213.60 b. $6,408.00 c. $6,621.60 d. $17,225.81 Please select the best answer from the choices provided

Determine the total annual FICA tax for an annual salary of $165,000. Use $106,800 for maximum taxable earnings. a. $901.41 b. $9,014.10 c. $1,262.25 d. $12,622.50 Please select the best answer from the choices provided