A paving company has 24 employees, 15 with gross earnings of $365 per week and nine...
A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross earnings of $385 per week. What is the total social security and Medicare tax (in $) the company must send to the Internal Revenue Service for the first quarter of the year?
Homework Answers
Calaculation of total social security and Medicare tax for the first quarter of the year:
It was known that,
Social security tax rate = 6.2%
Medicare tax rate = 1.45%
These taxes should be Calaculated on gross earnings of employees
Gross earnings for first quarter (13 weeks):
| Gross earnings of 15 employees (15×$365×13weeks) | $71175 |
| Gross earnings of 9 employees (9×$385×13weeks) | $45045 |
| Gross earnings of 24 employees for first quarter ($71175+$45045) | $116220 |
FOR THE FIRST QUARTER
Social security taxes
= gross earnings × 6.2% = $116220 × 6.2% = $7205.64
Medicare taxes
= gross earnings × 1.45% = $116220 × 1.45% = $1685.19
Total Social security and medicare taxes
= $7205.64 + $1685.19
= $8890.83
______×_______
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