Jacob Turner hired Jen Hatcher as a housekeeper starting on January 2 at $721 monthly. Jacob...
Jacob Turner hired Jen Hatcher as a housekeeper starting on January 2 at $721 monthly. Jacob does not withhold any federal taxes. Assume that Jen is not a housekeeper for anyone else. Assume that Jacob paid $2,163 in wages for the fourth quarter of 2018.
- How much in social security tax should Jacob pay? (Round your final answer to 2 decimal places.)
- How much in Medicare tax should Jacob pay? (Round your final answer to 2 decimal places.)
- How much in FUTA tax should Jacob pay?
Homework Answers
Answer and Explanation:
Gross earnings = Earnings per month * Number of months in a year
Gross earnings = $721 * 12
Gross earnings = $8,652
a.
Social security tax = Gross earnings * Rate of employer's pay in the year 2015
Social security tax = $8,652 * 6.2%
Social security tax = $536.42
b.
Medicare tax = Gross earnings * Rate of employer's pay in the year 2015
Medicare tax = $8,652 * 1.45%
Medicare tax = $125.45
c.
FUTA tax = Gross earnings * Unemployment rate
FUTA tax = $8,652 * 0.6%
FUTA tax = $51.91
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