Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary...
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Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $11,300. He is single and claims 1 deduction. Before this payroll, Barrett's cumulative earnings were $128,070. (Social Security maximum is 6.2% on $128,400 and Medicare is 1.45%.) Calculate FIT by the percentage method. (Use Table 9.1 and Table 9.2) (Round your answers to 2 decimal places.) Social Security taxes Medicare taxes (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) is Not over $71 Over- $315 $1,658 $3,100 $3,917 $9,687 But not over- The amount of income tax to withhold is: SO $0.00 plus 10% $13.30 plus 12% -$1,653 585 62 plus 22% $3,100 $271.08 plus 24% -$3.917 --$9,687 TABLE 1-WEEKL $617.15 plus 32% 5076.00 plus 35% $2.898 10 plus 37% of excess over- $254 $1.658 $3.100 $3,917 Payroll Period Weekly Biweekly Semimonthly THE ||M HI TIM IM TIMI HI Monthly Quarterly Semiannually INI IMI MI W IN HI # THE IN IMI HIIME W M IN M Annually Daily or miscellaneous (each day of the payroll period) ** #HE One Withholding Allowance $79.80 159.60 172.90 345.80 1,037.50 2,075.00 4,150.00 16.00 Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $11,300. He is single and claims 1 deduction. Before this payroll, Barrett's cumulative earnings were $128,070. (Social Security maximum is 6.2% on $128,400 and Medicare is 1.45%.) Calculate FIT by the percentage method. (Use Table 9.1 and Table 9.2) (Round your answers to 2 decimal places.) Social Security taxes Medicare taxes (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) is Not over $71 Over- $315 $1,658 $3,100 $3,917 $9,687 But not over- The amount of income tax to withhold is: SO $0.00 plus 10% $13.30 plus 12% -$1,653 585 62 plus 22% $3,100 $271.08 plus 24% -$3.917 --$9,687 TABLE 1-WEEKL $617.15 plus 32% 5076.00 plus 35% $2.898 10 plus 37% of excess over- $254 $1.658 $3.100 $3,917 Payroll Period Weekly Biweekly Semimonthly THE ||M HI TIM IM TIMI HI Monthly Quarterly Semiannually INI IMI MI W IN HI # THE IN IMI HIIME W M IN M Annually Daily or miscellaneous (each day of the payroll period) ** #HE One Withholding Allowance $79.80 159.60 172.90 345.80 1,037.50 2,075.00 4,150.00 16.00
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Monthly Salary of Jordon Barrett 1130000 Less One Withholding Allowa... View the full answer
Related Book For
Managerial Decision Modeling with Spreadsheets
ISBN: 978-0136115830
3rd edition
Authors: Nagraj Balakrishnan, Barry Render, Jr. Ralph M. Stair
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