Rick Portnoy's filing status is head of household, and he has earned gross pay of $1,300. Each period he contributes $40 to a flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $206,100. Total Medicare Tax = $
Q: 2. Jonathan Olsen earns $9.10/hour, and worked 47 hours during the most recent week. He participates…
A: A payroll register is maintained by the employee. In this register, the employee records the details…
Q: Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,650.…
A: According to the IRS- Internal Revenue Service of United States,the rate for contribution to social…
Q: Jordan earns $55,945 per year and is paid semi-monthly how much would jordan pay for Medicare tax?
A: Tax refers to the amount charged by the government on the earnings earned by the individual or…
Q: Simon Cowell's weekly gross earnings for the week ending Dec. 7th were $2,500, and his federal…
A: Formula: Social security tax amount = Gross earnings x social security tax rate. Medicare tax amount…
Q: Compute the additional Medicare tax for the following taxpayers. If required, round your answers to…
A: Medicare tax is a tax that is deducted from the paybacks of people to cover medicare expenses.…
Q: Don Beldon earns $7.50/hour, and worked 43 hours during the most recent week. He participates in a…
A: The tax withholding is recognized into types of withholding by the employer : Federal…
Q: Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a…
A: Payroll Taxes = FICA SS Tax + FICA Medicare Tax + FUTA Tax + SUTA Tax= 544.87+ 127.42 + 42 +…
Q: Tim's gross pay for this month is $8,850. His gross year−to−date pay, prior to this month,…
A: FICA contributions are mandatory, with rates set annually—although not necessarily changed annually.…
Q: Jennifer made $74,900 last year. She pays 6% state income tax, 15% federal income tax, 6.2% for…
A: Gross monthly income is the amount that is paid by an employer to the employee monthly before…
Q: Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare,…
A: Solution- social security tax=$1000*0.62=62$ medicare tax=$1450*.0145=21.025$. calculating from his…
Q: Jean Dixon and her spouse, Roger have 2020 medical expenses which totaled $4,340. While Jean has net…
A: Medical tax credit refers to the eligible deductions which are unreimbursed medical expenses that…
Q: Mary Smith earned her four-year degree and is in her first year of consulting for a law firm. Her…
A: Payroll It is important to prepare the payroll expenses of the employees and make the statutory…
Q: Reggie, who is 55, had AGI of $32,400 in 2020. During the year, he paid the following medical…
A: Since marijuana cannot be legally procured as per federal statute, the cost to procure is not…
Q: Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at…
A: The question is based on the concept of social security security tax withholding on wage and…
Q: Michael Daugherty (married; 5 federal withholding allowances) earned weekly gross pay of $855. For…
A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…
Q: Todd Hackworth’s weekly gross earnings for the week ending December 18 were $2,000, and his federal…
A: Net pay = Gross pay - Federal income tax withheld - Social security tax withheld - Medicare tax…
Q: Charlie Lilly's filing status is married filing jointly, and he has earned gross pay of $1,850. Each…
A: The social security taxes and medicare taxes are the combined taxes that are withheld under the…
Q: Frederick is married, he earned $2,655 last week, and had year-to-date earnings of $141,344. Use…
A: An employee who makes $141,344 a year . Though Medicare tax is due on the entire salary, only the…
Q: Marsha Mellow's weekly gross earning for the week ended May 23 were $1,250 and her federal income…
A: Gross Pay: It is referred as the sum total of income, wages, commissions, extra time, and bonus…
Q: Susan, who is a qualifying widow, has a monthly gross income of $5,750.78 Calculate her net earnings…
A:
Q: Dustin Ambrose is married and claims 3 allowances. His gross weekly pay is $628.00. Each week he…
A: There are 2 methods for calculating the federal tax withholding:- Wage bracket method or Percentage…
Q: Use the 2021 tax rates to find Social Security and Medicare deductions for the following problem.…
A: Social security tax is charged on the salary up to $ 142400 in 2021 at 6.2% where as medicare tax is…
Q: Portia Grant is an employee who is paid monthly For the month of January of the current year, she…
A: The answer is stated below:
Q: Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at…
A: The social security tax rate is 6.2% per year multiplied by 2. The withholding social security…
Q: Peter Quigley (married; 8 federal withholding allowances) earned weekly gross pay of $2,420. He…
A: Peter Quigley (married; 8 federal withholding allowances) earned weekly gross pay of $2,420…
Q: Jacob Finney's filing status is single, and he has earned gross pay of $1,240. Each period he makes…
A: Medicare Tax- It is one of the component of FICA Tax. The current medicare tax rate is 2.90%. out of…
Q: Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly…
A: Social Security Taxes-It is a payroll tax. In the US every employes and employee shall be liable to…
Q: Peter Quigley (married; 8 federal withholding allowances) earned weekly gross pay of $2,420. He…
A: Since didn't mention which method to used for calculation of federal income tax withholding. Solving…
Q: John Moyer (married; 6 federal withholding allowances) earned monthly gross pay of $3,150. He…
A: Given: Monthly gross pay = $3,150 Contribution to flexible spending account = $265 Taxable pay =…
Q: Alfred Morneau earned gross pay of $820. Each period he makes a 401(k) contribution of 5% of gross…
A: Hello, as you have posted multiple question so I am only answering first question as per the policy…
Q: Baker Green's weekly gross earnings for the week ending December 7 were $1,200, and her federal…
A: Social Security amount = Gross earnings ×social Security rate = $1200× 6% = $72
Q: Mark's gross annual salary is $64,891 with biweekly paychecks. If he is married and has 3 dependent…
A: When an employee receives pay every two weeks form an employer is known as biweekly pay. There are…
Q: 4: Bill Clay's filing status is married filing separately, and he has earned gross pay of $1,900.…
A: It is the federal payroll tax that helps the employees and employers to pay for the medical…
Q: Baker Green's weekly gross earnings for the week ending December 7 were $1,800, and her federal…
A: Computation of Social Security amount is as follows: =$1800×6.0%=$108 Computation of Medicare amount…
Q: Anderson Brown worked 39 hours during the first week of the calendar year and earns regular wages of…
A: Social Security Tax:- Social Security tax is imposed on both the employee and employer of the firm…
Q: $8,950.
A: Net pay = Gross pay - deductions It refers to money you make after deductions and expenses have been…
Q: Stephen Belcher's filing status is single, and he has earned gross pay of $1,840. Each period he…
A: Answer: Gross pay = $1840 Flexible spending account = 1840*3% = 55.20Taxable Earnings for Medicare…
Q: Reggie, who is 55, had AGI of $36,400 in 2020. During the year, he paid the following medical…
A: Adjusted gross income (AGI) refers to the amount which is taken into consideration by IRS to…
Q: Shawn Buffett's filing status is married filing separately, and he has earned gross pay of $2,680.…
A: General Medicare Tax Rate = 1.45% Additional Medicare Withholding Rate (in case individual Medicare…
Q: In this chapter, we learned that FICA mandates that employers deduct taxes from employees' pay each…
A: Since the year for the calculation of taxes is not given it is taken as Year 2022.
Q: Desmond Carroll's filing status is married filing separately, and he has earned gross pay of $4,120.…
A: It must be noted that the social security tax rate for the year 2020 is 6.2% of employee…
Q: Social Security is paid in with after-tax dollars but may be subject to tax if annual income exceeds…
A: Upto 85% of social security benefits are taxable for an individual with a combined gross income of…
Q: Stephen Belcher's filing status is single, and he has earned gross pay of $1,840. Each period he…
A: Medicare tax is a federal tax that has to be paid by each working citizen. This tax is a part of…
Q: ral income tax withholding was $144. Assuming the social
A: Given : Baker's Green weekly gross earning =1200 income tax withholding = 144 social security 6%…
Q: Bill Clay's filing status is married filing separately, and he has earned gross pay of $1,900. Each…
A: current-year-to-date total taxable earning for medicare tax = $199,600…
Q: Michael Daugherty (married; 5 federal withholding allowances) earned weekly gross pay of $855. For…
A: Federal income tax withholding is the amount which is held by the employer from the gross pay of…
Q: Malcolm and Megan Johnson are both over age 65, married and are filing a joint tax return for 2020.…
A: All amounts are in dollars ($).
Q: Portia Grant is an employee who is paid monthly. For the month of January of the current year, she…
A: Lenders and landlords evaluate an individual's gross income to decide if that person is a worthy…
Q: Kenneth Washington's weekly gross earnings for the week ended April 22 were $1,000, and his federal…
A: Introduction: A person's net pay is the amount of money left over for distribution to them after all…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Rudolph Fabrizio earned gross pay of $3,600. Each period he contributes 4% of gross pay to a flexible spending account, and his current year taxable earnings for Social Security tax, to date, are $136,400. Total Social Security Tax=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 spending plan. His current year taxable earnings for Medicare tax, to date, are $198,950.Total Medicare Tax = $Sean's gross pay for this month is $8,950. His gross year−to−date pay, prior to this month, totaled $127,500. Sean's rate for federal income tax is 28%. His voluntary deductions total $1,950. What is Sean's net pay? (Assume an OASDI rate of 6.2%, applicable on the first $132,900 earnings, and a Medicare rate of 1.45%, applicable on all earnings. Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
- Sean's gross pay for this month is $8,950. His gross year-to-date pay, prior to this month, totaled $130,500. Sean's rate for federal income tax is 24%. His voluntary deductions total $1,100. What is Sean's net pay? (Assume an OASDI rate of 6.2%, applicable on the first $132,900 earnings, and a Medicare rate of 1.45%, applicable on all earnings. Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) OA. $5,702 OB. $6,802 OC. $6,523 O D. $5,423Stephen 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 spending plan. His current year taxable earnings for Medicare tax, to date, are $198,950.Total Medicare Tax = $ ****Incorrect Answer!! $41.94*****Shawn Buffett's filing status is married filing separately, and he has earned gross pay of $2,680. Each period he makes a 401(k) contribution of 14% of gross pay and contributes $60 to a cafeteria plan. His current year taxable earnings for Medicare tax, to date, are $210,300. Total Medicare Tax = $ 33.55
- Amy's gross pay for the week is $850. Her deduction for federal income tax is based on a rate of 25%. She has voluntary deductions of $255. Her year−to−date pay is under the limit for OASDI. What is her net pay? (Assume a FICA—OASDI Tax of 6.2% and FICA—Medicare Tax of 1.45%. Round all calculations to the nearest cent.)Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $12,000. He is single and claims 1 deduction. Before this payroll, Barrett’s cumulative earnings were $128,000. (Social Security maximum is 6.2% on $128,400 and Medicare is 1.45%.) Calculate FIT by the percentage method.1. Alfred Morneau earned gross pay of $640. Each period he makes a 401(k) contribution of 7% of gross pay, and his current year taxable earnings for Social Security tax, to date, are $58,300.Total Social Security tax = $ 3. Rudolph Fabrizio earned gross pay of $3,600. Each period he contributes 4% of gross pay to a flexible spending account, and his current year taxable earnings for Social Security tax, to date, are $158,900.Total Social Security tax = $
- Jacob Finney's filing status is single, and he has earned gross pay of $1,240. Each period he makes a 403(b) contribution of 8% of gross pay and makes a contribution of 0.80% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $132,100. Social Security tax = $ 49.60 Medicare tax = $ 184.69Jerrod smiths gross earnings this pay period were $1350 . Jerrod is paid weekly and he is single with 2 withholding allowances. His year to date is $59.875. find his social security medicare and federal income tax deduction for this pay periodCalculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $11,500. He is single and claims 1 deduction. Before this payroll, Barrett’s cumulative earnings were $128,080. (Social Security maximum is 6.2% on $128,400 and Medicare is 1.45%.) Calculate FIT by the percentage method, as well as the social security taxes and medicare taxes.