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For each of the following employees, calculate both the Social Security tax and the Medicare tax for the weekly pay period described: NOTE: For simplicity,
For each of the following employees, calculate both the Social Security tax and the Medicare tax for the weekly pay period described: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Bradley Banks' filing status is qualifying widower, and he has earned gross pay of $1,540. Each period he makes a 401 (k) contribution of 7% of gross pay and makes a contribution of 1% of gross pay to a flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $213,900. Social Security tax =$ Medicare tax=$ 2: Kyle Struck's filing status is single, and he has earned gross pay of $2,340. Each period he makes a 403 (b) contribution of 7% of gross pay; and makes a contribution of 2.5% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $199,100. Social Security tax=$ Medicare tax=$ 3: Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,940. Each period he makes a 401 (k) contribution of 14% of gross pay and contributes $120 to a dependent care flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $91,500. Social Security tax=$ Medicare tax=$ 4: Lukas Douglas' filing status is married filing separately, and he has earned gross pay of $1,950. Each period he makes a 403 (b) contribution of 13% of gross pay and contributes $95 to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $142,300. Social Security tax=$ Medicare tax=$
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