you Häve completed so far. It does not indicate completion.The Social Security Administration increased the taxable wage base from $127,200 to $128,400. The 6.2% tax rate is unchanged. JoeBurns earned over $130,400 each of the past two years.a. What is the percent increase in the base? (Round your answer to the nearest hundredth percent.)Answer is not complete.Percent increase%b. What is Joe's increase in Social Security tax for the new year? (Round your answer to the nearest cent.)Answer is complete and correct.Increase in social security tax$ 74.40Prev9 of 11Next >

Solution:- a)Calculation of the percentage increase in the base as follows under:- Taxable base…

Answered: The Social Security Administration…

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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Your pay also includes a deduction for Medicare. The 2022 rate is 1.45% of your annual salary as listed in question three. Do not use your taxable income as done in previous questions. If 1.45% of your earnings are deducted for Medicare, how much is deducted from your salary within one year? (Note: There is not a maximum contribution for Medicare; all earned wages are taxed. Your employer is required to match this amount too.) Question 3 Base Salary= 24.94 Week=1066 Month=4125 Year=58261
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Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. What is the social security tax paid if jose 's gross income is $145,780.00 for the year.
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At the end of the first pay period of the year, Sofia earned $5,100 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%, $522 of federal income taxes, $182 of medical insurance deductions, and $32 of life insurance deductions. Compute Sofia's net pay for this first pay period. (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
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! Required information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,950. Note: Leave no answer blank. Enter zero if applicable. b. Last year Louis had itemized deductions of $10,800 and he chose to claim the standard deduction. Louis's itemized deductions included state income taxes paid of $1,750 and no other state or local taxes. Refund to be included in gross income
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1: Mortimer Klein earned gross pay of $1,340. Each period he makes a 401(k) contribution of 3% of gross pay. His current year taxable earnings for Social Security tax, to date, are $184,600. Total Social Security tax = $ × 2: Helena Smith earned gross pay of $2,000. She does not make any retirement plan contributions. Her current year taxable earnings for Social Security tax, to date, are $137,500. Total Social Security tax = $ 3: Kasey Wolfe earned gross pay of $1,140. Each period he contributes 1.5% of gross pay to a flexible spending account. His current year taxable earnings for Social Security tax, to date, are $71,900. Total Social Security tax = $ 4: Matthew Pugh earned gross pay of $840. Each period he designates 3% of gross pay for a dependent care flexible spending account. His current year taxable earnings for Social Security tax, to date, are $137,900. Total Social Security tax = $ ×

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