PSA $4-3$ Calculate Medicare Tax

For each employee, 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 $=$$$,63\mathrm{.}45$

$2.$ Stephen Belcher's filing status is single, and he has earned gross pay of $$1,820.$ Each period he makes a $401(k)$ contribution of $7\%$ of gross pay and contributes $2\mathrm{.}5\%$ of gross pay to a dependent care flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $$198,650.$

Total Medicare Tax $=$$

$3.$ Sidney Black's filing status is head of household, and he has earned gross pay of $$960.$ Each period he contributes $$30$ to a flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $$92,500.$

Total Medicare Tax$=$$

$4.$ Bill Clay's filing status is married filing separately, and he has earned gross pay of $$1,880.$ Each period he makes a $403($b$)$ contribution of $11\%$ of gross pay and contributes $$70$ to a cafeteria plan. His current year taxable earnings for Medicare tax, to date, are $$199,700.$

Total Medicare Tax $=$$