The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings. Refer to the Social Security and Medicare information. Employers are required to match the employee's deductions and send the total to the IRS. Compute the maximum percent that can be sent to the IRS for any one employee during the period of a year.​    13.3%            13.5%            15.3%            15.5%

Kendall, who earned $121,200 during 2023, is paid on a monthly basis, is married, (spouse does not work) and claims two dependents who are under the age of 17. Use the percentage method tables for automated Payroll systems with step 2 of Forms W-4 is not checked. Required: a. What is Kendall's federal tax withholding for each pay period? b. What is Kendall's FICA withholding for each pay period? Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. a. Federal tax withholdings b. Total FICA withholding Amount 24,069.00

Use the 2016 FICA tax​ rates, shown​ below, to answer the following question. If a taxpayer is not​ self-employed and earns $137,000​, what are the​ taxpayer's FICA​ taxes?   ​Employee's Rates   Matching Rates Paid by the Employer   ​Self-Employed Rates ​7.65% on first​ $118,500 of income   ​1.45% of income in excess of​ $118,500   ​7.65% on first​ $118,500 paid in wages   ​1.45% of wages paid in excess of​ $118,500   ​15.3% on first​ $118,500 of net profits   ​2.9% of net profits in excess of​ $118,500 FICA taxes are ?$

The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2%), Medicare tax (1.45%), federal income tax withholding (use the withholding table in Exhibit 11A.6), state income tax (1.0%), and net pay for the current Day period.

The taxes that the employer must pay are __________.         social security and Medicare only.         federal and state unemployment taxes and employer's FICA.         federal and state unemployment taxes and social security

Compute the net pay for each employee using the federal income tax withholding table included. Assume that FICA Social Security tax is 6.2% on a wage base limit of $142,800, Medicare is 1.45% on all earnings, the payroll is paid biweekly, and no state income tax applies. (Round each computation to the nearest cent as needed.) View the employee information. Compute the net pay for each employee. View the biweekly payroll period percentage method withholding chart. Li Kan Isabel Poland Gross earnings for the current pay period Deductions for employee withholding taxes - BIWEEKLY Payroll Period Percentage Method Withholding Chart STANDARD Withholding Rate Schedules Single or Married Filing Separately of the amount The tentative amount to Plus this withhold is: percentage-exceeds— that the Adjusted Wage Total deductions Net pay Adjusted wage amount is at least $0, but less than $483 $ 0.00 0% $ Adjusted wage amount is at least $483, but less than $865 $ 0.00 10% $ 483 Adjusted wage amount…

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1. Who assigns the SUTA tax rate to an employer? Answer:   A.    The Internal Revenue Service     B.    The state in which the employer is located     C.    The Social Security Administration     D.    The American Payroll Association 2. What is the due date for the first quarter FUTA tax? Answer:   A.    April 30     B.    March 30     C.    April 15     D.    None of these options 3. Match each tax with its associated feature. SUTA Self-employment Social Security and Medicare       The employer presently matches the amount employees pay. If net SE income is below $400, no tax is due. The number of laid-off employees may affect it.

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All the listed benefits paid by an employer are required to be included in an employee's income for a tax year except one. Which one?   Question 4 options:   a)  Tuition fees for training that relates to employer's work   b)  Medical expenses of an employee   c)  Forgiveness of employee debt   d)  Cost of life insurance