Jim Push, a manager for Marvy Co., has weekly earnings subject to deductions for Social Security,...
Jim Push, a manager for Marvy Co., has weekly earnings subject to deductions for Social Security, Medicare, and FIT. Before this payroll, Jim has earned $118,000 and is therefore $500 below the maximum level for Social Security. What will his net pay be if he earns $760 this week? Jim is married and claims one exemption. Use the percentage method. Assume a FICA tax rate of 6.2% on $118,500.
Please show all of the steps that you used to calculate and the answers for the following:
- Social Security
- Medicare
- FIT
- Net Pay
Homework Answers
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Jim Push, a manager for Marvy Co., has weekly earnings subject to deductions for Social Security,...
Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, and...
Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, is paid weekly, and claims 2 exemptions. What is Richard’s net pay for the week if he earns $1,100?
Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, and...
Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, is paid weekly, and claims 2 exemptions. What is Richard’s net pay for the week if he earns $1,900?
Assume a tax rate of 6.2% on $128,000 for social security and 1.45% for Medicare. None...
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FIT and FICA 2. Tom Hanson, single, claiming one exemption, has cumulative earnings before this biweekly...
FIT and FICA 2. Tom Hanson, single, claiming one exemption, has cumulative earnings before this biweekly pay period of $126,000. If he is paid $1,930 this period, what will his deductions be for FIT and FICA (OASDI and Medicare)? The FICA tax rate for Social Security is 6.2% on $127,200, and Medicare is 1.45% on all earnings. Round to nearest cent as needed. Net Pay 3. From Exercise 2, calculate Tom's net pay. The state income tax rate is 5%,...
Tom Hanson, single, claiming one exemption, has cumulative earnings before this biweekly pay period of $126,000....
Tom Hanson, single, claiming one exemption, has cumulative earnings before this biweekly pay period of $126,000. If he is paid $1,930 this period, what will his deductions be for FIT and FICA (OASDI and Medicare)? The FICA tax rate for Social Security is 6.2% on $127,200, and Medicare is 1.45% on all earnings. Round to nearest cent as needed.
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. a. Gross Pay through August $ 5,200 18,900 112,900 Gross Pay for September $ 2,400 2,800 8,700 Compute BMX's amounts for each of these four taxes as applied to the employee's gross...
Check my work BMX Company has one employee. FICA Social Security taxes are 6.2% of the...
Check my work BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay Gross Pay for ugh AugustSeptember $ 6,400 18,200 112,200 800 2,100 8,000 b. Exercise 9-5 Computing payroll taxes LO P2, P3 Compute BMX's amounts for each of...
Please answer the whole question. Paloma Co. has four employees. FICA Social Security taxes are 6.2%...
Please answer the whole question.
Paloma Co. has four employees. FICA Social Security taxes are
6.2% of the first $118,500 paid to each employee, and FICA Medicare
taxes are 1.45% of gross pay. Also, for the first $7,000 paid to
each employee, the company’s FUTA taxes are 0.6% and SUTA taxes are
2.15%. The company is preparing its payroll calculations for the
week ended August 25. Payroll records show the following
information for the company’s four employees.
Current Week
Name...
Problem 1-16 Points Fishing Guides Co. has four employees. FICA Social Security taxes are 6.2% of...
Problem 1-16 Points Fishing Guides Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTA taxes are 1.75%. The company is preparing its payroll calculations for the week ended September 30. Payroll records show the following information for the company's employees. Name Total YTD Pay through...
Paloma Co. has four em employee, a as four employees. FICA Social Security tases are npan...
Paloma Co. has four em employee, a as four employees. FICA Social Security tases are npan dicare ta Payroll company's four employees. claims The company is for the week ended August 25. Payroll records shonw the tollowing mation tor the Gross Pay ugh Aug. 18 Da Kiesha Chee 117,600 6,900 1,250 450 400 30 In addition to gross pay, the company must emploeach employee pays the remaining one-third. The company also contributes an extra 8% of each Required Co pay...
FIT and FICA 2. Tom Hanson, single, claiming one exemption, has cumulative earnings before this biweekly pay period of $126,000. If he is paid $1,930 this period, what will his deductions be for FIT and FICA (OASDI and Medicare)? The FICA tax rate for Social Security is 6.2% on $127,200, and Medicare is 1.45% on all earnings. Round to nearest cent as needed. Net Pay 3. From Exercise 2, calculate Tom's net pay. The state income tax rate is 5%,...
Tom Hanson, single, claiming one exemption, has cumulative earnings before this biweekly pay period of $126,000. If he is paid $1,930 this period, what will his deductions be for FIT and FICA (OASDI and Medicare)? The FICA tax rate for Social Security is 6.2% on $127,200, and Medicare is 1.45% on all earnings. Round to nearest cent as needed.
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. a. Gross Pay through August $ 5,200 18,900 112,900 Gross Pay for September $ 2,400 2,800 8,700 Compute BMX's amounts for each of these four taxes as applied to the employee's gross...
Check my work BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay Gross Pay for ugh AugustSeptember $ 6,400 18,200 112,200 800 2,100 8,000 b. Exercise 9-5 Computing payroll taxes LO P2, P3 Compute BMX's amounts for each of...
Please answer the whole question.
Paloma Co. has four employees. FICA Social Security taxes are
6.2% of the first $118,500 paid to each employee, and FICA Medicare
taxes are 1.45% of gross pay. Also, for the first $7,000 paid to
each employee, the company’s FUTA taxes are 0.6% and SUTA taxes are
2.15%. The company is preparing its payroll calculations for the
week ended August 25. Payroll records show the following
information for the company’s four employees.
Current Week
Name...
Problem 1-16 Points Fishing Guides Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTA taxes are 1.75%. The company is preparing its payroll calculations for the week ended September 30. Payroll records show the following information for the company's employees. Name Total YTD Pay through...
Paloma Co. has four em employee, a as four employees. FICA Social Security tases are npan dicare ta Payroll company's four employees. claims The company is for the week ended August 25. Payroll records shonw the tollowing mation tor the Gross Pay ugh Aug. 18 Da Kiesha Chee 117,600 6,900 1,250 450 400 30 In addition to gross pay, the company must emploeach employee pays the remaining one-third. The company also contributes an extra 8% of each Required Co pay...
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