ACC 401 Week 4 Quiz (Ashford)
- Kaysia participates in a SIMPLE plan provided by her employer. In 2014, she contributes 6% of her $40,000 salary, and her employer contributes 3% to the plan. What amount of the contributions will be vested in her account at the end of 2014?
- Kobe is a single dad with two dependent children, Lizzie, age 7 and Leslie, age 3. He has AGI of $51,000 and paid $6,300 to a qualified day care center. What amount of credit can Kobe receive for the child and dependent care credit?
- Mahmet earned wages of $118,650 during 2014. He is single and claims two withholding allowances. How much will Mahmet's employer withhold in social security taxes for the year?
- Which of the following statements regarding adoption credits is not true?
- Which of the following conditions requires an employer to use the electronic deposit requirement?
- Irene earned wages of $118,200 during 2014. How much will Irene's employer withhold in social security taxes for the year?
- Sergio is single, is paid $2,400 per week, and claims one withholding allowance. What is the amount of federal income tax withheld from Sergio's gross wages for the week using the percentage method? (Round your answer two decimal places)
- Patrick is entitled to receive monthly payments of $1,500 over his life from his employer's qualified pension plan or he can take $1,300 monthly over his life and the life of his wife. The payments begin January 1, 2014. He contributed $85,250 to the plan prior to his retirement. Patrick is 64 and his wife is 62. Using the simplified method, how much of the payments will be included in Patrick's taxable income for 2014 if he chooses to take $1,300 monthly over his life and the life of his wife?
- Which of the account contributions qualify for the retirement savings contributions credit?
- Irene earned wages of $118,200 during 2014. What share of FICA tax is Irene's employer responsible for in 2014?