Assume a tax rate of 6.2% on $106,800 for Social Security and 1.45% for Medicare
ID: 2704074 • Letter: A
Question
Assume a tax rate of 6.2% on $106,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1 and Table 9.2). (Do not round intermediate calculations and round your final answers to 2 decimal places. Omit the "$" sign in your response.)
Assume a tax rate of 6.2% on $106,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1 and Table 9.2). (Do not round intermediate calculations and round your final answers to 2 decimal places. Omit the "$" sign in your response.)
Assume a tax rate of 6.2% on $106,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1 and Table 9.2). (Do not round intermediate calculations and round your final answers to 2 decimal places. Omit the "$" sign in your response.)Explanation / Answer
FIT=152.54
FIT= 29.50 +123.04(.15 X820.24)=152.54
SS= 1400 X0.062= 86.80
MED=1400 X0.0145= 20.30
Fit=1400
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.