Question
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:Paul Robinson's filing status is married filing jointly, and he has earned gross pay of $2,700. Each period he makes a 403(b) contribution of 7% of gross pay . His current year taxable earnings for Medicare tax, to date, are $268,000.
Total Medicare Tax = $
2:Stephen Belcher's filing status is single, and he has earned gross pay of $1,820. Each period he makes a 401(k) contribution of 7% of gross pay and contributes 2.5% of gross pay to a dependent care flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $198,650.
Total Medicare Tax = $
3:Sidney Black's filing status is head of household, and he has earned gross pay of $920. Each period he contributes $70 to a flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $94,600.
Total Medicare Tax = $
4:Bill Clay's filing status is married filing separately, and he has earned gross pay of $1,840. Each period he makes a 403(b) contribution of 9% of gross pay and contributes $60 to a cafeteria plan. His current year taxable earnings for Medicare tax, to date, are $124,400.
Total Medicare Tax = $
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