Practice Set 4B PREV S SUBMIT ASSIGNMENT Exercise Completed | i1 Out of 12 CALENDAR I [ caLcuraror [SRERNATCINO | [ save assionment | | K Back To assicnmeNTs PSB 4-4 Calculate FICA Taxes For each employee, calculate the Social Security tax and the Medicare tax for the weekly pay period described: NOTE: or simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Tyler Samuels' filing status is qualifying widower, and he has eamed gross pay of $820. Each period he makes a 401(k) contribution of 6% of gross pay and makes a contribution of 3% of gross pay to a flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $199,420. Social Security tax=$__50.84 X Medicare tax=$__ 1198 X 2: Jacob Finney's filing status is single, and he has eamed gross pay of $1,240. Each period he makes a 403(b) contribution of 8% of gross pay and makes a contribution of 0.80% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $159,400. Social Security tax=$__ 76.88 X Medicare tax =$__17.98 X 3 Charlie Lilly's filing status is married filing jointly, and he has earned gross pay of $1,740. Each period he makes a 401(k) contribution of 12% of gross pay and contributes $75 to a dependent care flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $80,900. Social Security tax=$__107.88 % Medicare tax =$__ 2526 X 4: Desmond Carrolls filing status is married filing separately, and he has earned gross pay of $4,160. Each period he makes a 403(b) contribution of 4% of gross pay and contributes $70 to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $98,600. Social Security tax=_ 267.92 X Medicare tax =$__ 6044 X SUBMIT ASSIGNMENT Copyright 2024 - Labyrinth Learning - All Rights Reserved