Practice Set A 151PSa 4-3 Calculate Medicare Taxch of the following employees, calculate the Medicare tax for the weekly pay period described:1 Paul Robinson's filing status is married filing jointly, and he has earned gross pay of $2,650. Each period hemakes a 403(b) contribution of 8% of gross pay. His current year taxable earnings for Medicare tax, to date,are $274,000.2. Stephen Belcher's filing status is single, and he has earned gross pay of $1,840. Each period he makes a401(k) contribution of 6% of gross pay and contributes 3% of gross pay to a dependent care flexible spendingplan. His current year taxable earnings for Medicare tax, to date, are $198,950.3. Sidney Black's filing status is head of household, and he has earned gross pay of $970. Each period hecontributes $50 to a flexible spending plan. His current year taxable earnings for Medicare tax, to date, are$86,400.4. Bill Clay's filing status is married filing separately, and he has earned gross pay of $1,900. Each period hemakes a 403(b) contribution of 10% of gross pay and contributes $75 to a cafeteria plan. His current yeartaxable earnings for Medicare tax, to date, are $199,600.PSa 4.4 Caloul

Part 1 Taxable Earnings = 2650.00 Medicare Tax = 2650 * 2.35% = $62.28 Part 2 Gross pay = $1840…

makes a 403(b) contribution of 8% of gross pay. His current year taxable earnings for Medicare tax, to da are $274,000. 2 Stephen Belcher's filing status is single, and he has earned gross pay of $1,840. Each period he makes a 401(k) contribution of 6% of gross pay and contributes 3% of gross pay to a dependent care flexible sper plan. His current year taxable earnings for Medicare tax, to date, are $198,950. Sidney Black's filing status is head of household, and he has earned gross pay of $970. Each period he contributes $50 to a flexible spending plan. His current year taxable earnings for Medicare tax, to date, $86,400.

makes a 403(b) contribution of 8% of gross pay. His current year taxable earnings for Medicare tax, to da are $274,000. 2 Stephen Belcher's filing status is single, and he has earned gross pay of $1,840. Each period he makes a 401(k) contribution of 6% of gross pay and contributes 3% of gross pay to a dependent care flexible sper plan. His current year taxable earnings for Medicare tax, to date, are $198,950. Sidney Black's filing status is head of household, and he has earned gross pay of $970. Each period he contributes $50 to a flexible spending plan. His current year taxable earnings for Medicare tax, to date, $86,400.

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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