How much in social security tax should Jacob pay? How much in Medicare tax should Jacob...

How much in social security tax should Jacob pay? How much in Medicare tax should Jacob pay? How much in FUTA tax should Jacob pay? Jacob Turner hired Jen Hatcher as a housekeeper starting on January 2 at $750 monthly. Jacob does not withhold any federal taxes. Assume that Jen is not a housekeeper for anyone else. Assume that Jacob paid $2,250 in wages for the 4th quarter of 2017.

Expert Solution

ekkarill92 answered 2 years ago

The personal income tax, corporate income tax, and contributions to social insurance (Medicare and Social Security)...

The personal income tax, corporate income tax, and contributions to social insurance (Medicare and Social Security) together makes up approximately ______ of all federal government tax revenues annually (based on annual data from the period 2010-2015.) A. 95% B. 65% C. 45% D. 15% E. 4.5%

Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%....

Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $60,000 3. Total earnings ? Deductions: 4. Social security tax 31,200 5. Medicare tax 7,800 6. Federal income tax withheld 130,000 7. Medical insurance 18,200 8. Union dues ? 9. Total deductions 194,700 10. Net amount paid 325,300...

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...

The tax base for Social Security and Medicare taxes is wages. a. What is the 2019...

The tax base for Social Security and Medicare taxes is wages. a. What is the 2019 total Social Security tax rate? Of this total rate, what is the rate paid by employees? What amount of wages is subject to this tax in 2019? b. What is the 2019 total Medicare tax rate on wages paid by both employers and employees together? What amount of wages is subject to this tax in 2019? Starting in 2013, an additional Medicare Tax of...

Suppose a pay-as-you-go social security system where social security is funded by a lump sum tax...

Suppose a pay-as-you-go social security system where social security is funded by a lump sum tax (t1) on the young and on the old. Retirement benefits are given out as a fixed amount b to each old consumer. Can social security work to improve welfare for everyone under these conditions? Use diagrams.

what do economics mean when they say social security and medicare are pay as you go...

what do economics mean when they say social security and medicare are pay as you go plans?What are these trust funds?and how long will they have money left in them?What is the key long -run problem for both social security and medicare?

How much of the tax do consumer pay?

From your paycheck, what is a combination you pay towards Social Security and Medicare taxes? Group...

From your paycheck, what is a combination you pay towards Social Security and Medicare taxes? Group of answer choices IRS Income Income Deduction Medicaid FICA Utilities 2. A mutual fund does what? Group of answer choices Allows investors to take advantage of the large gains that are possible in the stock market Provides immediate diversification Is professionally managed Pools together small amounts from a large number of investors All of the answers are correct 3. Most people spend much time...

According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax.

Payroll Tax Entries According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.

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...

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