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- For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files tax returns under single status. Remember, the IRS instructs employers to collect additional Medicare tax on all employee earnings more than $200,000 in a single year without regard to filing status. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Allison Wilson earns net self-employment income of $74,200. She does not work a second job. Self-Employment tax = $ 2: Martin Hughes earns net self-employment income of $157,100. He works a second job from which he receives FICA taxable earnings of $110,200. Self-Employment tax = $ 3: Elisa Grant earns net self-employment income of $198,000. She works a second job from which she receives FICA taxable earnings of $83,000. Self-Employment tax = $For each employee listed, use the wage-bracket method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to Publication 15-T. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Sam Coleridge (married; 4 federal withholding allowances) earned weekly gross pay of $565.00 Federal income tax withholding = S 2 Michael Kolk (single, 2 federal withholding allowances) earned biweekly gross pay of $975. He participates in a flexible spending account, to which he contributed $100 during the period Federal income tax withholding = $ 3 Anita McLachlan (single, 0 federal withholding allowances) earned monthly gross pay of $2.440. For each period, she makes a 401(k) contribution of 9% of gross pay Federal income tax withholding = $ 4 Stacey Williamson (married; 3 federal withholding allowances) earned semimonthly gross pay of $1,250. She…Compute the net pay for each employee using the federal income tax withholding table included. Assume that FICA Social Security tax is 6.2% on a wage base limit of $142,800, Medicare is 1.45% on all earnings, the payroll is paid biweekly, and no state income tax applies. (Round each computation to the nearest cent as needed.) View the employee information. Compute the net pay for each employee. View the biweekly payroll period percentage method withholding chart. Li Kan Isabel Poland Gross earnings for the current pay period Deductions for employee withholding taxes - BIWEEKLY Payroll Period Percentage Method Withholding Chart STANDARD Withholding Rate Schedules Single or Married Filing Separately of the amount The tentative amount to Plus this withhold is: percentage-exceeds— that the Adjusted Wage Total deductions Net pay Adjusted wage amount is at least $0, but less than $483 $ 0.00 0% $ Adjusted wage amount is at least $483, but less than $865 $ 0.00 10% $ 483 Adjusted wage amount…
- For each employee listed, use both the wage-bracket method and the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. 1: Michael Daugherty (married; 5 federal withholding allowances) earned weekly gross pay of $875. For each period, he makes a 403(b) retirement plan contribution of 14% of gross pay.Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $For each employee listed, use both the wage-bracket method and the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4.NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. John Moyer (married; 6 federal withholding allowances) earned monthly gross pay of $3,160. He participates in a flexible spending account, to which he contributes $270 during the period.Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $Bennett is a single individual and received a salary of $28,000 before he retired in October of this year. After he retired, he received Social Security benefits of $4,000 during the year. Read the requirements. Requirement a. What amount, if any, of the Social Security benefits are taxable for the year? Begin by computing the provisional income. Only select items that are applicable to Bennett.(Leave unused cells blank, do not select a label or enter a zero.) Adjusted gross income (excluding Social Security benefits) $28,000 Plus: 50% of Social Security benefits 2,000 Provisional income $30,000 The taxable portion of the Social Security benefits is . Requirements a. What amount, if any, of the Social Security benefits are taxable for the year? b. Would the answer be different if Bennett also had $1,500 of tax-exempt interest? c. What if he had had $6,400of…
- Employee earned gross pay of $920 during a recent pay period. She contributes 2% of gross pay to a 401(k) retirement plan and 3% of gross pay to a dependent care flexible spending account. Taxable earnings = $ NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. INFO: $875.00 is incorrectFor each employee listed, use both the wage-bracket method and the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to Publication 15-T (2020). Carol Harrison (single; 0 federal withholding allowance) earned daily gross pay of $210. For each period, she makes a 401(k) contribution of 13% of gross pay.Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $1) Nancy has cumulative earnings of $104,500 and earns $7,800 during the current pay period.If the FICA rate is 4.2 percent for Social Security, with a limit of $106,800, and 1.45 percent forMedicare, applied to all earnings, calculate the total FICA tax to be withheld for this pay period.a. $440.70.b. $209.70.c. $113.10.d. $96.60.e. $231.00. 2) Ernie White has $6,800 cumulative earnings during the calendar year and earned $950 duringthe current pay period. If the state unemployment tax is 5.4 percent of the first $7,000, the federalunemployment tax is 0.6 percent of the first $7,000, the FICA Social Security tax is 6.2 percent ofthe first $106,800, and FICA Medicare tax is 1.45 percent on all earnings, the amounts placed inthe Taxable Earnings columns of the payroll register are: a. state unemployment, $0; federal unemployment, $0; Social Security, $850; Medicare,$850.b. state unemployment, $950; federal unemployment, $950; Social Security, $950; Medicare,$950.c. state unemployment,…
- Morgan is an employee of Redwind Company. He earned $12,350 for the current month. Prior to the current payroll period, his year-to-date wages amounted to $131,200. Assume that the following tax rates are currently in effect. 7 FICA Tax OASDI Medicare Federal Income Tax Withholding Net pay (take-home pay): Rate X 6.2% 1.45% 25% Required: Compute Morgan's take-home pay (net pay) for the month. Note: Round your answer to the nearest cent. Ceiling $0 $128,400 No ceiling BEE KFor tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and $7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee. If an amount is zero, enter "0". NAME BEGINNINGCUMULATIVEEARNINGS TOTALEARNINGS ENDINGCUMULATIVEEARNINGS TAXABLE EARNINGS UNEMPLOYMENT SOCIAL SECURITY MEDICARE Axton, C. 112,800.00 7,691.00 120,491.00 fill in the blank 1 fill in the blank 2 fill in the blank 3 Edgar, E. 145,465.00 10,900.00 156,365.00 fill in the blank 4 fill in the blank 5 fill in the blank 6 Gorman, L. 36,879.00 3,064.00 39,943.00 fill in the blank 7 fill in the blank 8 fill in the blank 9 Jolson, R. 24,634.00 2,325.00 26,959.00 fill in the blank 10 fill in the blank 11 fill in the blank 12 Nixel, P. 6,850.00 2,463.00 9,313.00 fill in the blank 13 fill in the blank 14 fill in the blank 15For tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and $7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee. If an amount is zero, enter "0". NAME BEGINNINGCUMULATIVEEARNINGS TOTALEARNINGS ENDINGCUMULATIVEEARNINGS TAXABLE EARNINGS UNEMPLOYMENT SOCIAL SECURITY MEDICARE Axton, C. 112,800.00 7,691.00 120,491.00 Edgar, E. 145,465.00 10,900.00 156,365.00 Gorman, L. 36,879.00 3,064.00 39,943.00 Jolson, R. 24,634.00 2,325.00 26,959.00 Nixel, P. 6,850.00 2,463.00 9,313.00
