A salesperson is paid $385 per week plus a commission of 5.5% on all sales. Thesalesperson sold $448 worth of goods on Monday, $495 on Tuesday, $742 onWednesday, $907 on Thursday, and $502 on Friday. Returns and allowances for theweek were $207. Find this employee's Medicare tax (1.45%).$7.88$5.05$2.94$8.21

Base Salary: $385 per weekCommission Rate: 5.5% on all salesSales for each day: $448, $495, $742,…

Answered: A salesperson is paid $385 per week…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 7E

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Joseph Flores is paid $452 per week plus a commission of 2% on all sales. Flores sold $712 worth of goods on Monday, $523 on Tuesday, $1002 on Wednesday, #91 on Thursday, and $609 on Friday. Returns and allowances for the week were $114. Find the employee’s social security tax, Medicare tax, and sate disability insurance deduction(1%) for the week.
An employee earns $20 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 55 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee’s federal income tax withheld is $288. a. Determine the gross pay for the week. b. Determine the net pay for the week.
An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 50 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee’s federal income tax withheld is $202. a. Determine the gross pay for the week.fill in the blank 1 of 2$ b. Determine the employee’s net pay for the week. When required round interim computations to two decimal places. Round your final answer to two decimal places.fill in the blank 2 of 2$
An employee earns $20 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $265. a. Determine the gross pay for the week.$fill in the blank 1 b. Determine the net pay for the week. Round your answer to two decimal places.$fill in the blank 2
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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
An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 55 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee’s federal income tax withheld is $230. a. Determine the gross pay for the week.$fill in the blank 1 If applicable, round your final answer to two decimal places. b. Determine the net pay for the week.$fill in the blank 2
Matty Kim, an accountant for Vernitron, earned $120,900 from January to June. Matty earned $20,000. Assume a tax rate of 6.2% for Social Security on $128,400 and 1.45 on Medicare. How much are the July taxes for Social Security and Medicare? Social Security Medicare
An employee earns $24 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 60 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee's federal income tax withheld is $386. a. Determine the gross pay for the week. If applicable, round your final answer to two decimal places. b. Determine the net pay for the week.
An employee earns $32 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week. Assume that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $423.20. a. Determine the gross pay for the week.$fill in the blank 1 If applicable, round your final answer to two decimal places. b. Determine the net pay for the week.
PLEASE SHOW ALL WORK Matty Kim, an accountant for Vernitron, earned $102,600 from January to June. In July, Matty earned $20,000. Assume a tax rate of 6.2% for Social Security on $110,100 and 1.45% on Medicare. How much are the July taxes for Social Security and Medicare?
An employee earned $44,600 during the year working for an employer when the maximum limit for Social Security was $128,400. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employee's annual FICA taxes amount is: Multiple Choice $3,411.90. $646.70. $6,177.10. $6,823.80. $2,765.20.

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