Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. Assume payroll period: weekly. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1). Note: Do not round intermediate calculations. Round your final answers to the nearest cent. Employee Mike Rice Marital status M, filing jointly Gross pay $ 2,000 FIT $ Social Security FICA Medicare 124.00 $ 29.00 Net pay

Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. Assume payroll period: weekly. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1). Note: Do not round intermediate calculations. Round your final answers to the nearest cent. Employee Mike Rice Marital status M, filing jointly Gross pay $ 2,000 FIT $ Social Security FICA Medicare 124.00 $ 29.00 Net pay

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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Edward Dorsey is a part-time employee, and during the biweekly pay period he earned $395. In addition, he is being paid a bonus of $300 along with his regular pay. If Dorsey is single and claims two withholding allowances, how much would be deducted from his pay for FIT? Hint: There are two ways to determine his deduction—do not use tables for percentage method. a. Wage-bracket table $ b. Percentage method
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