How much in Social Security taxes should be deducted from Laruen E's check?*round to the nearest penny* How much Social Security will be withheld from Lauren's pay for the 51st pay (next week's pay)? How much in Medicare taxes should be deducted from Laruen E's check?*round to the nearest penny* What is Gabriel J's net (take home) pay?*round to the nearest penny* Module 5 - Problem part 2The following 2 employees are PAID weekly. Each employee's taxable part of their wages islisted below and their pay has remained the same all year. This is the 50th pay of the year.1. Lauren E. Gross paySocial Security taxable:Medicare taxable:Actual Federal withholdingAssume no state or county withholdingActual medical premium withholding2. Gabriel J. Gross pay$3,170$2,450$2,950Social Security taxable:Medicare taxable:$1,210$1,040$1,040Actual Federal withholdingAssume no state or county withholdingActual medical premium withholding$340$0$220$130$0$170

Social security taxes are the taxes, which are collected from the employees and employers by…

How much in Social Security taxes should be deducted from Laruen E's check? *round to the nearest penny* How much Social Security will be withheld from Lauren's pay for the 51st pay (next week's pay)? How much in Medicare taxes should be deducted from Laruen E's check? *round to the nearest penny* What is Gabriel J's net (take home) pay? *round to the nearest penny*

How much in Social Security taxes should be deducted from Laruen E's check? round to the nearest penny How much Social Security will be withheld from Lauren's pay for the 51st pay (next week's pay)? How much in Medicare taxes should be deducted from Laruen E's check? round to the nearest penny What is Gabriel J's net (take home) pay? round to the nearest penny

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 10PB: Use Figure 12.15 to complete the following problem. Roland Inc. employees monthly gross pay...

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Reference 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.)
Date: Name: Exercise 9.2 A. Find the employer's FICA deductions for each of the following employees. B. Find the amounts of the FUTA taxes for the current pay period for each of the following employees. FUTA Employee Year-to-Date Current Social Security Medicare Subject to FUTA Gross F. Todd $6,959.28 $1,088.64 T. Stanley $7,882.51 $827.44 R. Manley $7,136.44 $1,528.99 F. Chastain $6,485.47 $952.38
Question 8 Jerrod Smith's gross earnings this pay period were $1350. Jerrod is paid weekly and he is single with 2 withholding allowances. His year-to-date is $59,875. Find his social security, medicare, and federal income tax deduction for this pay period.
Practice Set A 151 PSa 4-3 Calculate Medicare Tax ch of the following employees, calculate the Medicare tax for the weekly pay period described: 1 Paul Robinson's filing status is married filing jointly, and he has earned gross pay of $2,650. Each period he makes a 403(b) contribution of 8% of gross pay. His current year taxable earnings for Medicare tax, to date, are $274,000. 2. Stephen Belcher's filing status is single, and he has earned gross pay of $1,840. Each period he makes a 401(k) contribution of 6% of gross pay and contributes 3% of gross pay to a dependent care flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $198,950. 3. Sidney Black's filing status is head of household, and he has earned gross pay of $970. Each period he contributes $50 to a flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $86,400. 4. Bill Clay's filing status is married filing separately, and he has earned gross pay of…
LO 1, 2, 3, 4 EXERCISE 7-3 Using the income tax withholding table in Figure 3, pages 331-332, for each employee of Miller Company, determine the net pay for the week ended January 21. Assume a Social Security tax of 6.2 percent and a Medicare tax of 1.45 percent. All employees have cumulative earnings, including this pay period, of less than $113,700. Assume that all employees are married. Practice Exercises 1, 2, 3, 4 Federal Social Income Security Medicare Union Total Tax Tax Tax Dues United Way Employee Allowances Earnings Withheld Withheld Withheld Withheld Contribution Net Pay a. Aston, F. B. $ 900.00 $ 24 $ 25.00 $ 35.00 b. Dwyer, S. J. c. Flynn, K. A. d. Harden, J. L. 920.00 25.00 35.00 1,110.00 25.00 40.00 1,025.00 25.00 40.00 e. Nguyen, H. 925.00 25.00 35.00 Totals $4,880.00 $ $125.00 $185.00
Problem#2 Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee. Employee Employee No. Name 2 3 4 Fox, A. Aiken, T. Larey, P. Wolf, M. Filing Status No. of Withholding Allowances N/A MFJ S MFJ MFJ N/A N/A N/A Gross Wage or Salary Amount to Be Withheld $1,575 weekly 1,200 biweekly 1,090 semimonthly 8,120 monthly
Problem 9-3Withholding Methods (LO 9.1) Sophie is a single taxpayer. For the first payroll period in July 2021, she is paid wages of $2,200 monthly. Sophie claims one allowance on her pre-2021 Form W-4. Click here to access the withholding tables. IRS Publication 15-T, Federal Income Tax Withholding Method Pay period 2021 Allowance Amount Weekly $ 83 Biweekly 165 Semimonthly 179 Monthly 358 Quarterly 1,075 Semiannually 2,150 Annually 4,300 Round intermediate computations and your final answer to two decimal places. Question Content Area Use the percentage method to calculate the amount of Sophie's withholding for a monthly pay period. Sophie's withholding: $fill in the blank b40091006028014_1 Feedback Area Feedback Employers are required to withhold taxes from amounts paid to employees for wages, including salaries, fees, bonuses, commissions, vacation and retirement pay. Form W-4, showing the filing…
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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. $550
Problem 6-18 The Nanny Tax (LO 6.7) Ann hires a nanny to watch her two children while she works at a local hospital. She pays the 19-year-old nanny $180 per week for 42 weeks during the current year. Do not round immediate computations and round your final answers to two decimal places. a. What is the employer's portion of Social Security and Medicare tax for the nanny that Ann should pay when she files her Form 1040 for 2021? b. What is the nanny's portion of the Social Security and Medicare tax?
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