Question
1. Assume a tax rate of 6.2% on $110,100 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete
1.
Assume a tax rate of 6.2% on $110,100 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1 and Table 9.2). (Do not round intermediate calculations. Round your final answers to the nearest cent.) |
FICA | ||||||||||||||||||||||||||||||||||||||
Employee | Marital status | Allowances claimed | Gross pay | FIT | Net pay | |||||||||||||||||||||||||||||||||
S.S. | Med. | |||||||||||||||||||||||||||||||||||||
Mike Rice | M | 2 | $1,600 | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
2.
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