Answered: What are the social security and…

What are the social security and Medicare withholdings for an executive whose annual gross earnings are $210,560? (Social security wage base is $117,000). Round answer to two decimal places.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 3E

See similar textbooks

Related questions

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

A: Payroll It is important for the business entity to prepare the payroll process and its statutory…

Q: Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly…

A: Federal income tax (FIT) is a tax on the annual income of a taxpayer. Federal income tax rate…

Q: Employee Net Pay Maxwell Inverness's weekly gross earnings for the week ended April 22 were $1,302,…

A: Payroll taxes: Payroll taxes are the taxes withheld by the employers from the wages/salary payable…

Q: Assume the following data for Blossom Home Appliance Repair for the payroll quarter ended March 31.…

A: Social Security tax = Social Security Taxable Earnings x Social Security tax rate = $128400*6.20% =…

Q: The weekly payroll of Abkar Hardware includes 19 employees who earn $240 each. How much is the…

A: Medicare tax rate=1.45%

Q: Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly…

A: Federal income tax is the on which is payable for the wages earned for a particular period and can…

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: Simon Cowell's weekly gross earnings for the week ending Dec. 7th were $2,500, and his federal…

A: Formula: Social security tax amount = Gross earnings x social security tax rate. Medicare tax amount…

Q: Tam Worldly’s weekly gross earnings for the week ended April 22 were $2,000, and her federal income…

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

Q: Assume the following payroll information for Jane Smith: Gross pay $10,000; deductions: income tax…

A: Every Employer is required to deduct the following amount from employees Gross Income Social…

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: Davis and Thompson have earnings of $913 each. The social security tax rate is 6.0%, and the…

A: Abbreviation of FICA: Federal insurance contributions Act Both employee and employers mandatory…

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

Q: Employee Net Pay Maxwell Washington's weekly gross earnings for the week ended April 22 were $1,604,…

A: Payroll tax expenses include all expenses which are charged on the gross earnings of an individual…

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

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: 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: The weekly payroll of Abkar Hardware includes 19 employees who earn $260 each. How much is the…

A: For Akbar Hardware, (a) Number of Employees = 19 (b) Payroll Frequency = Weekly (c) Earnings of each…

Q: Davis and Thomas have earnings of $841 each. The social security tax rate is 6.0%, and the Medicare…

Q: Reese works in Prince Edward Island and has 2022 payroll totals of regular earnings of $62,700.00,…

A: Here discuss about the details of the total to be recorded in Box 14 of T4 Information. According…

Q: Employee AA is paid monthly. For the month of January, she earned a total of $8,260. The tax for…

A: . Employee AA’s net pay for the month is: $6302.94 explanation : The computation of net pay is…

Q: Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly…

A: Social Security Taxes-It is a payroll tax. In the US every employes and employee shall be liable to…

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

A: Payroll Payroll is an important element in the entity and the management of the payroll system is…

Q: Calculating Social Security and Medicare taxes assume a Social Security tax rate of 6.2% is applied…

A: Given that: Social Security tax = 6.2% Medicare tax = 1.45%

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: What are the social security and Medicare withholdings for an executive whose annual gross earnings…

A: Federal Insurance Contributions Act (FICA) comprises of two taxes:- 1. Social Security- 6.2% on…

Q: At the end of the first pay period of the year, Sofia earned $5,700 of salary. Withholdings from…

A: Net pay is the amount if money that remains distributable to a worker after deductions from gross…

Q: You interviewed for a job that pays $68,500 annually. You pay 6% to Social Security, 1.7% to…

A: Formula: Salary after taxes = Gross salary - taxes

Q: first week’s deductions for Social Security and Medicare? Will any of Pat’s wages be exempt from

A: A tax deduction is defined as an item that would be deducted from the taxable income so that the…

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: 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: 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: Maxwell Washington's weekly gross earnings for the week ending March 9 were $900, and her federal…

A: Social security tax = gross earnings x social security tax rate = $900 x 6% = $54 Medicare tax =…

Q: Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly…

A: Here given the details of calculation of Social security taxes, Medicare taxes and Federal Income…

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

A: Formula: Net pay = Gross Earnings - Social security tax - Federal income tax - Medicare.

Q: Steven Washington's weekly gross earnings for the week ending March 9 were $2,520, and her federal…

A: Given that , Gross Earnings = $2520 Federal income tax withholding = $453.60 social security tax =6%…

Q: In 2020, the amount of FICA (Social Security) amount due is_6.2_% on the first $137,700 earned for…

A: As per Internal Services Code [IRC] each employer and each…

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

A: Vacation expense: Vacation expense is an estimated expense for the company which the company should…

Q: Colin McFarland's weekly gross earnings for the week ending March 9 were $1,850, and her federal…

A: Formula: Social security tax = Gross earnings x Social security tax rate Medicare tax = Gross…

Q: Kenneth McFarland's weekly gross earnings for the week ending March 9 were $2,170, and her federal…

A: Formula: Social security tax amount = Weekly gross earnings x Social security tax rate.

Q: Employee net payLindsey Vater's weekly gross earnings for the week ended March 9 were$800, and her…

A: Calculate Ms. L's net pay as follows: Particulars Amount Amount Gross Pay $800.00…

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

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

Q: Kenneth McFarland's weekly gross earnings for the week ending March 9 were $2,170, and her federal…

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

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.

Question

What are the social security and Medicare withholdings for an executive whose annual gross earnings are $210,560? (Social security wage base is $117,000). Round answer to two decimal places.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

For tax purposes, assume that the maximum taxable earnings are 118,500 for Social Security and 7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee.
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. $550
Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.
In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You have now been given the following additional information: June is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 60% of the health insurance premium. The employer matches 50% of employee pension plan contributions. Using the information from EB13 and the additional information provided: A. Record the employer payroll for the month of June, dated June 30, 2017. B. Record the payment in cash of all employer liabilities only on July 1.