Question - Calculate FICA Taxes

Reference no: EM132722263

Question - Calculate FICA Taxes

For each of the following employees, calculate both the Social Security tax and 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.

1: Bradley Banks' filing status is qualifying widower, and he has earned gross pay of $1,540. Each period he makes a 401(k) contribution of 7% of gross pay and makes a contribution of 1% of gross pay to a flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $213,900.

2: Kyle Struck's filing status is single, and he has earned gross pay of $2,380. Each period he makes a 403(b) contribution of 6% of gross pay; and makes a contribution of 1% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $199,300.

3: Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,940. Each period he makes a 401(k) contribution of 14% of gross pay and contributes $120 to a dependent care flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $91,500.

4: Lukas Douglas' filing status is married filing separately, and he has earned gross pay of $2,100. Each period he makes a 403(b) contribution of 11% of gross pay and contributes $80 to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $132,700.

Reference no: EM132722263

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