Please answer these questions completely. Calculate FICA TaxesNote: for simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 2: Jacob Finney's filing status is single, and he has earned gross pay of $1,240. Each period he makes a 403(b) contribution of 8% of gross pay and makes a contribution of0.80% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $142,000.Social Security tax = $Medicare tax = $3: Charlie Lilly's filing status is married filing jointly, and he has earned gross pay of $1,850. Each period he makes a 401(k) contribution of 15% of gross pay and contributes$60 to a dependent care flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $84,200.Social Security tax = $Medicare tax = $0.004: Desmond Carroll's filing status is married filing separately, and he has earned gross pay of $4,120. Each period he makes a 403(b) contribution of 5% of gross pay andcontributes $90 to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $97,200.Social Security tax = $Medicare tax = $

Comment - We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

2: Jacob Finney's filing status is single, and he has earned gross pay of $1.240. Each period he makes a 403(b) contribution of 8% of gross pay and makes a contribution 0.80% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $142,000. Social Security tax = $ Medicare tax = $ 0.00

2: Jacob Finney's filing status is single, and he has earned gross pay of $1.240. Each period he makes a 403(b) contribution of 8% of gross pay and makes a contribution 0.80% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $142,000. Social Security tax = $ Medicare tax = $ 0.00

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 30P

See similar textbooks

Similar questions

Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?
2:Kevin Bird's filing status is single, and he has earned gross pay of $3,250. Each period he makes a 403(b) contribution of 11% of gross pay and makes a contribution of 1.75% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $198,650.Social Security tax = $Medicare tax = $ 3:Daniel Higgs' filing status is married filing jointly, and he has earned gross pay of $3,670. Each period he makes a 401(k) contribution of 12% of gross pay and contributes $200 to a dependent care flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $143,200.Social Security tax = $Medicare tax = $ 4:Bruce Miller's filing status is married filing separately, and he has earned gross pay of $3,200. Each period he makes a 403(b) contribution of 10% of gross pay and contributes $100 to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to…
Kyle Struck's filing status is single, and he has earned gross pay of $2,360. Each period he makes a 403(b) contribution of 8% of gross pay; and makes a contribution of 2% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $199,800.Social Security tax = $0.00Medicare tax = $ Please explain how the problem is solved?
Kyle Struck's filing status is single, and he has earned gross pay of $2,340. Each period he makes a 403(b) contribution of 7% of gross pay; and makes a contribution of 2.5% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $199,100. Medicare Tax _______ Incorrect answer: 52.55
Jacob Finney's filing status is single, and he has earned gross pay of $1,240. Each period he makes a 403(b) contribution of 8% of gross pay and makes a contribution of 0.80% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $132,100. Social Security tax = $ 49.60 Medicare tax = $ 184.69
1:Bradley Banks' filing status is qualifying widower, and he has earned gross pay of $1,570. Each period he makes a 401(k) contribution of 6% of gross pay and makes a contribution of 2% of gross pay to a flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $212,900.Social Security tax = $ Medicare tax = $ 2:Kyle Struck's filing status is single, and he has earned gross pay of $2,400. Each period he makes a 403(b) contribution of 9% of gross pay; and makes a contribution of 1.5% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $199,500.Social Security tax = $ Medicare tax = $ 3:Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,820. Each period he makes a 401(k) contribution of 10% of gross pay and contributes $150 to a dependent care flexible spending account. His current year taxable earnings for Social…
Bruce Miller's filing status is married filing separately, and he has earned gross pay of $3,200. Each period he makes a 403(b) contribution of 10% of gross pay and contributes $100 to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $136,600.Social Security tax = $68.20Medicare tax = $ ****Incorrect Answer $72.85****
current year taxable earnings for Social Security tax and Medicare tax, to date, are $199,500. 2 Kyle Struck's filing status is single, and he has earned gross pay of $2,400. Each period he makes a 403(b) contribution of 9% of gross pay and makes a contribution of 1.5% of gross pay to a cafeteria plan. His For each of the following employees, calculate both the Social Security tax and the Medicare tax for the weekly 1. Bradley Banks' filing status is qualifying widower, and he has earned gross pay of $1,570. Each period he spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are sa 401(k) contribution of 6% of gross pay and makes a contribution of 2% of gross pay to a flexible pay period described: makes $212,900. a A cisrtian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,820. Each period Lumikes a 401(k) contribution of 10% of gross pay and contributes $150 to a dependent care flexible enending…
Bill Clay's filing status is married filing separately, and he has earned gross pay of $1,900. Each period he makes a 403(b) contribution of 10% of gross pay and contributes $75 to a cafeteria plan. His current year taxable earnings for Medicare tax, to date, are $199,600.Total Medicare Tax = $ *****Incorrect answer: $27.55****
Stephen Belcher's filing status is single, and he has earned gross pay of $1,840. Each period he makes a 401(k) contribution of 6% of gross pay and contributes 3% of gross pay to a dependent care flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $198,950.Total Medicare Tax = $ ****Incorrect Answer!! $41.94*****
Desmond Carroll's filing status is married filing separately, and he has earned gross pay of $4,120. Each period he makes a 403(b) contribution of 5% of gross pay and contributes $90 to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $97,200. Social Security tax = $ 6,020.40 Medicare tax = $ 1,309.40
Lukas Douglas' filing status is married filing separately, and he has earned gross pay of $2,100. Each period he makes a 403(b) contribution of 11% of gross pay and contributes $80 to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $137,500.Social Security tax = Answer not $110.918