Required information Problem 6-4A & 6-5A (Algo) [The following information applies to the questions displayed below] Joseph Farmer earned $124,800 in 2020 for a company in Kentucky. He is single with one dependent under 17 and is paid monthly. The FUTA rate in Kentucky for 2020 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $10,800. Use the percentage method (or the IRS federal income tax withholding assistant) in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. Problem 6-4A (Algo) Required: Compute the following employee share of the taxes. (Do not round intermediate calculation. Round your final answer to 2 decimal places) Federal income tax withholding Social Security tax Medicare tax State income tax withholding Ch
Required information Problem 6-4A & 6-5A (Algo) [The following information applies to the questions displayed below] Joseph Farmer earned $124,800 in 2020 for a company in Kentucky. He is single with one dependent under 17 and is paid monthly. The FUTA rate in Kentucky for 2020 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $10,800. Use the percentage method (or the IRS federal income tax withholding assistant) in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. Problem 6-4A (Algo) Required: Compute the following employee share of the taxes. (Do not round intermediate calculation. Round your final answer to 2 decimal places) Federal income tax withholding Social Security tax Medicare tax State income tax withholding Ch
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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H-1
![Required information
Problem 6-4A & 6-5A (Algo)
[The following information applies to the questions displayed below]
Joseph Farmer earned $124,800 in 2020 for a company in Kentucky. He is single with one dependent under 17 and is paid
monthly. The FUTA rate in Kentucky for 2020 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is
5.4 percent with a wage base of $10,800. Use the percentage method (or the IRS federal income tax withholding assistant)
in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked.
Problem 6-4A (Algo)
Required:
Compute the following employee share of the taxes. (Do not round intermediate calculation. Round your final answer to 2 decimal
places)
Federal income tax withholding
Social Security tax
Medicare tax
State income tax withholding
Check ma](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb438be35-ec57-4431-aa8f-b6d299421846%2F9c9d0f54-fc20-4f8c-baa9-801d195fd606%2F9dq2v2_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Problem 6-4A & 6-5A (Algo)
[The following information applies to the questions displayed below]
Joseph Farmer earned $124,800 in 2020 for a company in Kentucky. He is single with one dependent under 17 and is paid
monthly. The FUTA rate in Kentucky for 2020 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is
5.4 percent with a wage base of $10,800. Use the percentage method (or the IRS federal income tax withholding assistant)
in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked.
Problem 6-4A (Algo)
Required:
Compute the following employee share of the taxes. (Do not round intermediate calculation. Round your final answer to 2 decimal
places)
Federal income tax withholding
Social Security tax
Medicare tax
State income tax withholding
Check ma
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