Question

The social security wage limit for 2015 is $118,500 and the tax rate is 6.2%. An employee has earned $115,780 so far in 2015.

0 0
Add a comment Improve this question Transcribed image text
Answer #1
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
Add a comment
Know the answer?
Add Answer to:
The social security wage limit for 2015 is $118,500 and the tax rate is 6.2%. An...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied...

    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...

    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 th...

    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...

    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...

    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...

    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...

    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 $128,4...

    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...

    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...

    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...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT