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%).
Homework Answers
Answer:
Given data:
- employee earns = $9,450
- social security = 6.2%
- Medicare = 1.45%
- federal income tax = 15%
Calculation of total amount to be held:
| Particulars | Amount | Amount |
| Social security tax |
= $ 9,450*$6.2/100 =$ 9,450*0.062 =$ 585.90 |
$ 585.90 |
| Medicare Tax |
= $ 9,450*1.45/100 = $ 9,450*0.0145 = $ 137.025 |
$ 137.025 |
| Federal income tax |
= ($ 10,000+$ 9,450)*15% = $ 19,450*15/100 = $ 19,450*0.15 = $ 2917.50 |
$ 2917.50 |
| Total amount to be held |
= $ 585.90+$ 137.025+$ 2917.50 =$ 3,640.425 |
$ 3,640.425 |
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