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- 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.Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.At the end of the first pay period of the year, Sofia earned $4,000 of salary. Withholdings from Sofia's salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $500 of federal income taxes, $160 of medical insurance deductions, and $10 of life insurance deductions. Compute Sofia's net pay for this first pay period. Gross pay FICA Social Security FICA Medicare Federal income taxes Medical insurance deduction Life insurance deduction Total deductions Net pay
- At the end of the first pay period of the year, Sofia earned $4,500 of salary. Withholdings from Sofia's salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $510 of federal income taxes, $170 of medical insurance deductions, and $20 of life insurance deductions. Compute Sofia's net pay for this first pay period. Note: Round your intermediate and final answers to 2 decimal places. Gross pay FICA Social Security FICA Medicare Federal income taxes Medical insurance deduction Life insurance deduction Total deductions Net payAt the end of the first pay period of the year, Sofia earned $5,400 of salary. Withholdings from Sofia’s salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $528 of federal income taxes, $188 of medical insurance deductions, and $38 of life insurance deductions. Compute Sofia’s net pay for this first pay period.At the end of the first pay period of the year, Sofia earned $4,300 of salary. Withholdings from Sofia’s salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $506 of federal income taxes, $166 of medical insurance deductions, and $16 of life insurance deductions. Compute Sofia’s net pay for this first pay period. (Round your intermediate and final answers to 2 decimal places.)
- Baker Green's weekly gross earnings for the week ending December 7 were $1,200, and her federal income tax withholding was $144. Assuming the social security rate is 6% and Medicare is 1.5%, and all earnings are subject to FICA taxes, what is Green's net pay? Round your answer to the nearest whole dollar. $ ?At the end of the first pay period of the year, Dan earned $6,600 of salary. Withholdings from Dan's salary include Federal Insurance Contributions Act (FICA) Social Security taxes at the rate of 6.2%, Federal Insurance Contributions Act (FICA) Medicare taxes at the rate of 1.45%, $792 of federal income taxes, $255 of medical insurance deductions, and $19 of life insurance deductions. Compute Dan's net pay for this first pay period. Multiple Choice O $6,600.00 O $5,808.00 O $5,303.10 EBaker Green's weekly gross earnings for the week ending December 7 were $3,200, and her federal income tax withholding was $384. Assuming the social security rate is 6.0%, the Medicare rate is 1.5%, and all earnings are subject to FICA taxes, what is Green's net pay? Round your answer to the nearest whole dollar. ?
- Carol Blane’s cumulative yearly earnings for the year are $29,000, counting her current payperiod salary amount of $4,500. Assume the FICA tax rate is 6.2 percent for Social Security, witha limit of $106,800, and 1.45 percent for Medicare, applied to all earnings. The FUTA tax is 0.6percent, with a limit of $7,000, and the SUTA tax is 5.4 percent, with a limit of $7,000. Theemployer's payroll tax expense entry will include a credit to: a. FICA Tax Payable for $279.00.b. FICA Tax Payable for $344.25.c. Federal Unemployment Tax Payable for $27.00.d. State Unemployment Tax Payable for $243.00.e. Federal Unemployment Tax Payable for $270.00.Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $9,138. The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137,700 of employee earnings each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate of 0.6% and the State Unemployment Taxes (SUTA) tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,516.27. Her net pay for the month is: (Round your intermediate calculations to two decimal places.) Multiple Choice $6,488.67 О $7,055.17 О $7,813.84 О $6,866.67 $6,922.67 BSean's gross pay for this month is $8,950. His gross year-to-date pay, prior to this month, totaled $130,500. Sean's rate for federal income tax is 24%. His voluntary deductions total $1,100. What is Sean's net pay? (Assume an OASDI rate of 6.2%, applicable on the first $132,900 earnings, and a Medicare rate of 1.45%, applicable on all earnings. Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) OA. $5,702 OB. $6,802 OC. $6,523 O D. $5,423
