Homework Answers
Question - 3
Gross pay = $3,800
Social Security Taxable earnings to date = $127,300
Social Security Taxable Wage limit = $132,900
Social Security Tax for the gross pay = $3,800 × 6.2% = $235.60
Social Security Tax for the earnings to date = $127,300 × 6.2% = $7,892.60
Question - 4
Gross pay = $2,700
Social Security Taxable earnings to date = $228,600
Social Security Taxable Wage limit = $132,900
The earnings to date is more than the wage limit
So, Social Security Tax for the gross pay = $0
Social Security Tax for the earnings to date = $132,900 × 6.2% = $8,239.80
Social Security Tax will be paid till the wage limit only, beyond that wage limit social security will not be deducted.
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please make sure to give the correct answer
PSa 4-3 Calculate Medicare Tax For each of the following employees, calculate 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 Sidney Black's filing status is head of household, and he has earned gross pay of $940. Each period he contributes $40 to a flexible spending plan. His current year...
please make sure to give the correct answer
PSa 4-3 Calculate Medicare Tax For each of the following employees, calculate 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 Paul Robinson's filing status is married filing jointly, and he has earned gross pay of $2,850. Each period he makes a 403(b) contribution of 6.5% of gross pay. His...
please make sure to give the correct answer
For each employee listed below, calculate the taxable eamings for Social Security tax for the described pay period. Note that none of these employees exceed the Social Security taxable wage base during the year. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation Devin Moody eamed gross pay of $1,650 during a recent pay period. He contributes 12% of...
please make sure to give the correct answer
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please give the correct answers to the questions marked wrong.
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Language in 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' filing status is qualifying widower, and he has earned gross pay of $1,570. Each period he makes...
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