Medicare Medicare Cap FICA Taxes based on the following table Soc Sec Came FICAZ Cap Rate...

Question

Question

business accounting

Answer 1

Answer #1

In 1992, worker's contribution is 6.2% of $55500 + 1.45% of $55500 = $4245.75

In 1994, worker's contribution is 6.2% of $60600 + 1.45% of $120000 = $5497.2

Answer 2

Similar Homework Help Questions

Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied...

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...
Lenny Florita, an unmarried employee, works 52 hours in the week ended January 12. His pay rate is $16 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims two withholding allowances. Compute

Lenny Florita, an unmarried employee, works 52 hours in the week ended January 12. His pay rate is $16 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims two withholding allowances. Compute his regular pay, overtime pay (Lenny earns $24 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion),...