Matty Kim, an accountant for Vernitron, earned $102,600 from January to June. In July, Matty earned  $20,000. Assume a tax rate of 6.2% for Social Security on $110,100 and 1.45% on Medicare. How  much are the July taxes for Social Security and Medicare?

Q: Blake Green's weekly gross earnings for the week ending December 7 were $2,500, and her federal…

A: Net pay is an employee's compensation after all deductions have been made. Obligatory deductions,…

Q: Matty Kim, an accountant for Vernitron, earned $120,900 from January to June. Matty earned $20,000.…

A:

Q: Dr. Josef Young earns an adjusted gross weekly income of ​$2,584. How much Social Security tax…

A: The social security tax withheld is the weekly income multiplied by the social security tax rate.…

Q: Westway Company pays Suzie Chan $3,000 per week. Assume Social Security is 6.2% on $128,400 and…

A: Deductions: When the taxpayer is given some exemption from tax by the government or the concerned…

Q: Use the following information for the Exercises below. (Algo) The following information applies to…

A: >An employee’s wage or salary is subject to various deductions as per law. >Hence, various…

Q: Tim's gross pay for this month is​ $8,850. His gross year−to−date ​pay, prior to this​ month,…

A: FICA contributions are mandatory, with rates set annually—although not necessarily changed annually.…

Q: An employee earned $37,000 during the year working for an employer when the maximum limit for Social…

A: Formula to calculate  employee's annual FICA taxes amount:Employee's annual FICA taxes = Employee…

Q: George's Gameroom had two employees with the following earnings information: Gross Earnings for Week…

A: Social security tax is the one which is applicable on the payment of wages.

Q: Gary Noll's gross earnings for the week were $3,400, his federal income tax withholding was $612,…

A: Introduction: Net pay: Deduction of Federal income tax withholding and FICA from Gross earnings…

Q: Using the income tax withholding table in Figure 3, for each employee of Miller Company, determine…

A: Introduction: Using the income tax withholding table in Figure 3, for each employee of Miller…

Q: Blake Green's weekly gross earnings for the week ending December 7 were $2,500, and her federal…

A: An employee's net pay is his or her salary after all deductions have been made. Obligatory…

Q: Kenneth Friedman's weekly gross earnings for the week ending March 9 were $3,840, and her federal…

A: Taxation refers to the imposition of compulsory financial obligations by the government on…

Q: Baker Green's weekly gross earnings for the week ending December 7 were $2,800, and her federal…

A: Introduction: A person's net pay is the amount of money left over for distribution to them after all…

Q: Colin Friedman's weekly gross earnings for the week ending March 9 were $710, and her federal income…

A:

Q: Todd Hackworth’s weekly gross earnings for the week ending December 18 were $2,000, and his federal…

A: Net pay = Gross pay - Federal income tax withheld - Social security tax withheld - Medicare tax…

Q: Ted Carman worked for Rivertide Country Club and earned $28,500 during the year. He also worked part…

A: Compute FUTA and SUTA taxes on Carman’s earnings paid by River-tide country club on first $8,000 as…

Q: A Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $650,…

A: Journal entries is the first step to record the financial transactions in the books of accounts that…

Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent…

A:

Q: Marsha Mellow's weekly gross earning for the week ended May 23 were $1,250 and her federal income…

A: Gross Pay: It is referred as the sum total of income, wages, commissions, extra time, and bonus…

Q: Maxwell Friedman's weekly gross earnings for the week ending March 9 were $860, and her federal…

A: Social Security tax = Gross earnings  x Social Security tax rate = $860*6% = $51.60  Medicare tax  =…

Q: Marc & Associates employs Janet Evanovich at its law firm and June is the first pay period for…

A: What are journal entries? It is the first step to record the financial transactions in the books of…

Q: Marsha Mellow’s weekly gross earnings for the week ended May 23 were $1,250, and her federal income…

A: Gross pay: The total amount such as salary, wages, commissions, overtime, and bonus paid by the…

Q: Lindsey Vater’s weekly gross earnings for the week ended March 9 were $800, and her federal income…

A: An employee's net pay seems to be the whole amount obtained or received. It is calculated by…

Q: Kenneth Friedman's weekly gross earnings for the week ending March 9 were $3,840, and her federal…

A: Formula: Social security tax amount = Gross earnings x Social security tax rate

Q: Stan Stately's weekly gross earnings for the week ended April 22 were $2.400. and his federal income…

A: Social Security tax = Gross Pay x Social Security tax rate= $2400*6.00%= $144 Medicare tax  = Gross…

Q: Precision Labs has two employees. The following information was taken from its individual earnings…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: An employee earned $45,400 during the year working for an employer when the maximum limit for Social…

A: The FICA tax amount is the sum of 6.2% social security tax and 1.45% Medicare tax on the employee…

Q: A paving company has 24 employees  15 with gross earnings of 355 per week 9 with gross earnings of…

A: Social security and medicare tax are considered as payroll tax expenses which is calculated on the…

Q: Portia Grant is an employee who is paid monthly For the month of January of the current year, she…

A: The answer is stated below:

Q: [The following information applies to the questions displayed below.] BMX Company has one employee.…

A: Gross earnings is the amount before any deductions but after expenses. It is sales revenue less cost…

Q: During the first week of February, Gabe Hopen earned $300.  Assume that FICA taxes are 7.65 percent…

A: FICA Taxes payable= $300 x 7.65% = $22.95 State unemployment taxes payable= $300 x 5% = $15.00…

Q: Baker Green's weekly gross earnings for the week ending December 7 were $1,200, and her federal…

A: Social Security amount = Gross earnings ×social Security rate = $1200× 6% = $72

Q: Westway Company pays Suzie Chan $3,150 per week. Assume Social Security is 6.2% on $128,400 and…

A: Given that: Per week pay = $3150 Social security tax rate = 6.2% Medicare tax rate = 1.45%

Q: Baker Green's weekly gross earnings for the week ending December 7 were $2,000, and her federal…

A: Net Pay = Gross earnings - Federal income tax - Social Security rate - Medicare   Social Security…

Q: Novak's gross earnings for the week were $2,150, his federal income tax withholding was $346, and…

A: Introduction Federal income tax: Federal income tax is the tax withheld by employer that employee is…

Q: Marc & Associates employs Janet Evanovich at its law firm and June is the first pay period for…

A:

Q: Precision Labs has two employees. The following information was taken from its individual earnings…

A: Following are the calculations for missing amount of the employees B:

Q: Mary earned $49,258.75 for the past calendar year. How much did she pay for the year in social…

A: Social security tax and Medicare tax are mandatory deduction from gross salary of an employee.…

Q: Kenneth Inverness's weekly gross earnings for the week ended April 22 were $1,000, and his federal…

A: Tax represents the liability paid to the government calculated on the income earned.

Q: se the following information for the Exercises below. [The following information applies to the…

A: Payroll taxes are defined as the taxes that are imposed on employees or employers and generally…

Q: Kenneth Friedman's weekly gross earnings for the week ending March 9 were $3,840, and her federal…

A: The US government levies taxes such as social security taxes, federal income taxes, and medical…

Q: Precision Labs has two employees. The following information was taken from its individual earnings…

A: Payroll:  Payroll refers to the total amount that is required to be paid by the company to its…

Q: Carmen Flores’ weekly gross earnings for the week ending Dec. 7th were $3,000, and her federal…

A: Social tax security is a compulsory contribution of employer and employee. It funds the retirement,…

Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 paid to its…

A: Payroll tax expense account refers to the account which is used to determine the balance of the…

Q: Precision Labs has two employees. The following information was taken from its individual earnings…

A: Journal entries are passed to record each and every transaction occurred in the business. In that…

Q: Marc & Associates employs Janet Evanovich at its law firm and June is the first pay period for…

A: What are journal entries? It is the first step to record the financial transactions in the books of…

Q: [The following information applies to the questions displayed below.] BMX Company has one employee.…

A: The gross earnings is earning without any deduction. It is revenue less cost of goods sold. Tax…

Q: Gary Noll's gross earnings for the week were $3,400, his federal income tax withholding was $612,…

A: Employment taxes are the taxes that the employer pays to the government on behalf of their business…

Q: ral income tax withholding was $144. Assuming the social

A: Given :  Baker's Green weekly gross earning =1200 income tax withholding = 144 social security 6%…

Q: An employee earned $37,000 during the year working for an employer when the maximum limit for Social…

A: FICA tax: It can be defined as the federal payroll tax applied in the U.S.