Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ulanda U. Lucky is an air traffic controller who is paid $14,000 per month. Use the FICA rate is 6.2% on the first $127,200 of
- Ulanda U. Lucky is an air traffic controller who is paid $14,000 per month. Use the FICA rate is 6.2% on the first $127,200 of earnings and the Medicare tax rate is 1.45% on all earnings.
- How much FICA tax should be withheld from Ms. Luckys paycheck for the month of March?
________________________
- How much Medicare tax should be withheld from Ms. Luckys paycheck for the month of March?
________________________
- How much FICA tax should be withheld from Ms. Luckys paycheck for the month of October?
________________________
- How much Medicare tax should be withheld from Ms. Luckys paycheck for the month of October?
________________________
For Questions 12 13, find the FICA and Medicare tax for each of the following self-employed people. Assume that none of them has earned over $127,200 for the year. Use a FICA rate of 12.4% and a Medicare rate of 2.9%.
- Lois Steem is a self-employed assertiveness training coach. Her adjusted income is $19,500 for the first quarter.
- FICA tax ________________________
- Medicare tax ________________________
- The employees of the Hadley-Newham Funeral Home paid a total of $678.15 in Social Security tax, $158.60 in Medicare, and $21858 in federal withholding. Find the total amount the company should send the IRS.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started