Mary earned $43,258.75 for the past calendar year. How much did she pay for the year in social security and Medicare taxes? (Social Security Tax is 6.2% of gross wages upto $128,400. Medicare Tax is 1.45% of all gross wages.)$3,003.29$3,156.29$3,309.29O $3,691.79

Mary's Earning = $43,258.75 Social Security tax = 6.2% Medicare tax = 1.45%

Answered: Mary earned $43,258.75 for the past…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 51P: Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys...

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Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
Mary earned $49,258.75 for the past calendar year. How much did she pay for the year in social security and Medicare taxes? (Social Security Tax is 6.2% of gross wages up to $128,400. Medicare Tax is 1.45% of all gross wages.) A. $3,462.29 B $3,615.29 C. $3,768.29 D. $4,150.79
What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $3,760.00, if she has already earned $46,560.00 this year? (Social security tax is 6.2% of gross wages up to $128,400. Medicare tax is 1.45% of all gross wages.) a. $249.39 b. $257.04 c. $272.34 d. $287.64
What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $3,360.00, if she has already earned $48,560.00 this year? (Social security tax is 6.2% of gross wages up to $128,400. Medicare tax is 1.45% of all gross wages.) O $218.79 O $226.44 O$241.74 $257.04
12.Carolyne is paid $4,000.00 biweekly. This year, to date, she has earned $27,300.00. What will be the total deduction for Social Security and Medicare taxes on her next paycheck? (Social Security tax is 6.2% of gross wages up to $128,400. Medicare tax is 1.45% of all gross wages.) $306.00 $321.30 $336.60 $344.25
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22. Compute Austin's total social security and Medicare taxes for the fourth quarter, if she is self-employed and earns $5,300.00 on a semimonthly basis. (For self-employed persons, Social Security tax is 12.4% of wages up to $128,400, and Medicare tax is 2.9% of all wages.) $437.25 $810.90 $2,623.50 $4,865.40
2. Maria Metcalf, a heating technician, has a gross weekly income of $502.16. Her earnings to date for this year are $20,086.40. How much is deducted from her paycheck this week for Social Security? How much for Medicare?
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. What is the social security tax paid if jose 's gross income is $145,780.00 for the year.
Baker Green's weekly gross earnings for the week ending December 7 were $1,800, and her federal income tax withholding was $216. Prior to this week Green had earned $98,000 for the year. Assuming the social security rate is 6.0% and Medicare is 1.5%, what is Green's net pay? Round your answer to the nearest whole dollar.$___________
Matty Kim, an accountant for Vernitron, earned $120,900 from January to June. Matty earned $20,000. Assume a tax rate of 6.2% for Social Security on $128,400 and 1.45 on Medicare. How much are the July taxes for Social Security and Medicare? Social Security Medicare
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Mary earned $43,258.75 for the past calendar year. How much did she pay for the year in social security and Medicare taxes? (Social Security Tax is 6.2% of gross wages up to $128,400. Medicare Tax is 1.45% of all gross wages.) O $3,003.29 O$3,156.29 O $3,309.29 O$3,691.79