Jan -Nov | Dec | Total | |
Total earnings | 9500*11= 104500 | 9500 | 114000 |
Earnings subject to social security tax | 104500 or 9500 per month |
since total earnings subject to social security tax exceeds 110000 ,Earnings subject to social security tax will be restricted . 110000-104500 already taxed = 5500 |
B-1)
December Net pay | ||
Gross pay | 9200 | |
less:social security taxes (5500*6%) | 330 | |
Medicare taxes (9500*1.5%) | 142.5 | |
Federal income taxes withheld | 910 | (1382.5) |
Net pay | 7817.50 |
B-2)
Monthly FICA taxes paid by Tom = 330+142.5
= 472.5
B-3)
Jan | Feb | Mar | Dec | |
social security taxes | 9500*6%=570 | 570 | 570 | 330 |
medicare taxes | 9500*1.5%=142.5 | 142.5 | 142.5 | 142.5 |
state unemployment taxes | 7000*5.4%= 378 | 0 | 0 | 0 |
Federal unemployment taxes | 7000*.6%=42 | 0 | 0 | 0 |
total payroll tax expense | 1132.5 | 712.5 | 712.5 | 472.5 |
I need help completing part B only please!! Exercise 9-11A Calculating employee and employer payroll taxes...
I need help completing all of part B please Check mywrk Exercise 9-11A Calculating employee and employer payroll taxes LO 9-5 3.57 Sky Co. employed Tom Mills in Year 1. Tom earned $5,100 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $110,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom's federal income tax withholding amount is $910 per month. Use 5.4 percent for the state unemployment...
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