Calculating Social Security and Medicare TaxesAssume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations:If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent.Cumul. PayBefore CurrentWeekly PayrollCurrentGross PayYear-to-DateEarningsSoc. Sec.MaximumAmountOver Max.Soc. Sec.AmountSubject toSoc. Sec.Soc. Sec. TaxWithheldMedicareTaxWithheld$22,700$1,340$fill in the blank 1$118,500$fill in the blank 2$fill in the blank 3$fill in the blank 4$fill in the blank 5 54,300 4,080 fill in the blank 6 118,500 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 116,700 3,890 fill in the blank 11 118,500 fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 117,300 4,540 fill in the blank 16 118,500 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20

Social security tax rate = 6.2% subject to maximum earnings of $ 118500 Medicare tax rate = 1.45% (…

Answered: Calculating Social Security and…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 74APSA: Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll:...

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Calculating Social Security and Medicare Taxes

Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations:

If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent.

Cumul. Pay Before Current Weekly Payroll	Current Gross Pay	Year-to-Date Earnings	Soc. Sec. Maximum	Amount Over Max. Soc. Sec.	Amount Subject to Soc. Sec.	Soc. Sec. Tax Withheld	Medicare Tax Withheld
$22,700	$1,340	$fill in the blank 1	$118,500	$fill in the blank 2	$fill in the blank 3	$fill in the blank 4	$fill in the blank 5
54,300	4,080	fill in the blank 6	118,500	fill in the blank 7	fill in the blank 8	fill in the blank 9	fill in the blank 10
116,700	3,890	fill in the blank 11	118,500	fill in the blank 12	fill in the blank 13	fill in the blank 14	fill in the blank 15
117,300	4,540	fill in the blank 16	118,500	fill in the blank 17	fill in the blank 18	fill in the blank 19	fill in the blank 20

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