1. Social security = 128400 * 6.2% =7960.8
Medicare = 633600 *1.45% = 9187.2
2. Employers contribution = 7960.8+ 9187.2 = 17148
omework Mike Samson is a college football coach making a base salary of $633.600 a year...
Mike Samson is a college football coach making a base salary of $643,200 a year ($53,600 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the FICA base amount is $128,400. 1. Compute how much will be withheld during the year for Coach Samson's Social Security and Medicare. (Round your final answers to 2 decimal places.) Social security Medicare 2. What matching...
gift card breakage refers to
Suppose a college football coach makes a base salary of $2,400,000 a year ($200,000 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the Social Security maximum base amount is $128,400, through what month will Social Security be withheld? Multiple Choice 0 Social Security will be withheld only in January ( ) Social Security will be withheld...
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Greger Peterson is a senior manager at a public accounting firm making a base salary of $180,000 a year ($15,000 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the Social Security maximum base amount is $128.400, how much will be withheld during the year...
Which of the following are withheld from an employee's salary? 1. FICA taxes. II. Federal and state unemployment taxes. III. Federal and state income taxes. IV. Employee portion of health insurance. Multiple Choice I, II, and IV I, III, and IV I and IV il and in Suppose a college football coach makes a base salary of $2,400,000 a year ($200,000 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and...
An employee earned $46,800 during the year working for an employer when the maximum limit for Social Security was $128,400. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employee's annual FICA taxes amount is:
An employee earned $46,800 during the year working for an employer when the maximum limit for Social Security was $128,400. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employee's annual FICA taxes amount is:
Henry Bagel earned $46,200 during the year working for an employer when the maximum limit for Social Security was $118,500. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. Henry's annual FICA taxes amount is:
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