CPP 6-1 (#1) Complete 4th Quarter and Year-End Payroll Reporting Calculate total federal income tax, Social Security tax, and Medicare tax for the 4th quarter. Assume that Zachary Fox earns the same amount for each of the final three weeks of the year (the only weeks in 2018 during which he worked) and that Calvin Bell earned the same amount during each of the 52 weeks of the year. Further assume that no changes to voluntary deductions were requested by any employee during 2018. Note that the final week of the year (beginning on December 24, 2018) is a full workweek (the 52nd workweek of 2018).

Question: CPP 4-1 Complete the Payroll Register & Record the Employee Payroll Journal Entry (#1): Calcu...

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CPP 4-1 Complete the Payroll Register & Record the Employee Payroll Journal Entry (#1):

Calculate Social Security and Medicare tax for the below-listed employees of TCLH Industries, a manufacturer of cleaning products. None of the employees files as married filing separately for a year-end tax return.

Zachary Fox does not make any voluntary deductions that impact earnings subject to federal income tax withholding or FICA taxes. He is married, claims two withholding allowances for both federal and state, and his weekly gross pay was $1,162. The current pay period is his first with the company.

Calvin Bell makes a 401(k) retirement plan contribution of 6% of gross pay. He is single, claims two federal withholding allowances and one state withholding allowance, and his weekly gross pay was $417.93. His current year taxable earnings for FICA taxes, prior to the current pay period, are 20,478.57.

David Alexander makes a 401(k) retirement plan contribution of 12% of gross pay. He is single, claims one withholding allowance for both federal and state taxes, and his weekly gross pay was $4,050. His current year taxable earnings for FICA taxes, prior to the current pay period, are $198,450.

Michael Sierra contributes $50 to a flexible spending account each period. He is married, claims four federal withholding allowances and three state withholding allowances, and his weekly gross pay was $2,450. His current year taxable earnings for FICA taxes, prior to the current pay period, are $117,600.

NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.

1: Zachary Fox Social Security Tax = $ Medicare Tax = $

2: Calvin Bell Social Security Tax = $ Medicare Tax = $

3: David Alexander Social Security Tax = $ Medicare Tax = $

4: Michael Sierra Social Security Tax = $ Medicare Tax = $