Len Mast is married with three allowances. His weekly gross pay is $1,250. He will not reach the maximum taxable salary for Social Security purposes.
1. What is the amount that he will have deducted for Social Security taxes?
2. What is the amount that he will have deducted for Medicare taxes?
3. Using the percentage method, what is the amount that he will have deducted for FIT (Federal Income Tax)?
4. What is his net pay?
1 | ||
Deduction for Social Security taxes | 77.50 | =1250*6.2% |
2 | ||
Deduction for Medicare taxes | 18.13 | =1250*1.45% |
3 | ||
Gross pay | 1250.00 | |
Less: Withholding allowance | 219.24 | =73.08*3 |
Taxable pay | 1030.76 | |
Deduction for FIT (Federal Income Tax) | 114.51 | =33.40+(1030.76-490)*15% |
4 | ||
Gross pay | 1250.00 | |
Less: Deductions | ||
Social Security taxes | 77.50 | |
Medicare taxes | 18.13 | |
Federal Income Tax | 114.51 | |
Total Deductions | 210.14 | |
Net pay | 1039.86 |
Len Mast is married with three allowances. His weekly gross pay is $1,250. He will not...
Ramona Porter's cumulative earnings (YTD) before this pay period were $28,900. Her gross pay for this week is $425. 1. What is the amount that she will have deducted from this paycheck for Social Security taxes? 2. What is the amount that she will have deducted from this paycheck for Medicare taxes? SOCIAL SECURITY TAX RATE: 6.2% MEDICARE TAX RATE: 1.45% MAXIMUM TAXABLE SALARY: $110,100 Payroll Period Weekly Biweekly Semimonthly Monthly Quarterly Semiannually Annually Daily or miscellaneous (each day of...
Ramona Porter's cumulative earnings (YTD) before this pay period were $28,900. Her gross pay for this week is $425. 1. What is the amount that she will have deducted from this paycheck for Social Security taxes? 2. What is the amount that she will have deducted from this paycheck for Medicare taxes? TABLE 2—BIWEEKLY Payroll Period (a) SINGLE person (including head of household) (b) MARRIED person, If the amount of wages (after If the amount of wages (after subtracting withholding...
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