Using he following information, calculate the employee's portion of Amanda Smith's Social Security tax to be...
Using he following information, calculate the employee's portion of Amanda Smith's Social Security tax to be withheld for her paycheck for the week ending 11/15.
Amanda's gross income for year is $56,800
Amanda has n deductions increasing or decreasing the FICA taxable income.
Amanda paycheck for the week ending 11/15 is $800.00.
Homework Answers
The current social security tax rate is 6.20% for the employer and 6.20% for the employee.
Maximum threshold limit to calculate social security tax is $132,900. Maximum social security tax an employee whose earnings is up to or above $132,900 would pay $8,390.80.
Hence, tax to be withheld for the week ending 11/15 is 6.20% of $800. That is $49.60.
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Using he following information, calculate the employee's portion
of Amanda Smith's Social Security tax to be...
Using the following information, calculate the employee’s portion of Amanda Smith’s Social Security tax to be...
Using the following information, calculate the employee’s portion of Amanda Smith’s Social Security tax to be withheld for her paycheck for the week ending 11/15. Amanda's Gross income for the year is $56,800. Amanda has no deductions increasing or decreasing the FICA taxable income. Amanda paycheck for the week ending 11/15 is $800.00
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Lenny Florita, an unmarried employee, works 52 hours in the week ended January 12. His pay...
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ended January 12. His pay rate is $12 per hour, and his wages have
deductions for FICA Social Security, FICA Medicare, and federal
income taxes. He claims four withholding allowances. Compute his
regular pay, overtime pay (Lenny earns $18 per hour for each hour
over 40 per week), and gross pay. Then compute his FICA tax
deduction (6.2% for the Social Security portion and 1,45% for the
Medicare portion),...
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