Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For each of the following employees, calculate the Medicare tax for the weekly pay period described: NOTE: For simplicity, all calculations throughout this exercise, both

For each of the following employees, calculate 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: Mark Dailey's filing status is Married Filing Jointly, and
he has earned gross pay of $3,450. Each period he
makes a 403 (b) contribution of 9% of gross pay. His
current year taxable earnings for Medicare tax, to date,
are $312,500.
Total Medicare Tax = $
2: Kurt Blain's filing status is single, and he has earned
gross pay of $1,950. Each period he makes a 401(k)
contribution of 9% of gross pay and contributes 4% of
gross pay to a dependent care flexible spending plan. His
current year taxable earnings for Medicare tax, to date,
are $199,225.
Total Medicare Tax = $
3: Adam Webster's filing status is head of household, and
he has earned gross pay of $850. Each period he
contributes $35 to a flexible spending plan. His current
year taxable earnings for Medicare tax, to date, are
$86,400.
Total Medicare Tax = $
4: Keith Davidson's filing status is married filing
separately, and he has earned gross pay of $2,200. Each
period he makes a 403(b) contribution of 12% of gross
pay and contributes $125 to a cafeteria plan. His current
year taxable earnings for Medicare tax, to date, are
$223,700
Total Medicare Tax = $

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

More Books

Students also viewed these Accounting questions