What additional amount will the employer need to contribute

Assignment Help Finance Basics

Reference no: EM131521491

Question: Mike Samson is a college football coach making a base salary of $640,800 a year ($53,400 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the FICA base amount is $106,800, compute how much will be withheld during the year for Coach Samson's Social Security and Medicare. Through what month will Social Security be withheld? What additional amount will the employer need to contribute?

Reference no: EM131521491

Questions Cloud

Determine a triage scheme for your company : What sort of risk management criteria would you use to determine a "triage scheme" for your company?

What is the amount of interest expense : On July 1, Alaskan Adventures issues a $100,000, eight-month, 6% note. Interest is payable at maturity. What is the amount of interest expense that the company.

Why is a good understanding of the various ratios used : Why is a good understanding of the various ratios used by accountants and managers important to the controlling function? Give specific examples.

Discuss its mobile technologies : Determine its mission, vision, and goals.Describe its databases, data warehouse, and data mining.Discuss its IT architecture.

What additional amount will the employer need to contribute : Mike Samson is a college football coach making a base salary of $640,800 a year ($53,400 per month). Employers are required to withhold a 6.2% Social Security.

Analyze how hr function relate to organizational development : Write a 175- to 350-word short paper that analyze how Human Resource functions relate to organizational development.

Building an access control system : As a member of the Information Security team at a small college, you have been made the project manager to install an access control system (ACS) in a dormitory

Why hids would be appropriate to use as security measure : Please find an example of a system (or type of system) that you would recommend protecting with host-based IDS.

What journal entries should intel record : On December 18, Intel receives $250,000 from a customer toward a cash sale of $2.5 million for computer chips to be completed on January 23.

User Account

All Pages