Homework Help is Here – Start Your Trial Now!
Business
Accounting
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: Cumul. Pay Before Current Amount Weekly Payroll Current Gross Pay Year-to-Date Earnings Soc. Sec. Maximum Over Max. Soc. Sec. Amount Subject to Soc. Sec. Soc. Sec. Tax Withheld $31,000 $1,500 $128,400 53,000 2,860 128,400 125,500 3,140 128,400 127,600 2,920 128,400

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: Cumul. Pay Before Current Amount Weekly Payroll Current Gross Pay Year-to-Date Earnings Soc. Sec. Maximum Over Max. Soc. Sec. Amount Subject to Soc. Sec. Soc. Sec. Tax Withheld $31,000 $1,500 $128,400 53,000 2,860 128,400 125,500 3,140 128,400 127,600 2,920 128,400

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 1SEA: CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL TAXES Portions of the payroll register for...
See similar textbooks
icon
Related questions
Question

am. 115.

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: Cumul. Pay Before Current Amount Weekly Payroll Current Gross Pay Year-to-Date Earnings Soc. Sec. Maximum Over Max. Soc. Sec. Amount Subject to Soc. Sec. Soc. Sec. Tax Withheld $31,000 $1,500 $128,400 53,000 2,860 128,400 125,500 3,140 128,400 127,600 2,920 128,400
Transcribed Image Text: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: Cumul. Pay Before Current Amount Weekly Payroll Current Gross Pay Year-to-Date Earnings Soc. Sec. Maximum Over Max. Soc. Sec. Amount Subject to Soc. Sec. Soc. Sec. Tax Withheld $31,000 $1,500 $128,400 53,000 2,860 128,400 125,500 3,140 128,400 127,600 2,920 128,400
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
College Accounting, Chapters 1-27 (New in Account…
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Corporate Financial Accounting
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS