3: Kasey Wolfe earned gross pay of $1,140. Each period he contributes 1.5% of gross pay to a flexible spending account. His current year taxable earnings for Social Security tax, to date, are $71,900. Total Social Security tax = $ 4: Matthew Pugh earned gross pay of $880. Each period he designates 2% of gross pay for a dependent care flexible spending account. His current year taxable earnings for Social Security tax, to date, are $142,800. Total Social Security tax he
3: Kasey Wolfe earned gross pay of $1,140. Each period he contributes 1.5% of gross pay to a flexible spending account. His current year taxable earnings for Social Security tax, to date, are $71,900. Total Social Security tax = $ 4: Matthew Pugh earned gross pay of $880. Each period he designates 2% of gross pay for a dependent care flexible spending account. His current year taxable earnings for Social Security tax, to date, are $142,800. Total Social Security tax he
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter14: Planning For Retirement
Section: Chapter Questions
Problem 4FPE
Related questions
Question
100%
Calculate social security tax.
Note : all calculations throughout this exercise, both intermediate and final should be rounded to two decimal places at each calculation.
Transcribed Image Text:3: Kasey Wolfe earned gross pay of $1.140. Each period he contributes 1.5% of gross pay to a flexible spending account. His current year taxable earnings for Social
Security tax, to date, are $71,900.
Total Social Security tax = $
4: Matthew Pugh earned gross pay of $880. Each period he designates 2% of gross pay for a dependent care flexible spending account. His current year taxable earnings
for Social Security tax, to date, are $142,800.
Total Social Security tax
I
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