For cach of the following employees, calculáte both the Social Security tax and the Medicare tax for the weekly 1. Bradley Banks' filing status is qualifying widower, and he has earned gross pay of $1,570. Each period he puy period described: makes a 401(k) contribution of 6% of gross pay and makes a contribution of 2% of gross pay to a flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $212,900. 2 Kyle Struck's filing status is single, and he has earned gross pay of $2,400. Each period he makes a 403(b) contribution of 9% of gross pay and makes a contribution of 1.5% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $199,500. chatian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,820. Each period makes a 401 (k) contribution of 10% of gross pay and contributes $150 to a dependent care flexible mending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $92,500. 4 Lukas Douglas' filing status is married filing separately, and he has earned gross pay of $2,000. Each peric he makes a 403(b) contribution of 12% of gross pay and contributes $75 to a cafeteria plan. His current y taxable earnings for Social Security tax and Medicare tax, to date, are $137,400.
For cach of the following employees, calculáte both the Social Security tax and the Medicare tax for the weekly 1. Bradley Banks' filing status is qualifying widower, and he has earned gross pay of $1,570. Each period he puy period described: makes a 401(k) contribution of 6% of gross pay and makes a contribution of 2% of gross pay to a flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $212,900. 2 Kyle Struck's filing status is single, and he has earned gross pay of $2,400. Each period he makes a 403(b) contribution of 9% of gross pay and makes a contribution of 1.5% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $199,500. chatian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,820. Each period makes a 401 (k) contribution of 10% of gross pay and contributes $150 to a dependent care flexible mending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $92,500. 4 Lukas Douglas' filing status is married filing separately, and he has earned gross pay of $2,000. Each peric he makes a 403(b) contribution of 12% of gross pay and contributes $75 to a cafeteria plan. His current y taxable earnings for Social Security tax and Medicare tax, to date, are $137,400.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:current year taxable earnings for Social Security tax and Medicare tax, to date, are $199,500.
2 Kyle Struck's filing status is single, and he has earned gross pay of $2,400. Each period he makes a 403(b)
contribution of 9% of gross pay and makes a contribution of 1.5% of gross pay to a cafeteria plan. His
For each of the following employees, calculate both the Social Security tax and the Medicare tax for the weekly
1. Bradley Banks' filing status is qualifying widower, and he has earned gross pay of $1,570. Each period he
spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are
sa 401(k) contribution of 6% of gross pay and makes a contribution of 2% of gross pay to a flexible
pay period described:
makes
$212,900.
a
A cisrtian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,820. Each period
Lumikes a 401(k) contribution of 10% of gross pay and contributes $150 to a dependent care flexible
enending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are
$92,500.
4 Lukas Douglas' filing status is married filing separately, and he has earned gross pay of $2,000. Each peric
he makes a 403(b) contribution of 12% of gross pay and contributes $75 to a cafeteria plan. His current y
taxable earnings for Social Security tax and Medicare tax, to date, are $137,400.
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