1In addition to federal income tax, social security, and Medicare, Ellen pays 2.4% state income tax,insurance, $135.31 to the credit union, and $20 to the United Way.% for state disability insurance (both based on gross earnings), $35.18 for term life2Fill out the following payroll voucher for Ellen for the month of September. (Use Exhibit 9-1 and Exhibit 9-2 from your text. Social Security Tax is 6.2% of gross wages up to $128,400.Medicare Tax is 1.45% of all gross wages.)Payroll VoucherEmployee:Ellen BoxwoodTax Filing Status:MarriedくSSN:999-99-9999Withholding Allowances:3Full-time Pay Period From Septemberto -Select-- ✓Primary Withholdings:Additional Withholdings:Federal income tax$Term life$Social Security$Credit union$Medicare$United Way$State income tax$State disability$Gross earnings: $Total withholdings: $

Step 1:The first section of the form requests personal details such as name, address, contact…

Answered: 1 In addition to federal income tax,…

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 2PB

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Solve the following problems using 6.2%, up to $128.400 for social security tax and 1.45%,no wage limit, for Medicare tax. Kristy Dunaway has biweekly gross earnings of $1,750. What are her total social security and Medicare tax withholdings for a whole year? Annual Salary: A/ Annual Social Security deduction: A/ Annual Medicare deduction:
Use the 2021 tax rates to find Social Security and Medicare deductions for the following problems. Tax rate for Social Security: 0.062 Tax rate for Medicare: 0.0145 "Bill earned $3,592 on his last biweekly check, and had year-to-date earnings of $107,841."
The Federal Insurance Contributions Act (FICA) requires employers to deduct a percent of your income as taxes for Social Security to pay pays for retirement and disability benefits. On a payroll statement Social Security and Medicare are under one umbrella: FICA Gross Pay * 6.2%= Social Security tax Withheld (6.2% = .062) nts Gross Pay * 1.45% = Medicare tax Withheld (1.45% = .0145) FICA = Social Security Tax + Medicare Tax
Compute Austin's total social security and Medicare taxes for the fourth quarter. if she is self-employed and earns $5,300.00 on a semimonthly basis. (For self-employed persons, Social Security tax is 12.4% of wages up to $128,400, and Medicare tax is 2.9% of all wages.) the options are: a. 437.25 b. 810.90 c. 2623.50 d. 4865.40
Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. Calculate the monthly Social Security and Medicare withholdings (in $) for the employee as the payroll manager for a cargo and freight company. Year-to-Date Employee Earnings Current Month Social Security Graham, C. $14,300 $1,780 Medicare
Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. Kristy Dunaway has biweekly gross earnings of $1,650. What are her total Social Security and Medicare tax withholdings (in $) for a whole year? Social Security _____$ Medicare _____$
Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. Kristy Dunaway has biweekly gross earnings of $1,850. What are her total Social Security and Medicare tax withholdings (in $) for a whole year?Social Security $ Medicare $
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
Calculate the net pay. The balance before this weekly payroll is $90 below maximum as related to cumulative earnings in calculating Social Security. Assume a tax rate of 6.2% for Social Security on $142,800 and 1.45% for Medicare. Note: Round your answers to the nearest cent. Answer is not complete. Name Marital Status Gross FIT Social Security Medicare Net Pay B Burns Marr Filing Separ $ 900 5.58 S 13.05
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. What is the social security tax paid if jose 's gross income is $145,780.00 for the year.
Mai earns a gross weekly income of $464.00. How much Social Security tax should be withheld the first week of the year? How much Medicare tax should be withheld? Assume a 4.2% FICA rate and a 1.45% Medicare rate. Round to the nearest cent.
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…

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