Homework Answers
The piecewise function is
s(x) = { 0.0605 x when x ≤ 17,700
{1,070.85 when x > 17,700
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2. In 1978, the Social Security and Medicare rate combined was 6,05%, up to $17,700 earned...
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied...
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations If an amount box does not require an entry leave it blank. If required, round your answers to the nearest cent. Cumul Pay Before Current Weekly Payroll Current Gross Pay Year to Date Earnings - Soc...
A taxpayer would be required to pay Social Security and Medicare taxes for a domestic employee...
A taxpayer would be required to pay Social Security and Medicare taxes for a domestic employee in all but one of the following situations. In which situation would this not be required? a.A cleaning lady who is paid $8,000 a year b.A cook who is paid $35,000 a year c.The taxpayer would not have to pay Social Security and Medicare taxes in any of the above situations d.A nanny who earns $22,000 a year e.A baby-sitter who earns $1,300 a...
Exercise 11.2 Recording deposit of social security, Medicare, and income taxes. LO 11-3 Aer Beam Corporation...
Exercise 11.2 Recording deposit of social security, Medicare, and income taxes. LO 11-3 Aer Beam Corporation padits employees only 15, 2012 and recorded the corporation share of part s for the pyl paid that date, the firm's general ledger showed a balance of $19000 in the Social Security Tax Payable account a balance of $4.161 in the Medicare Tax Payable account, and a balance of $176 in the Employee Income Tax Payable account Only the business Issued a check to...
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $127,200 paid...
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $127,200 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows. Employee Ken s Tim v Steve s Cumulative Pay $ 6,000 42,800 87,000 Employee Michelle W Michael M Zach R Cumulative Pay $143,500...
BMX Company has one employee. FICA Social Security taxes are6.2% of the first $128,400 paid...
BMX Company has one employee. FICA Social Security taxes are
6.2% of the first $128,400 paid to its employee, and FICA Medicare
taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and
SUTA taxes are 5.4% of the first $7,000 paid to its employee.Gross Pay throughAugust 31Gross Pay for Septembera.$5,200$2,400b.2,3502,450c.122,8008,700rev: 05_16_2019_QC_CS-168714Compute BMX’s amounts for each of these four taxes as applied to
the employee’s gross earnings for September under each of three
separate situations (a), (b),...
how calculate te socual security tax withheld and medicare tax withheld? please 10. Form W-2. (Obj....
how calculate te socual security tax withheld and medicare tax
withheld? please
10. Form W-2. (Obj. 6) Speedy Departments , Boston, M Department Store (EIN IS 04-0450523) is located at 2700 DIY statement, for Susan W Jenkins married employee with no ar hassachusetts 02101-3214. Prepare the 2018 Form W-2, Wage ang data was taken from Speedy's payroll records: vith no dependents. The following Susan W. Jenkins (SSN 331-06-4821) 214 Northup Street, Boston, Massachusetts 02112-1415 Total wages paid (before payroll deductions)...
Prepare the following individual’s 2019 tax returns. Whitney M. Refund (257-00-4321, born 3-1-1978) provides all of...
Prepare the following individual’s 2019
tax returns.
Whitney M. Refund (257-00-4321, born 3-1-1978) provides all of
the support for her son, Jeremy (364-00-5654; born 5-3-2012) who
lives with her full-time. Whitney’s husband passed away in 2016 and
she receives $10,000 in social security benefits. Whitney and
Jeremy live at 4175 Spring St, Green Bay, WI 54313. Whitney works
as a Librarian and has the following W2:
Whitney had interest income from
Associated Bank of $25.00.
Ollie Bench, 17-year old,...
Martin S. Albert (Social Security number 111-11-1111) is 39 years old and is married to Michele...
Martin S. Albert (Social Security number 111-11-1111) is 39 years old and is married to Michele R. Albert (Social Security number 123-45-6789). The Alberts live at 512 Ferry Road, Newport News, VA 23601. They file a joint return and have two dependent children, Charlene, age 17, and Jordan, age 18. Charlene’s Social Security number is 123-45-6788, and Jordan’s Social Security number is 123-45-6787. In 2018, Martin and Michele had the following transactions: Martin received $120,000 in salary from Red Steel...
Lenny Florita, an unmarried employee, works 52 hours in the week ended January 12. His pay rate is $16 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims two withholding allowances. Compute
Lenny Florita, an unmarried employee, works 52 hours in the week ended January 12. His pay rate is $16 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims two withholding allowances. Compute his regular pay, overtime pay (Lenny earns $24 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion),...
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations If an amount box does not require an entry leave it blank. If required, round your answers to the nearest cent. Cumul Pay Before Current Weekly Payroll Current Gross Pay Year to Date Earnings - Soc...
Exercise 11.2 Recording deposit of social security, Medicare, and income taxes. LO 11-3 Aer Beam Corporation padits employees only 15, 2012 and recorded the corporation share of part s for the pyl paid that date, the firm's general ledger showed a balance of $19000 in the Social Security Tax Payable account a balance of $4.161 in the Medicare Tax Payable account, and a balance of $176 in the Employee Income Tax Payable account Only the business Issued a check to...
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $127,200 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows. Employee Ken s Tim v Steve s Cumulative Pay $ 6,000 42,800 87,000 Employee Michelle W Michael M Zach R Cumulative Pay $143,500...
BMX Company has one employee. FICA Social Security taxes are
6.2% of the first $128,400 paid to its employee, and FICA Medicare
taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and
SUTA taxes are 5.4% of the first $7,000 paid to its employee.Gross Pay throughAugust 31Gross Pay for Septembera.$5,200$2,400b.2,3502,450c.122,8008,700rev: 05_16_2019_QC_CS-168714Compute BMX’s amounts for each of these four taxes as applied to
the employee’s gross earnings for September under each of three
separate situations (a), (b),...
how calculate te socual security tax withheld and medicare tax
withheld? please
10. Form W-2. (Obj. 6) Speedy Departments , Boston, M Department Store (EIN IS 04-0450523) is located at 2700 DIY statement, for Susan W Jenkins married employee with no ar hassachusetts 02101-3214. Prepare the 2018 Form W-2, Wage ang data was taken from Speedy's payroll records: vith no dependents. The following Susan W. Jenkins (SSN 331-06-4821) 214 Northup Street, Boston, Massachusetts 02112-1415 Total wages paid (before payroll deductions)...
Prepare the following individual’s 2019
tax returns.
Whitney M. Refund (257-00-4321, born 3-1-1978) provides all of
the support for her son, Jeremy (364-00-5654; born 5-3-2012) who
lives with her full-time. Whitney’s husband passed away in 2016 and
she receives $10,000 in social security benefits. Whitney and
Jeremy live at 4175 Spring St, Green Bay, WI 54313. Whitney works
as a Librarian and has the following W2:
Whitney had interest income from
Associated Bank of $25.00.
Ollie Bench, 17-year old,...
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