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- An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the FICA Medicare tax rate is 1.45%. What is the employees FICA taxes responsibility? A. $535.50 B. $612 C. None, only the employer pays FICA taxes D. $597.50 E. $550Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)Employee's Rates Matching Rates Paid bythe Employer Self-Employed Rates 7.65% on first $118,500 of income 1.45% on income above $118,500 7.65% on first $118,500 paid in wages 1.45% on wages above $118,500 13.3% on first $118,500 of net earnings 2.9% on earnings above $118,500 1FICA taxes include Social Security and Medicare. The Social Security tax applies to the first $118,500 of income, while the Medicare tax applies to all income. Suppose Holly has $227,100 of income from work and is not self-employed. How much will Holly have to pay in FICA taxes?
- Employee's Rates Matching Rates Paid bythe Employer Self-Employed Rates 7.65% on first $118,500 of income 1.45% on income above $118,500 7.65% on first $118,500 paid in wages 1.45% on wages above $118,500 13.3% on first $118,500 of net earnings 2.9% on earnings above $118,500 1FICA taxes include Social Security and Medicare. The Social Security tax applies to the first $118,500 of income, while the Medicare tax applies to all income. Suppose Mondaire has $96,700 of income from work and is not self-employed. How much will Mondaire have to pay in FICA taxes?52. Subject : - Accounting Rachel receives employer provided health insurance. The employer's cost of the health insurance is $6,100 annually. What is her employer's after-tax cost of providing the health insurance, assuming that the employer's marginal tax rate is 21 percent and is profitable?1. What is the total Medicare tax rate for an employee who is subject to both standard Medicare tax and Additional Medicare tax? Answer: A. 2.35% B. 2.45% C. 6.2% D. 7.65% 2. Prior to the current period, Jamie Pratt, whose tax return filing status is single, had earnings subject to Medicare tax of $248,000. This week, Jamie has gross earnings of $3,700. His employer will withhold $_______ in total Medicare tax. 3. What type of institution might offer a 403(b) plan to its employees? Answer: A. A small business B. Private colleges C. Fortune 500 companies D. Public education institutions and certain tax-exempt organizations E. All of these options
- Calculate the Social Security and Medicare deduction for the following employee (assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare): (round your answer to the nearest cent.) Employee Cumulative Earnings before this pay period Pay Amount this Period Social Security Medicare Logan $128,300 $3,0001. The original Social Security tax rate was _____ of taxable earnings. Answer: A. 10% B. 1% C. 5% D. 7% 2. The 2021 Social Security wage base is _____. Answer: A. $100,000 B. $113,700 C. $125,000 D. $142,800 3. What is the earnings threshold over which an employee whose filing status is Married Filing Separately will be subject to the additional Medicare tax? Answer: A. $117,000 B. $125,000 C. $200,000 D. $250,000Part I. An employee earns $22 per hour and 2 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $177.10. a. Determine the gross pay for the week. b. Determine the net pay for the week. Part II. Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the fol-lowing summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: At regular rate ? At overtime rate $80,000 Total earnings ? Deductions: Social security tax $32,400 Medicare tax $8,100 Federal income tax withheld $135,000 Medical insurance $18,900 Union dues ? Total deductions $201,150 Net amount paid $338,850 Accounts debited: Factory Wages $285,000 Sales Salaries ? Office Salaries $120,000 a. Determine the amounts omitted in lines (1), (3), (8), and (12). b.…
- The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings. Refer to the Social Security and Medicare information. Employers are required to match the employee's deductions and send the total to the IRS. Compute the maximum percent that can be sent to the IRS for any one employee during the period of a year. 13.3% 13.5% 15.3% 15.5%LO 12.5An employee and employer cost-share pension plan contributions and health insurance premium payments. If the employee covers 35% of the pension plan contribution and 25% of the health insurance premium, what would be the employee’s total benefits responsibility if the total pension contribution was $900, and the health insurance premium was $375? Include the journal entry representing the payroll benefits accumulation for the employer in the month of February.Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. What are the social security and Medicare withholdings (in $) for an executive whose annual gross earnings are $135,500? Social Security$ Medicare$