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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. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Before Current Amount Amount Current Weekly Payroll Gross Pay Year-to-Date Earnings Soc. Sec. Maximum Over Max. Soc. Sec. Subject to Soc. Sec. $ 22,000 $1,400 $128,400 53,000 3,940 128,400 127,800 3,980 128,400 128,100 4,580 128,400

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. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Before Current Amount Amount Current Weekly Payroll Gross Pay Year-to-Date Earnings Soc. Sec. Maximum Over Max. Soc. Sec. Subject to Soc. Sec. $ 22,000 $1,400 $128,400 53,000 3,940 128,400 127,800 3,980 128,400 128,100 4,580 128,400

FINANCIAL ACCOUNTING
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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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. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Before Current Amount Amount Current Weekly Payroll Gross Pay Year-to-Date Earnings Soc. Sec. Maximum Over Max. Soc. Sec. Subject to Soc. Sec. $ 22,000 $1,400 $128,400 53,000 3,940 128,400 127,800 3,980 128,400 128,100 4,580 128,400
Transcribed Image Text: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. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Before Current Amount Amount Current Weekly Payroll Gross Pay Year-to-Date Earnings Soc. Sec. Maximum Over Max. Soc. Sec. Subject to Soc. Sec. $ 22,000 $1,400 $128,400 53,000 3,940 128,400 127,800 3,980 128,400 128,100 4,580 128,400
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