Homework Answers
Total deductions are $9,639.
Supporting calculations:
| FICA ($126,000*6.2/100) | $7,812 |
| Medicare ($126,000*1.45/100) | $1,827 |
| Total Deductions | $9,639 |
Add Answer to:
Tom Hanson, single, claiming one exemption, has cumulative earnings before this biweekly pay period of $126,000....
FIT and FICA 2. Tom Hanson, single, claiming one exemption, has cumulative earnings before this biweekly...
FIT and FICA 2. Tom Hanson, single, claiming one exemption, has cumulative earnings before this biweekly pay period of $126,000. If he is paid $1,930 this period, what will his deductions be for FIT and FICA (OASDI and Medicare)? The FICA tax rate for Social Security is 6.2% on $127,200, and Medicare is 1.45% on all earnings. Round to nearest cent as needed. Net Pay 3. From Exercise 2, calculate Tom's net pay. The state income tax rate is 5%,...
Thomas Carey, single, claiming one exemption, has cumulative eamings before this biweekly pay per...
Thomas Carey, single, claiming one exemption, has cumulative eamings before this biweekly pay period of $125,800. If he Social Security is 6.2% on $127,200 and Medicare is 1.45% on all earnings. (Round to the nearest cent as needed.) 囲(Click the icon to view the Single Persons-Biweekly Payroll Period federal income tax withholding table. The amount of Thomas Carey's deduction for FIT is $ The amount of Thomas Carey's deduction for FICA (OASDI) is $ The amount of Thomas Carey's deduction...
On January 15, the end of the first biweekly pay period of the year, North Company’s...
On January 15, the end of the first biweekly pay period of the
year, North Company’s payroll register showed that its employees
earned $50,000 of sales salaries. Withholdings from the employees’
salaries include FICA Social Security taxes at the rate of 6.2%,
FICA Medicare taxes at the rate of 1.45%, $2,300 of federal income
taxes, $1,175 of medical insurance deductions, and $220 of union
dues. No employee earned more than $7,000 in this first period.
Prepare the journal entry to...
On January 15, the end of the first biweekly pay period of the year, North Company's...
On January 15, the end of the first biweekly pay period of the year, North Company's payroll register showed that its employees earned $30,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $3,000 of federal income taxes, $484 of medical insurance deductions, and $260 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to...
An employee earns $9,450 for the current period. The cumulative earnings of previous pay periods is...
An employee earns $9,450 for the current period. The cumulative earnings of previous pay periods is $110,000. Social security tax applies to the first $117,000 of employee earnings. Calculate the total and individual amounts to be withheld for social security (6.2%), Medicare (1.45%) and federal income tax (15%).
An employee earns $8,500 for the current period. The cumulative earnings of previous pay periods is...
An employee earns $8,500 for the current period. The cumulative earnings of previous pay periods is $100,900. Social security tax applies to the first $128,400 of employee earnings. Calculate the total and individual amounts to be withheld for social security (6.2%), Medicare (1.45%) and federal income tax (15%). please show work
The information on earnings and deductions for the pay period ended December 14 from King Company's...
The information on earnings and deductions for the pay period ended December 14 from King Company's payroll records is as follows: Beginning Cumulative Name Gross Pay Earnings Burgess, J. L. $410 $6,750 Clayton, M. E. 785 40,200 Drugden, T. F. 860 38,500 Lui, L. W. 990 39,700 Sparks, C. R. 4,094 115,700 Stevers, D. H. 850 6,810 For each employee, the Social Security tax is 6.2 percent of the first $118,500 and the employer's Social Security tax is 6.2 percent...
Jim Push, a manager for Marvy Co., has weekly earnings subject to deductions for Social Security,...
Jim Push, a manager for Marvy Co., has weekly earnings subject to deductions for Social Security, Medicare, and FIT. Before this payroll, Jim has earned $118,000 and is therefore $500 below the maximum level for Social Security. What will his net pay be if he earns $760 this week? Jim is married and claims one exemption. Use the percentage method. Assume a FICA tax rate of 6.2% on $118,500. Please show all of the steps that you used to calculate...
The information on earnings and deductions for the pay period ended December 14 from King Company's payroll records is a...
The information on earnings and deductions for the pay period ended December 14 from King Company's payroll records is as follows: Beginning Cumulative Name Gross Pay Earnings Burgess, J. L. $396 $6,784 Clayton, M. E. 758 40,055 Drugden, T. F. 857 38,449 Lui, L. W. 1,039 39,619 Sparks, C. R. 4,023 115,159 Stevers, D. H. 814 6,767 For each employee, the Social Security tax is 6.2 percent of the first $118,500 and the employer's Social Security tax is 6.2 percent...
Bianca lives in Arizona and earned $2350$2350 in taxable income this biweekly pay period. The table...
Bianca lives in Arizona and earned $2350$2350 in taxable income this biweekly pay period. The table shows tax withholdings for a biweekly pay period. Note that in Arizona, individuals elect to withhold a certain percentage of their taxable income; the withholding does not involve tax brackets. Tax Amount Social Security 6.2%6.2% of taxable income Medicare 1.45%1.45% of taxable income Federal income tax withholding $174.70$174.70 plus 22%22% over $1664$1664 State income tax withholding 3.6%3.6% of taxable income Using the table, what...
FIT and FICA 2. Tom Hanson, single, claiming one exemption, has cumulative earnings before this biweekly pay period of $126,000. If he is paid $1,930 this period, what will his deductions be for FIT and FICA (OASDI and Medicare)? The FICA tax rate for Social Security is 6.2% on $127,200, and Medicare is 1.45% on all earnings. Round to nearest cent as needed. Net Pay 3. From Exercise 2, calculate Tom's net pay. The state income tax rate is 5%,...
Thomas Carey, single, claiming one exemption, has cumulative eamings before this biweekly pay period of $125,800. If he Social Security is 6.2% on $127,200 and Medicare is 1.45% on all earnings. (Round to the nearest cent as needed.) 囲(Click the icon to view the Single Persons-Biweekly Payroll Period federal income tax withholding table. The amount of Thomas Carey's deduction for FIT is $ The amount of Thomas Carey's deduction for FICA (OASDI) is $ The amount of Thomas Carey's deduction...
On January 15, the end of the first biweekly pay period of the
year, North Company’s payroll register showed that its employees
earned $50,000 of sales salaries. Withholdings from the employees’
salaries include FICA Social Security taxes at the rate of 6.2%,
FICA Medicare taxes at the rate of 1.45%, $2,300 of federal income
taxes, $1,175 of medical insurance deductions, and $220 of union
dues. No employee earned more than $7,000 in this first period.
Prepare the journal entry to...
On January 15, the end of the first biweekly pay period of the year, North Company's payroll register showed that its employees earned $30,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $3,000 of federal income taxes, $484 of medical insurance deductions, and $260 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to...
Most questions answered within 3 hours.
-
5. Explain the condition for a DC motor to develop the
maximum power. If a DC...
asked 11 minutes ago -
Compute the p[Ag] after 35.00 mL of 0.1 M silver nitrate has been
added to the...
asked 14 minutes ago -
Walgreen Company (NYSE: WAG) is currently trading at $48.50 on
the NYSE. Walgreen Company is also...
asked 28 minutes ago -
Based on historical data, your team knows what proportion of the
company's orders come from Males...
asked 46 minutes ago -
8. Which of the following atoms has the largest magnitude
electron affinity?
(a) Sodium (Na)
(b)...
asked 48 minutes ago -
Assess the two types of tests of cognitive abilities. (
regarding HR course)
asked 53 minutes ago -
1.Write an inspiring vision statement for an organization where
you work or have worked. If the...
asked 55 minutes ago -
2. Is fair trade coffee sustainable for the mass market,
or is it a niche product...
asked 55 minutes ago -
Please answer this asap in MATLAB.
In the following for loop, the the loop is executed...
asked 1 hour ago -
A 50.0-g golf ball is driven from the tee with an initial speed
of 44.6 m/s...
asked 1 hour ago -
Use the molar concentration of the 50 mL solution to calculate
the moles of Cr(III) in...
asked 1 hour ago -
Calculate the molarity of Fe3+ in solution A.
Solution A: 10 mL of 0.0600 M Fe(No3)3 ...
asked 1 hour ago