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An employee is paid a salary of $11.050 per month. If the current FICA rate is 6.2% on the first $130,000 of earnings, and
An employee is paid a salary of $11.050 per month. If the current FICA rate is 6.2% on the first $130,000 of earnings, and the Medicare tax rate is 1.45% of all earnings, how much should be withheld for (a) FICA tax and (b) Medicare tax during the following months? [6.3] March: (a). (b) 7. December: (a) (b) Find the federal withholding tax using the wage bracket method for each of the following employees. [6.4] Ahearn: 2 withholding allowances, single, $415.82 weekly earnings. Zanotti: 2 withholding allowances, married, $642.30 weekly earnings Allgier: 3 withholding allowances, married, $2743.30 monthly earnings Yeoman: 4 withholding allowances, single, $2046.75 monthly earnings Benner: 5 withholding allowances, married, $2390.00 monthly earnings Find the net pay for each of the following employees after FICA. Medicare, federal withholding tax, state disability insurance, and other deductions have been taken out. Assume that none has earned over $130,000 so far this year. Assume a FICA rate of 6.2%, Medicare rate of 1.45%, and a state disability insurance rate of 1%. Use the percentage method of withholding. [6.3 and 6.4] Murphy: $1852.75 monthly earnings, I withholding allowance, single, $37.80 in other deductions Pupek: $1028 weekly earnings, 3 withholding allowances, married, state withholding of $50.50, credit union savings of $50, contribution of $20 8. 9. 10. 11. 12, 13. 14.
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a FICA tax for MarchSalary for March 11050FICA tax rate 62FICA tax withholding 62 11050 68410 b Medicare tax for MarchSalary for March 11050Medicare t...Get Instant Access to Expert-Tailored Solutions
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