Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

As the Vice President of Production, Linda Clark's year - to - date earnings as of September 3 0 were $ 1 2 4 ,

As the Vice President of Production, Linda Clark's year-to-date earnings as of September 30 were $124,300. During the month of October, Linda earned $14,700.
Assume that the wage ceiling "for Social Security is $128,400, the tax rate for Social Security is 6.2%, there is no wage ceiling for Medicare, and the tax rate for Medicare is 1.45%.
For Linda's October wages, calculate the following:
Wage amount subject to Social Security tax:
Social Security tax deduction:
Medicare tax deduction:
Total deduction for FICA taxes:
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

Her Majestys Auditor An Adventure Novel With Steampunk Elements

Authors: Markus Pfeiler

1st Edition

164953339X, 978-1649533395

More Books

Students also viewed these Accounting questions

Question

What is human nature?

Answered: 1 week ago