Question: What will be the total deduction for social security and Medicare taxes Michael Smiths next semimonthly paycheck of $3,960.00, if he has already earned $42,560.00

What will be the total deduction for social security and Medicare taxes Michael Smiths next semimonthly paycheck of $3,960.00, if he has already earned $42,560.00 this year? (Social security tax is 6.2% of gross wages up to $117,00. Medicare tax is 1.45% of all gross wages.) O $283.52 O $302.94 O $101.87 O $242.92

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 Finance Questions!

What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $ 3 , 7 6 0 . 0 0 , if she has already earned $ 4 8 , 5 6 0 . 0 0 this year? ( Social...

1. Naomi received weekly wages of $1,255.00. She is married and is entitled to 7 withholding allowances. How much income tax will be withheld, based on the percentage method tables from your text? 2....

Question 12 Suppose that you took out a loan at 12% interest for 200 days. If the amount of interest was $690.41, use the exact interest method to find the amount of principal you borrowed. (Round to...

1. What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $3,960, if she has already earned $42,560 this year? (Social security tax is 6.2% of...

What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $3,960, if she has already earned $42,560 this year? (Social security tax is 6.2% of...

3 Chapter 8-9 What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $3.960.00, if she has already earned $42.560.00 this year? (Social...

What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $3,960, if she has already earned $42,560 this year? (Social security tax is 6.2% of...

Business math. What will be the total deduction for social security and Medicare taxes on Ronnie's next semimonthly paycheck of $3,960, if she already earned $42,560 this year? Social security tax is...

What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $ 3 , 3 6 0 . 0 0 , if she has already earned $ 4 4 , 5 6 0 . 0 0 this year? ( Social...

not sure what the answer is... Multiple Choice and short answer Please select the correct answer for the multiple choice questions. Type in your answer for the short answer questions 1) What will be...

(c) A trapezoidal channel with a 5m wide bed and top width, 8m caries a flow with discharge of 80 m's". Find: 2 1 Figure Q1(b) (i) Flow depth, y. (1 marks) (i) Flow classification through this...

Define a companys operating cycle. How does working capital relate to this cycle? How is working capital computed?

In which kind of production system, only one type of product is produced? a. Lean b. Ideal c. Push d. Synchronous

The first scenario will be a Verbal Judo scenario in which your scenario follows the standard Verbal Judo interaction: You need to ask somebody to modify their behavior either to do something or to...

(Appendices) International Studies Using the Internet, compare the value of the dollar to the value of worldwide currencies. Find the value of the Japanese yen, British pound, Chinese yuan, Euro,...

(Appendices) A luncheon speaker stated, most firms have a strong financial incentive to reduce occupational injuries because the indirect costs of workplace accidents can exceed the employers direct...

(Appendices) Research Perform research to find a recent news story about a business that used deceptive marketing practices, such as price fixing, bait and switch, fake sales, low-balling, or another...