Problem 9-7 The FICA Tax (LO 9.3) (No COVID-19 provisions) Lamden Company paid its employee, Trudy, wages of $61,500 in 2021. Calculate the FICA tax: Round your answers to two decimal places. Withheld from Trudy's wages: Social Security Medicare Paid by Lamden: Social Security Medicare Total FICA Tax

Problem 9-7 The FICA Tax (LO 9.3) (No COVID-19 provisions) Lamden Company paid its employee, Trudy, wages of $61,500 in 2021. Calculate the FICA tax: Round your answers to two decimal places. Withheld from Trudy's wages: Social Security Medicare Paid by Lamden: Social Security Medicare Total FICA Tax

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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Exercise 12-23 (Algorithmic) (LO. 5) In 2023, Bianca earned a salary of $175,400 from her employer. Round your answer to whole dollar amount, if necessary. Determine the amount of FICA Social Security taxes and Medicare taxes withheld from her salary. Social Security: $ 10,875 X Medicare: $ 2,543
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Exercise 12-25 (Algorithmic) (LO. 7) Compute the additional Medicare tax for the following taxpayers. If required, round your answers to the nearest dollar. a. Mario, who is single, earns wages of $490,200. His additional Medicare tax is $ b. George and Shirley are married and file a joint return. During the year, George earns wages of $298,100, and Shirley earns wages of $447,150. Their additional Medicare tax is $ c. Simon has net investment income of $56,880 and MAGI of $284,400 and files as a single taxpayer. Simon's additional Medicare tax is $
Question 23: Identify the contribution limit for each item. First Social Security wage base $142,800 DROP HERE 2021 Social Security wage base S6,000 DROP HERE 2021 annual contribution to 401(k) and 403(b) plans $3,000 DROP HERE 2021 Payroll Deduction IRA (employees under age 50) $19,500 DROP HERE
Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $64,000 3. Total earnings ? Deductions: 4. Social security tax 30,240 5. Medicare tax 7,560 6. Federal income tax withheld 128,000 7. Medical insurance 17,640 8. Union dues ? 9. Total deductions 190,190 10. Net amount paid 313,810 Accounts debited: 11. Factory Wages 264,000 12. Sales Salaries ? 13. Office Salaries 110,000 Required: a. Determine the amounts omitted in lines (1), (3), (8), and (12). b. On December 19, journalize the entry to record the payroll accrual.* c. On December 20, journalize the entry to record the payment of the payroll.*
Use 2020 wage-bracket tables
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A7
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. Note: Round your answers to the nearest cent. Answer is not complete. Name Marital Status Gross FIT Social Security Medicare Net Pay B Burns Marr Filing Separ $ 900 5.58 S 13.05
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1. Of the cafeteria plans listed, which is NOT a voluntary nontaxable deduction? Answer: A. Medicare B. Group-term life insurance C. Medical care reimbursements D. Adoption assistance 2. Prior to the current period, Sol Berenson had earnings subject to FICA tax of $138,600. This week, Sol has gross earnings of $4,900, so he will have $_____ withheld in FICA tax for this period. 3. Barring any special circumstances, over what age is an individual eligible to receive Medicare benefits? Answer: A. 55 B. 62 C. 65 D. 70
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