Answered

IDNLearn.com offers a comprehensive solution for all your question and answer needs. Our platform is designed to provide trustworthy and thorough answers to any questions you may have.

George has 50,000in wage income ,20,000 in gambling winning .10,000 in alimony income and 5,000 in divided income the amount of George income that is subject to withholding is

Sagot :

Anthougoidn

The amount of George's income that is subject to withholding is $75,000, which excludes the alimony income.

What is alimony income?

Alimony income represents the amount received from a spouse or a former spouse under a divorce or separation instrument.

What are the incomes subject to withholding?

The incomes subject to withholding include the following:

  • Regular
  • Commissions
  • Vacation pay
  • Reimbursements
  • Other expense allowances
  • Pensions
  • Bonuses
  • Dividends
  • Gambling winnings.

Data and Calculations:

Wages income = $50,000

Gambling winning = $20,000

Alimony income = $10,000

Dividend income = $5,000

Income subject to withholding = $75,000 ($20,000 + $20,000 + $5,000)

Thus, George's income that is subject to withholding is $75,000, excluding the alimony income.

Learn more about withholding tax at https://brainly.com/question/26781826

#SPJ1

Your participation means a lot to us. Keep sharing information and solutions. This community grows thanks to the amazing contributions from members like you. IDNLearn.com is committed to providing accurate answers. Thanks for stopping by, and see you next time for more solutions.