Calculating Social Security and Medicare taxes assume a Social Security taxrate of 6.2% is applied to maximum earnings of $128,400 and a Medicaretax rate of 1.45% is applied to all earnings. What is the Medicare tax paid ifAnthony's gross income is $114,550.00 for the year. *

Given that: Social Security tax = 6.2% Medicare tax = 1.45%

Answered: Calculating Social Security and…

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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rmn.3
Carol Blane’s cumulative yearly earnings for the year are $29,000, counting her current payperiod salary amount of $4,500. Assume the FICA tax rate is 6.2 percent for Social Security, witha limit of $106,800, and 1.45 percent for Medicare, applied to all earnings. The FUTA tax is 0.6percent, with a limit of $7,000, and the SUTA tax is 5.4 percent, with a limit of $7,000. Theemployer's payroll tax expense entry will include a credit to: a. FICA Tax Payable for $279.00.b. FICA Tax Payable for $344.25.c. Federal Unemployment Tax Payable for $27.00.d. State Unemployment Tax Payable for $243.00.e. Federal Unemployment Tax Payable for $270.00.
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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Calculating Social Security and Medicare taxes assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. What is the Medicare tax paid if Anthony's gross income is $114,550.00 for the year. *