Taxable pay for current paycheck | 2720 | =118500-115780 |
X Social Security rate | 6.20% | |
Social Security tax to be withheld | 168.64 | |
Option A $168.64 is correct |
The social security wage limit for 2015 is $118,500 and the tax rate is 6.2%. An...
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations If an amount box does not require an entry leave it blank. If required, round your answers to the nearest cent. Cumul Pay Before Current Weekly Payroll Current Gross Pay Year to Date Earnings - Soc...
Social security and Medicare tax for 2019.The social security tax rate is 6.2% each for the employee and employer, unchanged from 2018. The social security wage base limit is $132,900.The Medicare tax rate is 1.45% each for the employee and employer, unchanged from 2018. The wage base limit for Medicare tax is?
Dr. Josef Young earns an adjusted gross weekly income of $2,510. How much Social Security tax should be withheld the first week of the year? How much Medicare tax should be withheld? The Social Security tax rate is 6.2% from earnings to be taxed to a maximum annual wage of $118,500. The Medicare tax rate is 1.45% from all earnings to a maximum annual wage of $200,000. The Social Security tax is $ (Type an integer or a decimal. Round...
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...
An employee earned $37.000 during the year working for an employer when the maximum limit for Social Security was $118,500. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employee's annual FICA taxes amount is. Multiple Choice O $2.204.00 0 $2,830.50 o $1,757.50. To O $8,950.50
Find the Social Security tax and the Medicare tax paid by Jeff Petra for the current pay period. Assume all Jeff's earnings are subject to both taxes and that the FICA rate is 6.2% and the Medicare rate is 1.45%. Employee Earnings Current Pay Period FICA @ 6.2% Medicare @ 1.45% Petra, J. $594.81 What is the FICA tax deducted from Jeff's current gross earnings? $nothing (Round to the nearest cent.)
Katie Perry earns $5,750 per month working for his employer. The FICA tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $192 in federal income taxes withheld. Katie has voluntary deductions for...
An employee earned $46,800 during the year working for an employer when the maximum limit for Social Security was $128,400. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employee's annual FICA taxes amount is:
An employee earns $6,500 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $222 in federal income taxes withheld. The employee has voluntary deductions...
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 Gross Pay through Aug. 18...