Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Anthony Tucker is paid twice a month and had total gross earnings as of 1 0 1 5 of $ 1 3 6 , 9

image text in transcribed
Anthony Tucker is paid twice a month and had total gross earnings as of 1015 of $136,900. His gross earnings for the period ending 1031 were $6,000. If social security taxes are 6.2% on a maximum earnings threshold of $142,800 per year and Medicare tax is 1.45% on all earnings, how much Medicare tax will be paid by Anthony and how much will be paid by his employer for the period ending 10/31?
Multiple Choice
Anthony will pay $24.65 and his employer will pay $87.00.
Anthony will pay $87.00 and his employer will also pay $87.00.
Anthony will pay $87.00 and his employer is not required to pay any Medicare tax.
Anthony will pay $24.65 and his employer will also pay $24.65.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

7th Canadian Edition Volume 2

1119048478, 978-1119048473

More Books

Students also viewed these Accounting questions

Question

What is a statement of cash flows? Discuss.

Answered: 1 week ago

Question

What research background do you have?

Answered: 1 week ago

Question

describe the ABC cost hierarchy; LO1

Answered: 1 week ago