Part 1
Taxable earnings = Gross pay - Cafeteria Plan = 1650-80 = $1570
Part 2
Taxable earnings = Gross pay - Dependent Care Flexible Spending Account = 1800-(1800*4%) = 1800-72 = $1728
please make sure to give the correct answer For each employee listed below, calculate the taxable...
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PSa 4-1 Calculate Taxable Earnings for Social Security Tax For each employee listed below, calculate the taxable earnings for Social Security tax for the described pay period. Note that none of these employees exceed the Social Security taxable wage base during the year. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation Amy Williams earned gross pay of $910...
Devin Moody earned gross pay of $1,450 during a recent pay period. He contributes 11% of gross pay to a 403(b) retirement plan and $100 each pay period to a cafeteria plan. Taxable earnings = $ Devin Moody earned gross pay of $1,450 during a recent pay period. He contributes 11% of gross pay to a 403(b) retirement plan and $100 each pay period to a cafeteria plan. Taxable earnings = $
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For each of the following employees, calculate the Social Security tax for the weekly pay period described NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation Alfred Morneau earned gross pay of $760. Each period he makes a 401(k) contribution of 3% of gross pay, and his current year taxable earnings for Social Security tax, to date, are $61,500...
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D IUN EN <BACK TO PSa 4-4 Calculate FICA Taxes For each of the following employees, calculate both the Social Security tax and the Medicare tax for the weekly pay period described: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,820. Each period...
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For each of the following employees, calculate both the Social Security tax and the Medicare tax for the weekly pay period described: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation Bradley Banks' filling status is qualifying widower, and he has earned gross pay of $1,570. Each period he makes a 401(k) contribution of 6% of gross pay and...
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Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,820. Each period he makes a 401(k) contribution of 10% of gross per and contributes $150 to a dependent care flexible spending account. His current year taxable eamings for Social Security tax and Medicare tax, to date, are $92,500. Social Security tax = $ 2,366.84 Medicare tax = $ 55.39...
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PSa 4-2 Calculate Social Security Tax For each of the following employees, calculate the Social Security tax for the weekly pay period described: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation Rudolph Fabrizio eamed gross pay of $3,800. Each period he contributes 6% of gross pay to a flexible spending account, and his current year taxable earnings for...
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PSa 4-3 Calculate Medicare Tax For each of the following employees, calculate the Medicare tax for the weekly pay period described: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation Sidney Black's filing status is head of household, and he has earned gross pay of $940. Each period he contributes $40 to a flexible spending plan. His current year...
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Language in For each of the following employees, calculate both the Social Security tax and the Medicare tax for the weekly pay period described NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation Bradley Banks' filing status is qualifying widower, and he has earned gross pay of $1,570. Each period he makes...
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PSa 4-3 Calculate Medicare Tax For each of the following employees, calculate the Medicare tax for the weekly pay period described: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation Paul Robinson's filing status is married filing jointly, and he has earned gross pay of $2,850. Each period he makes a 403(b) contribution of 6.5% of gross pay. His...