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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Big Pine Tree Service has 18 employees, 12 with gross earnings of $350 per week and 6 with gross earnings of $425 per week. What are the employee’s share and the employer’s share of the social security and Medicare tax for the first quarter of the year?

To determine

To calculate: The employees and employer share of the social security and medicare tax for the

first quarter of the year in bing pine tree services company of 18 employees with 12 having gross earning of $350 and 6 with gross earning $425 per week.

Explanation

Given Information:

In a company of 18 employees the gross earnings of 12 employees is $350 and the gross earnings of 6 employees is $425.

Formula used:

Employers and employees share bing pine tree services is calculated by the use of given formulas:

social security tax=gross earning×6.25%medicare tax=gross earning×1.45%Total FICA =social security+medicare tax

Calculation:

Consider the gross earning of 12 employees per week $350.

Now, social security for 12 employees is equal to grossearning×6.25%.

socialsecurity=$350×6.25%                       =  $350×6.25 _        100        =$350×0.62=$21.70                    

And Medicare tax for 12 employees is equal to grossearning×1.45%.

medicaretax=$350×1.45%                        = $350×1.45 _        100                          =$350×0.0145=$5.08                   

So,

Total FICA per employee=21.70+5.0=$26.78

For 12 employees

Total FICA per week=26

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