Question: Devon Mark single claiming one exemption has cumulative earnings before
Devon Mark, single, claiming one exemption, has cumulative earnings before this biweekly pay period of $105,800. If he is paid $1,940 this period, what will his deductions be for FIT and FICA (OASDI and Medicare)? The FICA tax rate for Social Security is 6.2% on $106,800 and Medicare is 1.45% on all earnings.
Answer to relevant QuestionsFrom Exercise 2, calculate Devon’s net pay. The state income tax rate is 5% and health insurance is $35.In Exercise 2, Devon Mark, single, claiming one exemption, has cumulative earnings before this biweekly pay period of ...From the following information, calculate the payroll tax expense for Gray Company for the payroll of August 9:The FICA tax rate for OASDI is 6.2% on the first $106,800 earned, and Medicare is 1.45% on all earnings. Federal ...Compute the net pay for each employee using the federal income tax withholding table included. Assume that FICA OASDI tax is 6.2% on a wage base limit of $106,800; Medicare is 1.45% on all earnings, the payroll is paid ...May Company has five salaried employees. Your task is to use the following information to calculate net pay for each employee:Assume the following:1. FICA OASDI is 6.2% on $106,800; FICA Medicare is 1.45% on all earnings.2. ...Complete the following table. Indicate whether a debit or credit results in an increase to the accountbalance
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