Calculate the Social Security and Medicare deductions for the following employee (assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare): Note: Leave no cells blank - be certain to enter "0" wherever required. Round your answers to the nearest cent. Employee Anderson Cumulative earnings Pay amount this Social Security before this pay period this period period $ 174,700 $ 16,500 Medicare this period

Calculate the Social Security and Medicare deductions for the following employee (assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare): Note: Leave no cells blank - be certain to enter "0" wherever required. Round your answers to the nearest cent. Employee Anderson Cumulative earnings Pay amount this Social Security before this pay period this period period $ 174,700 $ 16,500 Medicare this period

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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Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $40,000 for the period. The pension plan requires a contribution to the plan administrator equal to 10% of employee salaries. Salaries were $500,000 during the period. a. Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. Vacation Pay Expense fill in the blank 5e6293fdafbafdb_2 fill in the blank 5e6293fdafbafdb_3 Vacation Pay Payable fill in the blank 5e6293fdafbafdb_5 fill in the blank 5e6293fdafbafdb_6 b. Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank. Pension Expense fill in the blank 30546afde038fc5_2 fill in the blank 30546afde038fc5_3 Cash fill in the blank 30546afde038fc5_5 fill in the blank 30546afde038fc5_6
Concerning Payroll Accounting - I need to clarify what portion of wages are used to calculate Social Security tax (6.2%) & Medicare tax (1.45%) in a single pay period. Are both taxes calculated on gross wages or calculated on adjusted wages for after pre-tax deductions (i.e., Health Insurance Premiums & Retirement deductions)? Thank you. Jewelee Marple
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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. status = single Gross= 900 calculate: FIT, social security, Medicare, and Net pay
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The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings. Refer to the Social Security and Medicare information. Employers are required to match the employee's deductions and send the total to the IRS. Compute the maximum percent that can be sent to the IRS for any one employee during the period of a year. 13.3% 13.5% 15.3% 15.5%
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