Homework Answers
Q1)
Answer: 2nd option
The withholding parts are FICA taxes (Social Security tax and Medicare tax), income taxes, and the portion of insurance.
Unemployment taxes (FUTA and SUTA) are not to be deducted from employee salary; this is to be paid by the employer only.
Q2)
Answer: 2nd option
Since the salary amount is above the base amount, only the base amount should be considered for Social Security tax.
Social Security tax = 128,400 × 6.2% = 7,961
Medicare = 2,400,000 × 1.45% = 34,800
Amount withhold = 7,961 + 34,800 = 42,761
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