Please answer these questions completely. Calculate FICA TaxesNote: for simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 2: Jacob Finney's filing status is single, and he has earned gross pay of $1,240. Each period he makes a 403(b) contribution of 8% of gross pay and makes a contribution of0.80% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $142,000.Social Security tax = $Medicare tax = $3: Charlie Lilly's filing status is married filing jointly, and he has earned gross pay of $1,850. Each period he makes a 401(k) contribution of 15% of gross pay and contributes$60 to a dependent care flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $84,200.Social Security tax = $Medicare tax = $0.004: Desmond Carroll's filing status is married filing separately, and he has earned gross pay of $4,120. Each period he makes a 403(b) contribution of 5% of gross pay andcontributes $90 to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $97,200.Social Security tax = $Medicare tax = $

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2: Jacob Finney's filing status is single, and he has earned gross pay of $1.240. Each period he makes a 403(b) contribution of 8% of gross pay and makes a contribution 0.80% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $142,000. Social Security tax = $ Medicare tax = $ 0.00

2: Jacob Finney's filing status is single, and he has earned gross pay of $1.240. Each period he makes a 403(b) contribution of 8% of gross pay and makes a contribution 0.80% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $142,000. Social Security tax = $ Medicare tax = $ 0.00

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 7E

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