Reference no: EM132677934
Problem a: For each of the following employees, calculate the Medicare tax for the weekly pay period described:
For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.
1: Paul Robinson's filing status is married filing jointly, and he has earned gross pay of $2,650. Each period he makes a 403(b) contribution of 8% of gross pay . His current year taxable earnings for Medicare tax, to date, are $274,000.
2: Stephen Belcher's filing status is single, and he has earned gross pay of $1,860. Each period he makes a 401(k) contribution of 9% of gross pay and contributes 1% of gross pay to a dependent care flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $198,250.
3: Sidney Black's filing status is head of household, and he has earned gross pay of $970. Each period he contributes $50 to a flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $86,400.
4: Bill Clay's filing status is married filing separately, and he has earned gross pay of $1,860. Each period he makes a 403(b) contribution of 12% of gross pay and contributes $65 to a cafeteria plan. His current year taxable earnings for Medicare tax, to date, are $199,500.
|
How would approach to audit the bank reconciliattion
: If you are given with a Bank Reconciliation , Bank Statement and General ledger, How would approach to audit the bank reconciliattion, explain step by step?
|
|
Similarities and differences of organizational culture
: Using the chart below, Instagram, Amazon, and Google and identify the internal and external factors that drive change and innovation within the organization
|
|
Describe cash accounting and accrual accounting systems
: Describe cash accounting and accrual accounting systems and the relevant advantages and disadvantages of each.
|
|
Operation efficiency on business strategy game
: 1. What actions (list 5-6) will you take to improve your company's profit and operation efficiency on Business strategy game for future years?
|
|
Calculate the medicare tax for the weekly pay period
: Calculate the Medicare tax for the weekly pay period. Paul Robinson's filing status is married filing jointly, and he has earned gross pay of $2,650.
|
|
How about fairly lenient applying a m-m model
: Throughout the chapter, you have reviewed various examples of B2B and B2C stores where 1-1, 1-M, and M-M relationships are portrayed. Can you provide example.
|
|
Summarise the professional code of conduct
: -Briefly summarise the Professional Code of Conduct that should be adhered to by tax and BAS agents. Conduct independent research as needed.
|
|
Explain whose position you support and why
: The political debate over Net Neutrality has been going on for many, many years now in this country against the backdrop of freedom of information.
|
|
Differentiate between groups with low levels of cohesion
: Differentiate between groups with low levels of cohesion and groups with high levels of cohesion?
|