Homework Answers
Add Answer to:
FIT and FICA 2. Tom Hanson, single, claiming one exemption, has cumulative earnings before this biweekly...
Tom Hanson, single, claiming one exemption, has cumulative earnings before this biweekly pay period of $126,000....
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.
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...
I need help with B (FUTA and SUTA are incorrect). BMX Company has one employee. FICA...
I need help with B (FUTA and SUTA are incorrect).
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay through August Gross Pay for September 31 6,400 2,000 120,900 $ $ 800 2,100 8,000 а. ь. C. Compute BMX's...
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...
a) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA—Social Security $1,400.00 6.20% $86.80...
a)
Tax
September Earnings Subject to Tax
Tax Rate
Tax Amount
FICA—Social Security
$1,400.00
6.20%
$86.80
FICA—Medicare
1,400.00
1.45%
20.30
FUTA
900.00
3.10%
27.90
SUTA
900.00
2.90%
26.10
b)
Tax
September Earnings Subject to Tax
Tax Rate
Tax Amount
FICA—Social Security
$3,700.00
6.20%
$229.40
FICA—Medicare
3,700.00
1.45%
53.65
FUTA
3.10%
SUTA
2.90%
c)
Tax
September Earnings Subject to Tax
Tax Rate
Tax Amount
FICA—Social Security
6.20%
FICA—Medicare
9,600
1.45%
139.20
FUTA
3.10%
SUTA
2.90%
CH Required information The following information...
Assume a tax rate of 6.2% on $128,000 for social security and 1.45% for Medicare. None...
Assume a tax rate of 6.2% on $128,000 for social security and 1.45% for Medicare. None will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period) Pay brown is married claiming 4 and gross pay was $2,000. What is the FIT? What is the S.S? What is the Medicare? What is the net pay?
Find the Social Security tax and the Medicare tax paid by Jeff Petra for the current...
Find the Social Security tax and the Medicare tax paid by Jeff Petra for the current pay period. Assume all Jeff's earnings are subject to both taxes and that the FICA rate is 6.2% and the Medicare rate is 1.45%. Employee Earnings Current Pay Period FICA @ 6.2% Medicare @ 1.45% Petra, J. $594.81 What is the FICA tax deducted from Jeff's current gross earnings? $nothing (Round to the nearest cent.)
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...
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $127,200 paid...
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $127,200 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows. Employee Ken s Tim v Steve s Cumulative Pay $ 6,000 42,800 87,000 Employee Michelle W Michael M Zach R Cumulative Pay $143,500...
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...
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.
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...
I need help with B (FUTA and SUTA are incorrect).
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay through August Gross Pay for September 31 6,400 2,000 120,900 $ $ 800 2,100 8,000 а. ь. C. Compute BMX's...
a)
Tax
September Earnings Subject to Tax
Tax Rate
Tax Amount
FICA—Social Security
$1,400.00
6.20%
$86.80
FICA—Medicare
1,400.00
1.45%
20.30
FUTA
900.00
3.10%
27.90
SUTA
900.00
2.90%
26.10
b)
Tax
September Earnings Subject to Tax
Tax Rate
Tax Amount
FICA—Social Security
$3,700.00
6.20%
$229.40
FICA—Medicare
3,700.00
1.45%
53.65
FUTA
3.10%
SUTA
2.90%
c)
Tax
September Earnings Subject to Tax
Tax Rate
Tax Amount
FICA—Social Security
6.20%
FICA—Medicare
9,600
1.45%
139.20
FUTA
3.10%
SUTA
2.90%
CH Required information The following information...
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...
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $127,200 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows. Employee Ken s Tim v Steve s Cumulative Pay $ 6,000 42,800 87,000 Employee Michelle W Michael M Zach R Cumulative Pay $143,500...
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.
-
What happens to the distribution of gene alleles when a
reproductive isolation arises between different population...
asked 4 minutes ago -
A 50.0-kg child takes a ride on a Ferris wheel that rotates four
times each minute...
asked 6 minutes ago -
1 – Balance the following
Bi(OH)3 + SnO22- →
SnO32- +
Bi
asked 17 minutes ago -
Explain what we mean by "The electric field at the point marked
X is 10 N/C."...
asked 28 minutes ago -
What is the positive energy states in Dirac’s picture? It says
that it leaves an empty...
asked 26 minutes ago -
A mutual fund manager has a $20 million portfolio with a beta of
1.7. The risk-free...
asked 26 minutes ago -
Given the following contribution margin income statement
Sales (15000 units 35
$/units)
asked 26 minutes ago -
The heights in feet of some of the girls of SEU
are: 5.8, 6.1, 5.9, 5.4, 5.6,...
asked 58 minutes ago -
Caspian Sea Drinks is considering the purchase of a new water
filtration system produced by Rube...
asked 1 hour ago -
Compare and contrast the
social media of Pepsi and Coke? which one is most effective and...
asked 1 hour ago -
1.
Who initiates a lockout?
Group of answer choices
management
employees
unions
arbitrators
asked 1 hour ago -
Many celebrities and public figures have Twitter accounts with
large numbers of followers. However, some of...
asked 1 hour ago