Question: please make sure to give the correct answer PSa 4-3 Calculate Medicare Tax For each of the following employees, calculate the Medicare tax for the

please make sure to give the correct answer please make sure to give the correct answer PSa 4-3 Calculate Medicare

PSa 4-3 Calculate Medicare Tax For each of the following employees, calculate the Medicare tax for the weekly pay period described: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation Paul Robinson's filing status is married filing jointly, and he has earned gross pay of $2,850. Each period he makes a 403(b) contribution of 6.5% of gross pay. His current year taxable earnings for Medicare tax, to date, are $271,000. Total Medicare Tax = $ Stephen Belcher's filing status is single, and he has earned gross pay of $1,800. Each period he makes a 401(k) contribution of 5% of gross pay and contributes 1.5% of gross pay to a dependent care flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $198.750 Total Medicare Tax = $

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!