oters 7-9) 6 Saved Pat Maninen earns a gross salary of $4,400 each week. Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. a. What are Pat's first week's deductions for Social Security and Medicare? (Round your answers to the nearest cent.) Deductions Social Security Medicare b. Will any of Pat's wages be exempt from Social Security and Medicare for the calendar year? (Leave no cells blahk - be certain to enter "O" wherever required.) Social Security Medicare

oters 7-9) 6 Saved Pat Maninen earns a gross salary of $4,400 each week. Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. a. What are Pat's first week's deductions for Social Security and Medicare? (Round your answers to the nearest cent.) Deductions Social Security Medicare b. Will any of Pat's wages be exempt from Social Security and Medicare for the calendar year? (Leave no cells blahk - be certain to enter "O" wherever required.) Social Security Medicare

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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What is toms net pay per month and what does he pay in FICA taxes?
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03:59:11 At the end of the first pay period of the year, Sofia earned $4,600 of salary. Withholdings from Sofia's salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $512 of federal income taxes, $172 of medical insurance deductions, and $22 of life insurance deductions. Compute Sofia's net pay for this first pay period. Note: Round your intermediate and final answers to 2 decimal places. Gross pay FICA Social Security FICA Medicare Federal income taxes Medical insurance deduction Life insurance deduction. Total deductions Net pay 0.00
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Question 6 Elizabeth works for Picasso Paint Supplies. Her annual salary is $72,580. What is Elizabeth's annual Medicare deduction?
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Problem 6-20 (Algorithmic) Computing the 0.9 Percent Medicare Tax for High-Income Taxpayers (LO 6.8) Married taxpayers Otto and Ruth are both self-employed and file a joint return. Otto earns $380,600 of self-employment income and Ruth has a self-employment loss of $28,700. How much 0.9 percent Medicare tax for high-income taxpayers will Otto and Ruth have to pay with their 2021 income tax return? If required, round your final answer to nearest dollar.
7. Monthly Social Security benefits Monthly Benefits The Social Security Administration has a computerized service that determines your benefits because Social Security benefits are based on a fairly complicated formula. In fact, the government is required to provide all covered workers with a Social Security Statement. Identify the range of benefits you can expect. • If you retire at age 62, benefits of to % of yourfull retirement benefits . • If you retire at age 65 to 67, receipt ofyour full retirement benefits . • If you delay retirement until age 70, you can receive an increase in your benefits. Range of Benefits Dmitri, a 66 years old worker, is deciding between retirement either this year or the next year. His average monthly benefit is determined to be $1,635.40. Assume that the benefit is the same for this year and the next year. Compute Dmitri’s annual benefit reduction amounts in each of the following scenarios. • If Dmitri retires…