When an employee reaches a $200,000 income level, they are required to pay a supplementary...
When an employee reaches a $200,000 income level, they are required to pay a supplementary percentage to their _______________________ tax deduction?
A. Social Security
B. Medicare
C. Federal
D. Local
Homework Answers
Answer is Medicare.
Explanation:
At an income level above, the employees are required to pay an additional % of income as FICA Medicare tax.
Add Answer to:
When an employee reaches a $200,000 income level, they are
required to pay a supplementary...
Lenny Florita, an unmarried employee, works 47 hours in the week ended January 12. His pay rate is $12 pe...
Lenny Florita, an unmarried employee, works 47 hours in the week 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),...
Lenny Florita, an unmarried employee, works 50 hours in the week ended January 12. His pay...
Lenny Florita, an unmarried employee, works 50 hours in the week
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
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The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for...
The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2 %), Medicare tax (1.45%), federal income tax withholding (use the withholding table in Exhibit 9A.6), state income tax (1.0%), and net pay for the current pay period. (Round your final answers to 2 decimal places.) Total (gross) earnings for current pay period Cumulative earnings...
The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for...
The payroll records of Speedy Software show the following
information about Marsha Gottschalk, an employee, for the weekly
pay period ending September 30, 2017. Gottschalk is single and
claims one allowance. Compute her Social Security tax (6.2%),
Medicare tax (1.45%), federal income tax withholding, state income
tax (1.0%), and net pay for the current pay period. (Use the
withholding table in Exhibit 11A.6) (Round
your final answers to 2 decimal places.)
Total (gross) earnings for current pay period
$
730...
Lenny Florita, an unmarried employee, works 52 hours in the week ended January 12. His pay...
Lenny Florita, an unmarried employee, works 52 hours in the week ended January 12. His pay rate is $11 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims two withholding allowances. Compute his regular pay, overtime pay (Lenny earns $16.50 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),...
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%).
How do you find the federal income tax deduction? I’ve looked up this question to see but each question i’ve found is an...
How
do you find the federal income tax deduction? I’ve looked up this
question to see but each question i’ve found is answered
differently.
The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30, 2017. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2 %) , Medicare tax (1.45%), federal income tax withholding, state income tax (1.0 %), and net pay for the...
An employee earns $8,500 for the current period. The cumulative earnings of previous pay periods is...
An employee earns $8,500 for the current period. The cumulative earnings of previous pay periods is $100,900. Social security tax applies to the first $128,400 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%). please show work
QS 11-12A Net pay and tax computations LO P5 The payroll records of Speedy Software show...
QS 11-12A Net pay and tax computations LO P5 The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30, 2017. Gottschalk is single and claims one allowance. Compute her Social Security tax (6,2%), Medicare tax (1.45%), federal income tax withholding, state income tax (1.0%), and net pay for the current pay period. (Use the withholding table in Exhibit 11A.6) (Round your final answers to 2 decimal places.)...
Qs 9-12A Net pay and tax computations LO PS The payroll records of Speedy Software show...
Qs 9-12A Net pay and tax computations LO PS The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the period ending September 30, 2017 Gottschalk is single and claims one allowance. Compute her Social Security tax (62 tax (1.45%), federal income tax withholding, state income tax (1.0%), and net pay for the current pay period. (Use Exhibit 11A.6) (Round your final answers to 2 decimal places) weekly pay Medicare the withholding table in...
Lenny Florita, an unmarried employee, works 47 hours in the week 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),...
Lenny Florita, an unmarried employee, works 50 hours in the week
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),...
The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2 %), Medicare tax (1.45%), federal income tax withholding (use the withholding table in Exhibit 9A.6), state income tax (1.0%), and net pay for the current pay period. (Round your final answers to 2 decimal places.) Total (gross) earnings for current pay period Cumulative earnings...
The payroll records of Speedy Software show the following
information about Marsha Gottschalk, an employee, for the weekly
pay period ending September 30, 2017. Gottschalk is single and
claims one allowance. Compute her Social Security tax (6.2%),
Medicare tax (1.45%), federal income tax withholding, state income
tax (1.0%), and net pay for the current pay period. (Use the
withholding table in Exhibit 11A.6) (Round
your final answers to 2 decimal places.)
Total (gross) earnings for current pay period
$
730...
Lenny Florita, an unmarried employee, works 52 hours in the week ended January 12. His pay rate is $11 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims two withholding allowances. Compute his regular pay, overtime pay (Lenny earns $16.50 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),...
How
do you find the federal income tax deduction? I’ve looked up this
question to see but each question i’ve found is answered
differently.
The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30, 2017. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2 %) , Medicare tax (1.45%), federal income tax withholding, state income tax (1.0 %), and net pay for the...
QS 11-12A Net pay and tax computations LO P5 The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30, 2017. Gottschalk is single and claims one allowance. Compute her Social Security tax (6,2%), Medicare tax (1.45%), federal income tax withholding, state income tax (1.0%), and net pay for the current pay period. (Use the withholding table in Exhibit 11A.6) (Round your final answers to 2 decimal places.)...
Qs 9-12A Net pay and tax computations LO PS The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the period ending September 30, 2017 Gottschalk is single and claims one allowance. Compute her Social Security tax (62 tax (1.45%), federal income tax withholding, state income tax (1.0%), and net pay for the current pay period. (Use Exhibit 11A.6) (Round your final answers to 2 decimal places) weekly pay Medicare the withholding table in...
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