Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax.Calculate the monthly Social Security and Medicare withholdings (in $) for the employee as the payroll manager for a cargo and freight company.Year-to-DateEmployeeEarningsCurrent Month Social SecurityGraham, C.$14,300$1,780Medicare

To calculate the Social Security and Medicare withholdings for Graham, C., we first need to…

Answered: Solve the problem using 6.2%, up to…

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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Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. What are the social security and Medicare withholdings (in $) for an executive whose annual gross earnings are $137,500?
An employee earned $43,300 working for an employer in the current year. The current rate for Federal Insurance Contributions Act (FICA) Social Security is 6.2% payable on earnings up to $137,700 maximum per year, and the rate for Federal Insurance Contributions Act (FICA) Medicare 1.45%. The employer's total Federal Insurance Contributions Act (FICA) payroll tax for this employee is: Multiple Choice O $7.221.60 $3,312.45 $10,534.05 $2.684 60
Calculate payroll An employee earns $30 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 54 hours during the week, determine the employee’s (a) gross pay and (b) net pay for the week. Assume that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and the employee’s federal income tax withheld is $295.
hrd.3
Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. Kristy Dunaway has biweekly gross earnings of $1,850. What are her total Social Security and Medicare tax withholdings (in $) for a whole year?Social Security $ Medicare $
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. status = single Gross= 900 calculate: FIT, social security, Medicare, and Net pay
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An employee receives an hourly wage rate of $20, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 43; federal income tax withheld, $338; social security tax rate, 6.0%; and Medicare tax rate, 1.5% on all earnings. What is the gross pay for the employee? Select the correct answer. $890 $1,290 $1,720 $860
Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. Kristy Dunaway has biweekly gross earnings of $1,550. What are her total Social Security and Medicare tax withholdings (in $) for a whole year? Social Security$ Medicare$
Compute the net pay for each employee using the federal income tax withholding table included. Assume that FICA Social Security tax is 6.2% on a wage base limit of $142,800, Medicare is 1.45% on all earnings, the payroll is paid biweekly, and no state income tax applies. (Round each computation to the nearest cent as needed.) View the employee information. Compute the net pay for each employee. View the biweekly payroll period percentage method withholding chart. Li Kan Isabel Poland Gross earnings for the current pay period Deductions for employee withholding taxes - BIWEEKLY Payroll Period Percentage Method Withholding Chart STANDARD Withholding Rate Schedules Single or Married Filing Separately of the amount The tentative amount to Plus this withhold is: percentage-exceeds— that the Adjusted Wage Total deductions Net pay Adjusted wage amount is at least $0, but less than $483 $ 0.00 0% $ Adjusted wage amount is at least $483, but less than $865 $ 0.00 10% $ 483 Adjusted wage amount…
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An employee earned $50,000 during the year. FICA tax for Social Security is 6.2% and FICA tax for Medicare is 1.45%. The employer’s share of FICA taxes is a. $0; employee’s pay exceeds FICA limit. b. $0; FICA is not an employer tax. c. $3,100. d. $725. e. $3,825.

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