Find the Social Security tax and the Medicare tax paid by Jeff Mendi for the current pay period. Assume all Jeff's earnings are subject to both taxes and that the FICA rateis 6.2% and the Medicare rate is 1.45%.Earnings CurrentPay Period$484.88EmployeeFICA @ 6.2%Medicare @ 1.45%Mendi, J.....What is the FICA tax deducted from Jeff's current gross earnings?(Round to the nearest cent.)The Medicare deduction from Jeff's current gross earnings is $(Round to the nearest cent.)

Formula: FICA amount = Total gross earnings x FICA rate

Answered: Find the Social Security tax and the…

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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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
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Amount to Be Withheld Percentage Method Employee Ruiz, S. Flume, X. Farley, H. Comey, P. Hanks, R.. Marital Status SSMMM No. of Withholding Allowances 2 1 6 Gross Wage or Salary $1,040 weekly 2,190 weekly 1,890 biweekly 2,315 semimonthly. 3,200 monthly Wage-Bracket Method
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Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $11,500. He is single and claims 1 deduction. Before this payroll, Barrett’s cumulative earnings were $128,080. (Social Security maximum is 6.2% on $128,400 and Medicare is 1.45%.) Calculate FIT by the percentage method, as well as the social security taxes and medicare taxes.
Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare, and Federal Income Tax withholding (FIT) may be incorrect. Larren is paid a salary of $4,100 weekly. She is married, claims 4 deductions, and prior to this payroll check, has total earnings of $128,255. What are the correct deductions for Social Security, Medicare, and FIT? Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. (Use Table 9.1 and Table 9.2). (Round your answers to the nearest cent.) Social Security taxes Medicare taxes FIT Deductions
Suppose you made $85,776 of income from wages and $830 of taxable interest. You also made contributions of $3700 to a tax deferred retirement account. You have 2 dependents and file as single. The standard deduction is 11900 and the exemption amount is 3100 per exemption. What is your Adjusted Gross Income? Answer to the nearest dollar.
Computing Federal Income Tax Using the table (Refer to Figure 8-4 in the text.), determine the amount of federal income tax an employer should withhold weekly for employees with the following marital status, earnings, and withholding allowances: Marital Status Total Weekly Earnings Number of Allowances Amount of Withholding (a) S $364.80 2 (b) S 445.80 1 (c) M 493.40 3 (d) S 493.60 0 (e) M 702.70 5
1. Who assigns the SUTA tax rate to an employer? Answer: A. The Internal Revenue Service B. The state in which the employer is located C. The Social Security Administration D. The American Payroll Association 2. What is the due date for the first quarter FUTA tax? Answer: A. April 30 B. March 30 C. April 15 D. None of these options 3. Match each tax with its associated feature. SUTA Self-employment Social Security and Medicare The employer presently matches the amount employees pay. If net SE income is below $400, no tax is due. The number of laid-off employees may affect it.
For the current year, the maximum percentage of social security benefits which might be included In a taxpayer's gross income is? A, 50% 85% 0% 65% 100%
Complete the following table with the information provided. Employee, with your deductions allowed Gross income Social Security Tax (6.20%) Medical care contribution (1.45%) Income tax Other deductions Net income 8 Stream (0) $ 735 (12%) $ 25 9 Bravo (1) $ 675 (11%) $ 12 10 Colon (2) $ 895 (10%) -0- eleven Diaz (3) $ 580 (9%) $ 5 12 Figueroa (4) $ 610 (7%) -0- Determine: Social Security Contribution (FICA) Medical care contribution (Medicare - FICA) Income tax Net income
Your pay also includes a deduction for Medicare. The 2022 rate is 1.45% of your annual salary as listed in question three. Do not use your taxable income as done in previous questions. If 1.45% of your earnings are deducted for Medicare, how much is deducted from your salary within one year? (Note: There is not a maximum contribution for Medicare; all earned wages are taxed. Your employer is required to match this amount too.) Question 3 Base Salary= 24.94 Week=1066 Month=4125 Year=58261
Use the following information Molly has collect to help her determine her taxable income for the year: Salary from her job 115,100 Interest earn from 1,280 savings Interest paid on student loans Your Answer: Answer 905 Standard deduction 12,950 Itemized deductions 842 Child tax credit 2000

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