Question

Ohe 1: An employee works 51 hours (51 - 40 were overtime hours) during a workweek in December of 2018. He earms $40hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earmed $126,550 during the year. He has requested that his employer withhold 4% of gross pay, which is to be contributed to a 401(k) plan. Taxable income for federal income tax withholding = $ Taxable income for social security tax = $ Taxable income for medicare tax = $

Answer 1

As per policy, only one question is allowed to answer at a time, so answering question first :

Q1:

Gross pay:
normal	40 hrs * $40 =	1600
Overtime	11 hrs * $40 * 1.5=	660
Total pay		2260
Taxable income for federal income tax withholding = $2260      (Tax=$2260 * 4% = $90.40)
Taxable income for social security tax = 2260       (Tax=2260 *6.2% = 140.12) (with maximum limit = $132900)
Taxable income for medicare tax = $2260         (Tax=2260 *1.45% = 32.77) (with no maximum limit)