Calculate the Social Security and Medicare deductions for the following employee (assume a tax rate of 6.2% on $128,400 for SocialSecurity and 1.45% for Medicare): (Leave no cells blank - be certain to enter "O" wherever required. Round your answers to thenearest cent.)Cumulative earnings Pay amount this Social SecurityperiodMedicareEmployeebefore this pay periodthis periodthis periodSlater409,200%$46,800< Prev8 of 16Next >%24%24

Tax is the compulsory amount which is paid by taxpayer from their different sources of income in a…

Calculate the Social Security and Medicare deductions for the following employee (assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare): (Leave no cells blank - be certain to enter "0" wherever required. Round your answers to the nearest cent.) Cumulative éarnings Pay amount this Social Security before this pay period Employee Medicare period this period this period Slater 409,200 2$ 6,800

Calculate the Social Security and Medicare deductions for the following employee (assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare): (Leave no cells blank - be certain to enter "0" wherever required. Round your answers to the nearest cent.) Cumulative éarnings Pay amount this Social Security before this pay period Employee Medicare period this period this period Slater 409,200 2$ 6,800

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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Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee. If an amount is zero, enter "0". If required, round your calculations and final answers to the nearest cent. EmployeeNo. Employee Name Marital Status No. of WithholdingAllowances Gross Wageor Salary Amountto BeWithheld 1 Amoroso, A. M 4 $1,610 weekly $fill in the blank 1 2 Finley, R. S 0 825 biweekly fill in the blank 2 3 Gluck, E. S 5 9,630 quarterly fill in the blank 3 4 Quinn, S. M 8 925 semimonthly fill in the blank 4 5 Treave, Y. M 3 2,875 monthly
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
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