Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 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 an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. Cumul. Pay Before Current Weekly Payroll Current Gross Pay Year-to-Date Earnings Soc. Sec. Maximum Amount Over Max. Soc. Sec. Amount Subject to Soc. Sec. Soc. Sec. Tax Withheld Medicare Tax Withheld $22,700 $1,340 $fill in the blank 1 $118,500 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 $fill in the blank 5 54,300 4,080 fill in the blank 6 118,500 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 116,700 3,890 fill in the blank 11 118,500 fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 117,300 4,540 fill in the blank 16 118,500 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 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 an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. Cumul. Pay Before Current Weekly Payroll Current Gross Pay Year-to-Date Earnings Soc. Sec. Maximum Amount Over Max. Soc. Sec. Amount Subject to Soc. Sec. Soc. Sec. Tax Withheld Medicare Tax Withheld $22,700 $1,340 $fill in the blank 1 $118,500 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 $fill in the blank 5 54,300 4,080 fill in the blank 6 118,500 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 116,700 3,890 fill in the blank 11 118,500 fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 117,300 4,540 fill in the blank 16 118,500 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20
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 $118,500 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 an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent.
| Cumul. Pay Before Current Weekly Payroll |
Current Gross Pay |
Year-to-Date Earnings |
Soc. Sec. Maximum |
Amount Over Max. Soc. Sec. |
Amount Subject to Soc. Sec. |
Soc. Sec. Tax Withheld |
Medicare Tax Withheld |
|---|---|---|---|---|---|---|---|
| $22,700 | $1,340 | $fill in the blank 1 | $118,500 | $fill in the blank 2 | $fill in the blank 3 | $fill in the blank 4 | $fill in the blank 5 |
| 54,300 | 4,080 | fill in the blank 6 | 118,500 | fill in the blank 7 | fill in the blank 8 | fill in the blank 9 | fill in the blank 10 |
| 116,700 | 3,890 | fill in the blank 11 | 118,500 | fill in the blank 12 | fill in the blank 13 | fill in the blank 14 | fill in the blank 15 |
| 117,300 | 4,540 | fill in the blank 16 | 118,500 | fill in the blank 17 | fill in the blank 18 | fill in the blank 19 | fill in the blank 20 |
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