Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent.
Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent.
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter13: Accounting For Payroll And Payroll Taxes
Section: Chapter Questions
Problem 4AP
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Calculating Social Security and Medicare Taxes
Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations:
If required, round your answers to the nearest cent.
Cumul. Pay Before Current Weekly Payroll |
Current Gross Pay |
Year-to-Date Earnings |
Soc. Sec. Maximum |
Amount Over Max. Soc. Sec. |
Amount Subject to Soc. Sec. |
Soc. Sec. Tax Withheld |
Medicare Tax Withheld |
---|---|---|---|---|---|---|---|
$ 30,200 | $1,460 | $fill in the blank 1 | $128,400 | $fill in the blank 2 | $fill in the blank 3 | $fill in the blank 4 | $fill in the blank 5 |
54,000 | 2,960 | fill in the blank 6 | 128,400 | fill in the blank 7 | fill in the blank 8 | fill in the blank 9 | fill in the blank 10 |
125,700 | 3,340 | fill in the blank 11 | 128,400 | fill in the blank 12 | fill in the blank 13 | fill in the blank 14 | fill in the blank 15 |
127,100 | 2,940 | fill in the blank 16 | 128,400 | fill in the blank 17 | fill in the blank 18 | fill in the blank 19 | fill in the blank 20 |
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