Question

please make sure to give the correct answer

For each of the following employees, calculate both the Social Security tax and the Medicare tax for the weekly pay period described: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation Bradley Banks' filling status is qualifying widower, and he has earned gross pay of $1,570. Each period he makes a 401(k) contribution of 6% of gross pay and makes a contribution of 2% of gross pay to a flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $212,900. Social Security tax Medicare tax = $ $ Kyle Struck's filing status is single, and he has earned gross pay of $2.340. Each period he makes a 403(b) contribution of 7% of gross pay, and makes a contribution of 2.5% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax to date, are $199.100. Social Security tax = $ Medicare tax = 5

Answer 1

Question - 3

Gross Pay = $1,570

Earnings till date = $212,900

Social Security wage limit = $132,900

If the earnings cross the wage limit, then social security tax will not be deducted

Social Security Tax = 0

Medicare Tax = $1,570 × 1.45% = $22.76

Question - 4

Gross Pay = $2,340

Wages till date = $199,100

Social Security wage limit = $132,900

If the earnings cross the wage limit, then social security tax will not be deducted

Social Security Tax = 0

Medicare Tax = $2,340 × 1.45% = $33.93

If you have any doubts ask in comments section

Do rate the answer