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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: Tyler Samuels' filing status is qualifying widower, and he has earned gross pay of $870. Each period he makes a 401(k) contribution of 7% of gross pay and makes a contribution of 2% of gross pay to a flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $199,630. Social Security tax = $ Medicare tax = $ 2: Jacob Finney's filing status is single, and he has earned gross pay of $1,280. Each period he makes a 403(b) contribution of 7% of gross pay and makes a contribution of 0.70% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $141,900. Social Security tax = $ Medicare tax = $ 3: Charlie Lilly's filing status is married filing jointly, and he has earned gross pay of $1,820. Each period he makes a 401(k) contribution of 14% of gross pay and contributes $65 to a dependent care flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $86,100. Social Security tax = $ Medicare tax = $ 4: Desmond Carroll's filing status is married filing separately, and he has earned gross pay of $4,240. Each period he makes a 403(b) contribution of 8% of gross pay and contributes $75 to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $99,100. Social Security tax = $ Medicare tax = $
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