A company's employer payroll tax rates are 0.6% for federal unemployment taxes, 5.4% for state unemployment taxes, 6.2% for FICA social security taxes on earnings up to $127,200, and 1.45% for FICA Medicare taxes on all earnings. Compute the W-2 Wage and Tax Statement information required below for the following employees:EmployeeGross EarningsFederal Income Taxes WithheldA. Baylor $114,000 $17,600C. Jasmine 52,000 8,200A. BaylorC. JasmineW-2 Information: ________________Federal Income Tax Withheld…………..________________Wages, Tips, Other Compensation……...________________Social Security Tax Withheld…………...________________Social Security Wages…………………..________________Medicare Tax
Withheld…………………________________Medicare Wages…………………………________________
What will be an ideal response?
| ? | A. Baylor | C. Jasmine |
| W-2 Information: | ? | ? |
| Federal Income Tax Withheld | $17,600.00 | $ 8,200.00 |
| Wages, Tips, Other Compensation | 114,000.00 | 52,000.00 |
| Social Security Tax Withheld | 7,068.00 | 3,224.00 |
| ? | ($114,000 * .062) | (52,000 * .062) |
| Social Security Wages | 114,000.00 | 52,000.00 |
| Medicare Tax Withheld | 1,653.00 | 754.00 |
| ? | ($114,000 * .0145) | (52,000 * .0145) |
| Medicare Wages | 114,000.00 | 52,000.00 |
| ? | ? |
You might also like to view...
________ utility is the benefit marketing provides by transforming raw materials into finished products, as when a dress manufacturer combines silk, thread, and a zipper to create a bridesmaid's gown
A) Form B) Place C) Time D) Possession E) Price
Which of the following is an example of a quality unrelated to work experience but a generally applicable to the workplace, and valued by most employers?
A) Programed Java applets in a computer class. B) Designed and maintained websites for previous employer C) Proficient in Italian D) Gained leadership skills as chair of the youth committee at local community center E) Self-taught piano player
A qualified indorsement destroys negotiability
a. True b. False Indicate whether the statement is true or false
Credit increases current buying power at the expense of future buying power.
Answer the following statement true (T) or false (F)