Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Steve is a full-time exempt employee at a local electricity co-operative. He earns an annual salary of $49,325 and is paid biweekly. What is his

Steve is a full-time exempt employee at a local electricity co-operative. He earns an annual salary of $49,325 and is paid biweekly. What is his Social Security tax deduction for each pay period?(Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Multiple Choice

  • $112.33
  • $141.12
  • $117.62
  • $121.07

____________________________________________________________________

Wyatt is a full-time exempt music engineer who earns $176,400 annually and is paid semimonthly. As of November 15, his year-to-date gross pay was $131,800.00. How much will be withheld for FICA taxes for the November 30 pay date?(Social Security maximum wage is $132,900. Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Multiple Choice

  • $206.68
  • $246.05
  • $157.43
  • $174.78

______________________________________________________

Natalia is a full-time exempt employee who earns $213,000 annually, paid monthly. Her year-to-date pay as of November 30 is $195,250.00. How much will be withheld from Natalia for FICA taxes for the December 31 pay date?(Social Security maximum wage is $132,900. Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Multiple Choice

  • $374.38
  • $1,357.88
  • $417.13
  • $289.33

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_2

Step: 3

blur-text-image_3

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

Fundamental Accounting Principles Volume II

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

16th Canadian edition

1259261433, 978-1260305838

More Books

Students also viewed these Accounting questions

Question

Outline Abelards position on the roles of faith and reason.

Answered: 1 week ago