Question - Determine the Social Security Tax

Reference no: EM132721781

Question - Determine the Social Security Tax

For each of the following employees, calculate the Social Security 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: Alfred Morneau earned gross pay of $760. Each period he makes a 401(k) contribution of 3% of gross pay, and his current year taxable earnings for Social Security tax, to date, are $61,500.

2: Rachel Schillo earned gross pay of $2,100. She does not make any retirement plan contributions, and her current year taxable earnings for Social Security tax, to date, are $107,500.

3: Rudolph Fabrizio earned gross pay of $3,600. Each period he contributes 4% of gross pay to a flexible spending account, and his current year taxable earnings for Social Security tax, to date, are $131,600.

Reference no: EM132721781

Questions Cloud

Discuss about learning theory and design : Demonstrates design theory and practice: the solution must not only cover content about learning theory and design but must demonstrate effective application.

Explain the amount of child and dependent care credit : Locate and review Publication 503. Please explain the amount of child and dependent care credit that Scott and Heather Moore can claim

What constitutes good decision making : Of course you have the Mooz text and is an excellent expert reference. Mooz is not the only expert with an opinion on what constitutes "good decision making."

Analyze the impact of the events on the project : Analyze the impact of the events on the project. Determine if any mitigation activities are required and explain why. Determine if budget or schedule changes.

Question - Determine the Social Security Tax : Alfred Morneau earned gross pay of $760. Each period he makes a 401(k) contribution of 3% of gross pay, calculate the Social Security tax for the weekly pay

Main issues associated with the sdg : Demonstrate the critical importance of using the United Nations' Sustainable Development Goals (SDGs) as a focal point to drive responsible business in hospital

Find the interest accrued on the note at the fiscal year : On May 25, 2020, Amalin Co. sold to Natahal. Co. socks for $45,000 by accepting a note payable. Find the interest accrued on the note at the fiscal year

Explain what you think the strategy of the company is : Think of a company that you believe has a good strategy. Briefly explain what you think the strategy of the company is, and why you believe it is successful

What are proper journal entries for government accounting : What are the proper journal entries for government accounting - Retirement and Life Insurance Premium P 20,000 and Philhealth Contributions 1,500

User Account

All Pages