_After Tax Financial Planing Example

Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Se and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Before Current Weekly Payroll $ 30,000 54,000 126,000 127,600 Current Gross Pay $1,440 2,880 3,560 2,960 Year-to-Date Earnings Soc. Sec. Maximum $128,400 128,400 128,400 128,400 $ Amount Over Max. Soc. Sec. Amount Subject to Soc. Sec. Soc. Sec. Tax Withheld Medicare Tax Withheld

View Policies Current Attempt in Progress Assume the following data for Sandhill Home Appliance Repair for the payroll quarter ended March 31 . . . . Gross earnings Employee FICA taxes Federal income tax State income tax Number of employees this quarter: Date Account Titles and Explanation Apr. 15 $294,000.00 Sandhill is subject to the following rates: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state unemployment 5.4% up to $7,000, and federal unemployment 0.6% up to $7,000. No employee reached the limit for FICA taxes, and all employees reached the limit for unemployment taxes in the first quarter. List of Accounts 22.491.00 58,800.00 Prepare the journal entry to record payment of employer taxes, assuming all taxes were paid on April 15. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Save for…

Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Amount Amount Medicare Before Current Current Year-to-Date Soc. Sec. Over Max. Subject to Soc. Sec. Tах Тax Weekly Payroll Gross Pay Earnings Maximum Soc. Sec. Soc. Sec. Withheld Withheld $ 21,600 $1,720 $128,400 2$ $ 54,600 4,180 128,400 127,600 3,985 128,400 127,900 4,700 128,400

Property taxes Franchise taxes $425,000 51,500 7,900 Charges for general government services Charges for public safety services Charges for health and sanitation services Issued long-term note payable Receivables at end of year: Property taxes (90% estimated to be collectible) Payments: Salary: General government Public safety 5,500 49,200 286,500 104,500 68,350 48,300 25,500 Health and sanitation Rent: General governmant Public safety 13,500 26,900 Health and sanitation 5,400 Maintenance: General government Public safety 24,400 5,100 9,400 Health and sanitation Insurance: General government Public safety ($2,300 still prepaid at end of year) Health and sanitation 8,300 11,500 16,200 22,920 Interest on debt Principal payment on debt Storage shed Equipment Supplies (20% still held) (public safety) 5,730 201,000 85,500 15,400 96,000 Investments Ordered but not received: Equipment 13,500 MacBook Pro

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Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. PayBefore CurrentWeekly Payroll CurrentGross Pay Year-to-DateEarnings Soc. Sec.Maximum AmountOver Max.Soc. Sec. AmountSubject toSoc. Sec. Soc. Sec. TaxWithheld MedicareTaxWithheld $   30,200 $1,460 $fill in the blank 1 $128,400 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 $fill in the blank 5      54,000   2,960   fill in the blank 6   128,400   fill in the blank 7   fill in the blank 8   fill in the blank 9   fill in the blank 10    125,700   3,340   fill in the blank 11   128,400   fill in the blank 12  fill in the blank 13   fill in the blank 14   fill in the blank 15   127,100   2,940   fill in the blank 16   128,400   fill in…

vork Tax a. b. C. Gross Pay through August 31 $ 6,800 2,400 131,800 FUTA SUTA b) Tax BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. FICA-Social Security FICA-Medicare Gross Pay for September $ 700 FICA-Social Security 2,500 8,400 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. September Earnings Subject to Tax September Earnings Subject to Tax Saved Tax Rate Tax Rate Help Tax Amount Save & Exit Tax Amount Check my wo

Income: 120,000 Federal Payroll Tax Rate: 15.3% State Tax Rate: 4 % *Round all answers to 2 decimal places* a) Compute the total tax paid b) What is the marginal tax rate? c) What is the average tax rate? Federal Income Tax: $0 to $15,000 $15,001 to $50,500 $50,501 to $165,000 8% 14% 23%

$695.00 ÷ 26 = $26.73 tax per pay period Practice Using the following graduated income tax rates, find the tax withheld per pay period. State Tax Rate 2.75% 3.25% 5.00% Annual Income Earned First $10,000 Next $15,000 Over $25,000 1. Annual salary: $38,550; personal exemptions: $4,400; paid biweekly. 2. Annual salary: $47,425; personal exemptions: $3,000; paid weekly. 3. Annual salary: $29,149; personal exemptions: $2,200; paid monthly. 4. Annual salary: $24,872; personal exemptions: $1,500; paid semimonthly. 5. Standardized Test Practice Mitchell Gomez is an auto mechanic. His annual gross salary is $35,500. He is married with 1 dependent, allowing him $3,700 in yearly personal exemptions. If his state income tax is based on the following graduated rate, how much is withheld from his semimonthly paycheck? State Tax Rate 3.25% 3.60% 4.90% A. $46.49 B. $54.04 Annual Income Earned First $15,000 Next $15,000 Over $30,000 C. $92.98 D. $1,115.70 Copyright by The McGraw-Hill Companies, Inc.…

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Problem Information Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: Employee* and Employer HI: Self-employed OASDI: Self-employed HI: *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. 6.20% 1.45% 12.4% a. OASDI tax b. HI tax 2.9% $147,000 No limit $147,000 No limit $9,114.00 No maximum $18,228.00 No maximum Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, drop the third decimal place. Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. On the last weekly pay of the first quarter, Lorenz…

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Question text Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI:    6.20%                 $128,400                         $7,960.80 Employee* and Employer HI:         1.45%                 No limit                          No maximum Self-employed OASDI:                     12.4%                 $128,400                       $15,921.60 Self-employed HI:                             2.9%                   No limit                         No maximum ​*Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. ​Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimals places (round the hourly rate to 2 decimal places     before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third…

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Assume the following data for Blossom Home Appliance Repair for the payroll quarter ended March 31. Gross earnings Employee FICA taxes Federal income tax State income tax Number of employees this quarter: $372,000.00 28,458.00 74,400.00 7,439.00 30 Blossom is subject to the following rates: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state unemployment 5.4% up to $7,000, and federal unemployment 0.6% up to $7,000. No employee reached the limit for FICA taxes, and all employees reached the limit for unemployment taxes in the first quarter. Prepare the journal entry to record payment of employer taxes, assuming all taxes were paid on April 15. (Credit account titles are automatically indented when amount is entered. Do not indent anually.)

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K Stone's gross pay for the week is $1,300. Stone's year-to-date pay is under the limit for OASDI. Assume that the ra 6% and that Stone's year-to-date pay has not yet exceeded the $7,000 cap. What is the amount of state and feder tax expense and pay to the federal and state governments? OA. $174.85 OB. $183.50 OC. $78.00 OD. $96.85 ITD

Question text The totals from the first payroll of the year are shown below.​ Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay  $36,195.10  $2,244.10  $524.83 $6,515.00 $361.95 $500.00 $26,049.22 ​ Journalize the entry to deposit the FICA and FIT taxes.

Assume that social security taxes provide answer general accounting

Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. Cumul. PayBefore CurrentWeekly Payroll CurrentGross Pay Year-to-DateEarnings Soc. Sec.Maximum AmountOver Max.Soc. Sec. AmountSubject toSoc. Sec. Soc. Sec. TaxWithheld MedicareTaxWithheld $22,700 $1,340 $fill in the blank 1 $118,500 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 $fill in the blank 5  54,300  4,080  fill in the blank 6  118,500  fill in the blank 7  fill in the blank 8  fill in the blank 9  fill in the blank 10  116,700  3,890  fill in the blank 11  118,500  fill in the blank 12  fill in the blank 13  fill in the blank 14  fill in the blank 15  117,300  4,540  fill…

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Problem 9-7 The FICA Tax (LO 9.3) (No COVID-19 provisions) Lamden Company paid its employee, Trudy, wages of $61,500 in 2021. Calculate the FICA tax: Round your answers to two decimal places. Withheld from Trudy's wages: Social Security Medicare Paid by Lamden: Social Security Medicare Total FICA Tax

FEDERAL PAYROLL TAXES Bracket ($) 0-9,700 9,701 - 39,475 39,476-84,200 84,201 - 160,725 160,726 - 204,100 204,101 - 510,300 510,301 - Marginal Tax Rate 10% 12% 22% 24% 32% 35% 37% TABLE 1: 2019 single taxpayer brackets and rates Exercise 1: Suppose your taxable income is $50,000. Compute your federal income tax. Individual Taxpayers Income Tax Bracket ($) 0-9,700 9,701 - 39,475 39,476 - 84,200 84,201 - 160,725 160,726 - 204,100 204,101 - 510,300 510,301 - Taxes Owed 10% within bracket $970 + 12% within bracket $4,543 + 22% within bracket $14,382.50 +24% within bracket $32,738.50 +32% within bracket $46,628.50 +35% within bracket $153,798.50 +37% within bracket TABLE 2: 2019 tax brackets Exercise 2: Your taxable income is $50,000. Use Table 2 to recompute your federal income tax. Exercise 3: Your taxable income is $50,000. Compute your effective tax rate

Assume the following data for Blossom Home Appliance Repair for the payroll quarter ended March 31. •   Gross earnings   $240,000.00 •   Employee FICA taxes   18,360.00 •   Federal income tax   48,000.00 •   State income tax   4,799.00 •   Number of employees this quarter:   30 Blossom is subject to the following rates: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state unemployment 5.4% up to $7,000, and federal unemployment 0.6% up to $7,000. No employee reached the limit for FICA taxes, and all employees reached the limit for unemployment taxes in the first quarter.Prepare the journal entry to record payment of employer taxes, assuming all taxes were paid on April 15. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit…