Question
For each of the following employees, calculate the Social Security tax for the weekly pay period described: For simplicity, all calculations throughout this exercise, both
For each of the following employees, calculate the Social Security tax for the weekly pay period described:
For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.
1: Mortimer Klein earned gross pay of $1,340. Each period he makes a 401(k) contribution of 3% of gross pay. His current year taxable earnings for Social Security tax, to date, are $184,600.
Total Social Security tax = $
2: Helena Smith earned gross pay of $2,000. She does not make any retirement plan contributions. Her current year taxable earnings for Social Security tax, to date, are $137,500.
Total Social Security tax = $
3: Kasey Wolfe earned gross pay of $1,140. Each period he contributes 1.5% of gross pay to a flexible spending account. His current year taxable earnings for Social Security tax, to date, are $71,900.
Total Social Security tax = $
4: Matthew Pugh earned gross pay of $880. Each period he designates 2% of gross pay for a dependent care flexible spending account. His current year taxable earnings for Social Security tax, to date, are $137,700.
Total Social Security tax = $
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