Homework Answers
Answer is Option a.
As the coach monthly salary is $200000 exceeds the social security amount of $128400 the Social security can be withheld only till January.
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Suppose a college football coach makes a base salary of $2,400,000...
Mike Samson is a college football coach making a base salary of $643,200 a year ($53,600 per month). Employers are req...
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...
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Which of the following are withheld from an employee's salary? 1. FICA taxes. II. Federal and...
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Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 9,088. The FICA tax for social security is 6.2% of the first $128,400 of employee earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of...
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An employee earns $6,500 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $222 in federal income taxes withheld. The employee has voluntary deductions...
Trey Morgan is an employee who is paid monthly. For the month of January of the...
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An employee earns $6,450 per month working for an employer. The FICA tax rate for Social...
An employee earns $6,450 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 of earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $220 in federal Income taxes withheld. The employee has voluntary...
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The 42 on FUTA is wrong Please correct me and explain your
answers.
Required information Use the following information for the Exercises below. The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee....
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...
omework Mike Samson is a college football coach making a base salary of $633.600 a year (552.800 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.) Sodal security 7.980.89 Medicare 2....
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...
greger peterson is a senior manager at a public accounting
firm making a base salary of $180000
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...
Rick O'Shea, the only employee of Hunter Furniture Company, makes $30,000 per year and is paid once a month. For the month of January, his federal income taxes withheld are $180, state income taxes withheld are $37. social security is 6.2% on a maximum wages of $106,800, Medicare tax is 1.45%, State Unemployment Tax is 4.2%, and Federal Unemployment tax is.8%, both on a maximum wages of $7,000 per employee. What is the employer's payroll tax expense from Rick's paycheck?...
Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $4,538. The FICA tax for social security is 6.2% of the first $118,500 earned each calendar year, and the FICA tax rate for Medicare is 1.45% of all earnings for both the employee and the employer. The amount of federal income tax withheld from his earnings was $680.70. His net pay for the month is: Multiple Choice...
An employee earns $6,450 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 of earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $220 in federal Income taxes withheld. The employee has voluntary...
The 42 on FUTA is wrong Please correct me and explain your
answers.
Required information Use the following information for the Exercises below. The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee....
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