For each employee listed below, calculate the taxable earnings for Social Security tax for the described pay period. Note that none of these employees exceed the Social Securitytaxable wage base during the year.NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.1: Devin Moody earned gross pay of $1,200 during a recent pay period. He contributes 10% of gross pay to a 403(b) retirement plan and $85 each pay period to a cafeteriaplan.Taxable earnings = $

Gross pay is the amount including other benefits For contribution in 403(B) plan , employee get…

Answered: 1: Devin Moody earned gross pay of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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40. Jim has earned an average of $3,290 per month over his lifetime. He is planning to retire at 66, the full retirement age for his year of birth. Using the formula of calculating Social Security as 90% of earnings of the first $680 and 32% of earnings over $680. calculate Paul's monthly retirement benefit. A. $1,052.80 B. $2,961.00 C. $1,447.20 D. $3,655.56
7 Martha has a gross income of $63,822. She can make adjustments of $10,884 for business losses, $3,672 for business expenses, and $2,983 for contributions to her retirement plan. What is Martha's adjusted gross income?
Mary earned $49,258.75 for the past calendar year. How much did she pay for the year in social security and Medicare taxes? (Social Security Tax is 6.2% of gross wages up to $128,400. Medicare Tax is 1.45% of all gross wages.) O $3,462.29 O $3,615.29 O $3,768.29 O $4,150.79
What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $3,360.00, if she has already earned $48,560.00 this year? (Social security tax is 6.2% of gross wages up to $128,400. Medicare tax is 1.45% of all gross wages.) O $218.79 O $226.44 O$241.74 $257.04
3. Jordan Peters (single; 3 federal withholding allowances) earned monthly gross pay of $2,300. He contributes $150 to a flexible spending account during the period. Using wage-bracket method: Federal income tax withholding=$ Using percentage method: Federal income tax withholding=$
What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $3,760.00, if she has already earned $46,560.00 this year? (Social security tax is 6.2% of gross wages up to $128,400. Medicare tax is 1.45% of all gross wages.) a. $249.39 b. $257.04 c. $272.34 d. $287.64
03:59:11 At the end of the first pay period of the year, Sofia earned $4,600 of salary. Withholdings from Sofia's salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $512 of federal income taxes, $172 of medical insurance deductions, and $22 of life insurance deductions. Compute Sofia's net pay for this first pay period. Note: Round your intermediate and final answers to 2 decimal places. Gross pay FICA Social Security FICA Medicare Federal income taxes Medical insurance deduction Life insurance deduction. Total deductions Net pay 0.00
Sabrina Duncan had gross earnings for the pay period ending 10/15/20X1 of $5,785. Her total gross earnings as of 9/30/20X1 were $126,600. If Social Security taxes are 6.2% on a maximum earnings threshold of $132,900 per year, Sabrina’s Social Security withheld from her 10/15/20X1 paycheck would be: Multiple Choice $358.67 $220.47 $216.07 $390.60
At the end of the first pay period of the year, Sofia earned $4,000 of salary. Withholdings from Sofia's salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $500 of federal income taxes, $160 of medical insurance deductions, and $10 of life insurance deductions. Compute Sofia's net pay for this first pay period. Gross pay FICA Social Security FICA Medicare Federal income taxes Medical insurance deduction Life insurance deduction Total deductions Net pay
Mary Matthews made $950 during a biweekly pay period only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company's 401k. Determine Matthews take home pay if she is married and claims 2 allowances. (Use Wage Bracket Method) Round your answer to two decimal place.
1. Anderson Brown worked 39 hours during the first week of the calendar year and earns regular wages of $15/hour. She contributes 4% of gross pay to a 401(k) plan and $25/week to a dependent-care flexible spending account. Her Social Security tax for the week is $_____ . 2. Which statement about calculating taxable earnings for Social Security tax is accurate? Answer: A. 401(k) contributions are taxable for Social Security tax and are subtracted from gross pay when calculating taxable earnings for that tax. B. 401(k) contributions are taxable for Social Security tax and are not subtracted from gross pay when calculating taxable earnings for that tax. C. 401(k) contributions are not taxable for Social Security tax and are subtracted from gross pay when calculating taxable earnings for that tax. D. 401(k) contributions are not taxable for Social Security tax and are not subtracted from gross pay when…
3:Rudolph Fabrizio earned gross pay of $3,200. Each period he contributes 3% of gross pay to a flexible spending account, and his current year taxable earnings for Social Security tax, to date, are $136,200.Total Social Security tax = $

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1: Devin Moody earned gross pay of $1,200 during a recent pay period. He contributes 10% of gross pay to a 403(b) retirement plan and $85 each pay period to a cafeteria plan. Taxable earnings = $