Question
In: Accounting
For each of the following employees, calculate the Medicare tax for the weekly pay period described:...
For each of the following employees, calculate the Medicare tax for the weekly pay period described: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.
1: Mark Dailey's filing status is Married Filing Jointly, and he has earned gross pay of $3,450. Each period he makes a 403(b) contribution of 9% of gross pay. His current year taxable earnings for Medicare tax, to date, are $312,500.
Total Medicare Tax = $
2: Kurt Blain's filing status is single, and he has earned gross pay of $1,950. Each period he makes a 401(k) contribution of 9% of gross pay and contributes 4% of gross pay to a dependent care flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $199,225.
Total Medicare Tax = $
3: Adam Webster's filing status is head of household, and he has earned gross pay of $850. Each period he contributes $35 to a flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $86,400.
Total Medicare Tax = $
4: Keith Davidson's filing status is married filing separately, and he has earned gross pay of $2,200. Each period he makes a 403(b) contribution of 12% of gross pay and contributes $125 to a cafeteria plan. His current year taxable earnings for Medicare tax, to date, are $198,800.
Total Medicare Tax = $
Solutions
ekkarill92 answered 2 years agoRelated Solutions
For each of the following employees, calculate the Medicare tax for the weekly pay period described:...
For each of the following employees, calculate the
Medicare tax for the weekly pay period described:
NOTE: For simplicity, all calculations throughout this exercise,
both intermediate and final, should be rounded to two decimal
places at each calculation.
1:Paul Robinson's filing status is married filing jointly, and
he has earned gross pay of $2,700. Each period he makes a 403(b)
contribution of 7% of gross pay . His current year taxable earnings
for Medicare tax, to date, are $268,000.
Total...
For each of the following employees, calculate the Social Security tax for the weekly pay period...
For each of the following employees, calculate the Social
Security tax for the weekly pay period described: NOTE: For
simplicity, all calculations throughout this exercise, both
intermediate and final, should be rounded to two decimal places at
each calculation.
1: Ronald McCarthy earned gross pay of $925. Each period he
makes a 401(k) contribution of 6% of gross pay. His current year
taxable earnings for Social Security tax, to date, are $29,500.
Total Social Security tax =
$
2: Jill...
For each of the following employees, calculate both the Social Security tax and the Medicare tax...
For each of the following employees, calculate both the
Social Security tax and the Medicare tax for the weekly pay period
described:
NOTE: For simplicity, all calculations throughout this exercise,
both intermediate and final, should be rounded to two decimal
places at each calculation.
1:Bradley Banks' filing status is qualifying widower, and he has
earned gross pay of $1,510. Each period he makes a 401(k)
contribution of 9% of gross pay and makes a contribution of 3% of
gross pay...
If Sven Company pays employees each Wednesday for the weekly pay period ending the previous Friday,...
If Sven Company pays employees each Wednesday for the weekly pay
period ending the previous Friday, and an entry is made each Friday
to accrue the payroll for that week, the journal entry to record on
payday (Wednesday) would involve a debit to:
Question 8 options:
a)
Wage Expense.
b)
Wages Payable.
c)
Cash.
d)
Cash Expense.
e)
None of these.
On August 1, supplies were purchased. Supplies were debited and
Accounts Payable credited for $2,500. $700 of these supplies...
PSc 2-7 Calculate Gross Pay with Commissions Calculate gross pay for each of the following employees....
PSc 2-7 Calculate Gross Pay with Commissions Calculate gross pay
for each of the following employees. All are paid an overtime wage
rate that is 1.5 times their respective regular wage rates. NOTE:
For simplicity, all calculations throughout this exercise, both
intermediate and final, should be rounded to two decimal places at
each calculation.
1: Dennis McDonald earns both $8.25/hour and a 11% commission on
all sales. During the most recent week, he worked 44 hours and made
total sales...
Compute the deductions, net pay, and accumulated gross earnings for each weekly pay period. Assume that...
Compute the deductions, net pay, and accumulated gross earnings
for each weekly pay period. Assume that Joseph is single and that
$28.25 was withheld for medical insurance (pre-tax) and $20 for his
United Way contribution. Use the wage bracket method to determine
federal income tax. Round answers to the nearest hundredth. Gross
Earnings(650.95) Allow.(1) Fed. Inc. Tax Social Security
(6.2%)Medicare (1.45%) Medical Insurance Pre-tax United Way Total
Deductions Net Pay Accum. Gross Earnings ($1,558.90)
Calculate gross pay for each of the following employees of Launchpad Co. The company offers a...
Calculate gross pay for each of the following employees of
Launchpad Co. The company offers a regular wage rate of $8.20/hour
to all employees. Under an incentive plan in place for all
employees, this rate increases for any employee who can meet weekly
production goals. The increased rates and corresponding thresholds
that must be met are as follows: $9.40/hour for producing at least
2,000 units $10.60/hour for producing at least 2,800 units
$11.80/hour for producing at least 3,700 units $13/hour...
Calculate the following net pay for each of the given set of employees. Task 2: Control...
Calculate the following net pay for each of the given set of
employees.
Task 2: Control Procedures for Payroll
Systems
Identify control procedures for payroll systems depending on the
execution and recording of the related transactions.
Calculate gross pay for each of the following employees. All are paid an overtime wage rate...
Calculate gross pay for each of the following employees. All are
paid an overtime wage rate that is 1.5 times their respective
regular wage rates.
NOTE: For simplicity, all calculations throughout this
exercise, both intermediate and final, should be rounded to two
decimal places at each calculation.
1:Anita Workman receives tips from customers as a standard
component of her weekly pay. She is paid $2.60/hour by her employer
and receives $291 in tips during the most recent 44-hour
workweek.
Gross...
Calculate gross pay for each of the following employees. All are paid an overtime wage rate...
Calculate gross pay for each of the following employees. All are
paid an overtime wage rate that is 1.5 times their respective
regular wage rates. NOTE: For simplicity, all calculations
throughout this exercise, both intermediate and final, should be
rounded to two decimal places at each calculation.
1:Walter Pinkman assembles merchandise and is paid $0.12 for
each unit assembled. During the most recent week, he worked 44
hours and assembled 5,602 units. Gross Pay = $
2:Sidney Darling is a...
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