Archive for August, 2010
Metalico Reports Income Gains on Strong Third Quarter Sales
CRANFORD, NJ--(Marketwire - 10/29/10) - Metalico, Inc. (AMEX: MEA - News ) today reported net income for the quarter ending September 30, 2010, of $4.5 million and earnings of $0.10 per diluted share on sales of $137 million, an increase of $45.5 million, or 50%, over same-quarter 2009 results. Operating income for the third quarter was $9.6 million, compared to $7.7 million in the prior-year ...
Education Pensions in Illinois
Question: Accounting help! help appreciated!?
Karl works as a financial analyst for a salary of $2,700 per week. Prior to this pay period his cumulative earnings were $67,500. His federal income tax withholding is 15% of his gross pay. The FICA tax rate is 6.2% for Social Security and 1.45% for Medicare. Assume a maximum taxable earnings limit for Social Security of $100,000. Calculate his net pay for the week ending June 27, 2008.
1. What amount should you use as Chandra’s gross pay?
2. Calculate the amount of income tax to withhold
Answer: 1. What amount should you use as Chandra’s gross pay?
Gross pay is the $2,700 per week that Karl earns
2. Calculate the amount of income tax to withhold
Since Karl's prior earnings ($67,500) plus his earnings for the current week ($2,700) equal to less than the FICA limit of $100,000, the full pay for the week is subject to the 6.2% FICA tax.
So the taxes withheld are:
Federal Tax - $2,700 X 15% = $405
FICA - $2,700 X 6.2% = $167.40
Medicare tax - $2,700 X 1.45% = $39.15
Total tax = ($405 + $167.40 + $39.15) $611.55
3. Calculate the Net Pay for the week.
Karl's Net Pay is equal to ($2,700 - $611.55) $2,088.45
Wealth Protection Secrets of a Millionaire Real Estate Investor
Successful real estate investors and entrepreneurs who've spent countless hours building wealth often see their profits dwindle due to an IRS hitch or other legal snag. After working so hard to be prosperous, investors need to know how to hang on and preserve their wealth. In a clear, methodical, and accessible way, Wealth Protection Secrets of a Millionaire Real Estate Investor outlines the steps...
Consumer Knowledge and Financial Decisions: Lifespan Perspectives (International Series on Consumer Science)
There has been an increasing recognition that financial knowledge (i.e., literacy) is lacking across the population. Moreover, there is recognition that this lack of knowledge poses real problems as credit, mortgages, health insurance, retirement benefits, and savings and investment decisions become increasingly complex. Financial Decisions Across the Lifespan brings together the work of scholars ...
Health Economics (Pharmacy Business Administration)
This book presents an introduction for students to the issues of economics in healthcare. This text is part of the "RPS Pharmacy Business Administration Series"; a group of introductory textbooks covering all business aspects relating to pharmacy practice. Part one of this book introduces health economics with a history a overview. Part two examines health economics in relation to specific areas s...
New Laws Effective January 1, 2010
The following legislation will take effect beginning Jan. 1, 2010.
Porter County employee contracts, fringe benefits questioned in IRS audit
Porter County attorney Gwenn Rinkenberger is trying to buy some time in resolving issues in an audit report on county expenditures that was conducted over the past year by the Internal Revenue Service.
Obama Goes After Overseas Tax Cheats
Question: are cash gifts received taxable?
Answer: gifts are not taxable
Gifts, Gafts, Gefts - What Constitutes a Gift and a Principled Tax Policy Justification...
Paying for College Without Going Broke, 2013 Edition (College Admissions Guides)
The only annual college financial aid guide with line-by-line instructions for completing the FAFSA and CSS PROFILE aid forms!As seen in USA TODAY, the Wall Street Journal, Money, and the Los Angeles Times, Paying for College Without Going Broke will help you: • Calculate the actual costs of college • Increase your chances of receiving aid • Compare aid offers and ...
J.K. Lasser's Your Income Tax 2013: For Preparing Your 2012 Tax Return
America's number one bestselling tax guide offers the best balance of thoroughness,organization, and usabilityFor over half a century, more than 39 million Americans have turned to J.K. Lasser foreasy-to-follow, expert advice and guidance on planning and filing their taxes. Written by ateam of tax specialists, J.K. Lasser's Your Income Tax 2013 includes all theoutstanding features that have made t...
PassKey EA Review, Complete: Individuals, Businesses and Representation: IRS Enrolled Agent Exam Study Guide, 2013-2014 Edition
Learn how to become an enrolled agent with PassKey's comprehensive EA Review study program, newly revised and thoroughly updated for tax year 2012. The numerous sample questions and answers at the end of each chapter prepare you for the EA exam offered during the May 1, 2013 to February 28, 2014 testing window. This is an in-depth study guide for all three parts of the IRS enrolled agent exam. Us...
ISS is the municipal tax on services levied on the import and the rendering of services listed in Federal Supplementary Law 116/03.
Anthony Perrelli and WGN News Discuss the Federal Stimulus Package Tax Blunder