Homework Answers
| Social Security tax is the tax levied on both employers and employees | |||||
| to fund the Social Security program. The limit is 122,700 for social security | |||||
| Medicare is an employer and employee tax. There is no limit and it is calculated | |||||
| on total earnings of the employee. | |||||
| Employee | Gross Earnings for week ending 12/15/2015 | Earnings Subject to Social Security | Social Security tax @ 6.2% | Medicare tax @ 1.45% | |
| Barbara Brown | 1800 | 1800 | 111.6 | 26.1 | |
| Hillary Adams | 6000 | 4400 | 272.8 | 63.8 | |
| Hillary Social Security tax is calculated on only $4,400 as above this the maximum taxable limit is crossed. | |||||
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MC Qu. 11-57 George's Gameroom had two employees with... Save & 18 Su George's Gameroom had...
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PLEASE SHOW WORK
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Tony and Jeannie Nelson are married and file a joint return. They have four children whose ages are: 12,15,19 & 23. The three youngest live at home with their parents and qualify as their dependents. The oldest Roger got married on 5/5 2019 and lives with his wife, Jane. The 19-year old Tabitha is studying Fine Arts at Savannah College of Art & Design. During the summer she helps her mother put together the art exhibits. They provide you with...
Zion, Inc. has one employee who has worked January - June of the current year. The employee is single, paid weekly, and claims three allowances on her W-2. The company is in a state that has no state income taxes. The FICA Social Security tax rate is 6.2 % on the first $118,500 of wages and the FICA Medicare tax rate is 1.45% on all wages. Zion, Inc.'s FUTA tax rate is 0.6 % on the first $7,000 of wages...
PLEASE SHOW WORK
ASAP
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