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5c Taxable Medicare wages & tips 107,558.13 0.029-

5c Taxable Medicare wages & tips 107,558.13 0.029-

FINANCIAL ACCOUNTING
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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Holton's Nursery has the following amounts listed on their Form 941: (Assume no Section 125 health insurance and that none of the employees had exceeded the Social Security wage base.) 2 Wages, tips, and other compensation 3 Federal income tax withheld from wages, tips, and other compensation 4 If no wages, tips, and other compensation are subject to social security or Medicare tax 5a Taxable social security wages 5a (1) Qualified sick leave wages 5a (il) Qualified family leave wages 5b Taxable social security tips Sc Taxable Medicare wages & tips 5d Taxable wages & tips subject to Additional Medicare Tax withholding What amount belongs in Column 2, Line 5c? O $6,668.60 O $1,559.59 O $3.119.19 Column 1 107,558.13 0.124= * 0.062 = x 0.062 * 0.124 107,558.13 x 0.029- * 0.009 Column 2 2 3 107,558.13 12,400.00 X Check and go to line 6.
Transcribed Image Text:Holton's Nursery has the following amounts listed on their Form 941: (Assume no Section 125 health insurance and that none of the employees had exceeded the Social Security wage base.) 2 Wages, tips, and other compensation 3 Federal income tax withheld from wages, tips, and other compensation 4 If no wages, tips, and other compensation are subject to social security or Medicare tax 5a Taxable social security wages 5a (1) Qualified sick leave wages 5a (il) Qualified family leave wages 5b Taxable social security tips Sc Taxable Medicare wages & tips 5d Taxable wages & tips subject to Additional Medicare Tax withholding What amount belongs in Column 2, Line 5c? O $6,668.60 O $1,559.59 O $3.119.19 Column 1 107,558.13 0.124= * 0.062 = x 0.062 * 0.124 107,558.13 x 0.029- * 0.009 Column 2 2 3 107,558.13 12,400.00 X Check and go to line 6.
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