Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Calculating Social Security and Medicare Taxes Print Item Assume a Social Security tax rate of 6.2% is applied to maximum eamings of $128,400 and

image text in transcribed

Calculating Social Security and Medicare Taxes Print Item Assume a Social Security tax rate of 6.2% is applied to maximum eamings of $128,400 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 required, round your answers to the nearest cent. Cumul. Pay Amount Before Current Current Weekly Payroll Gross Pay Year-to-Date Earnings Soc. Sec. Over Max. Maximum Soc. Sec. Amount Subject to Soc. Sec. Soc. Sec. Tax Withheld Medicare Tax Withheld $ 22,000 $1,700 $128,400 54,000 4,200 128,400 125,800 3,925 128,400 127,800 4,600 128,400

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

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Accounting questions

Question

12. What is the basis for setting tolerance?

Answered: 1 week ago