Question
Note: All calculation are done taking into account tax year as 2017. Social Security tax (SST) rate is 12.4% of wages (Excluding medicare of 2.90%).
Note: All calculation are done taking into account tax year as 2017.
Social Security tax (SST) rate is 12.4% of wages (Excluding medicare of 2.90%). However, if the wages exceeds $ 127,200 ($128,700 for Tax Year 2018), excess shall be ignored for Social Security Tax.
1: Christopher Jones' filing status is qualifying widower, and he has earned gross pay of $1,550. Each period he makes a 401(k) contribution of 8% of gross pay and makes a contribution of 4% of gross pay to a flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $249,700. Social Security tax = $ Medicare tax = $ 2: Kevin Bird's filing status is single, and he has earned gross pay of $3,250. Each period he makes a 403(b) contribution of 11% of gross pay and makes a contribution of 1.75% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $198,650. Social Security tax = $ Medicare tax = $ 3: Daniel Higgs' filing status is married filing jointly, and he has earned gross pay of $3,670. Each period he makes a 401(k) contribution of 12% of gross pay and contributes $200 to a dependent care flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $133,300. Social Security tax = $ Medicare tax = $ 4: Bruce Miller's filing status is married filing separately, and he has earned gross pay of $3,200. Each period he makes a 403(b) contribution of 10% of gross pay and contributes $100 to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $126,100. Social Security tax = $ Medicare tax = $
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