River Signorini works for New & Old Apparel, which pays employees on a semimonthly basis. River's annual salary is $186,400. Required: Calculate the following: Note: Round your final answers to 2 decimal places. Pay Date Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax October 13 December 29
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River's annual salary is $186,400. There are 24 semimonthly pay periods in a year (12 months * 2 semimonthly pay periods per month). Semimonthly salary = $186,400 / 24 = $7766.67 Show more…
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Calculate the net pay. The balance before this weekly payroll is $90 below maximum as related to cumulative earnings in calculating Social Security. Assume a tax rate of 6.2% for Social Security on $128,400 and 1.45% for Medicare: (Round your answers to the nearest cent.)
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For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1. An employee works 37 regular hours during a workweek in August of 2018. He was hired four years ago, earns a salary of $135,100/year, and is exempt from the overtime provisions of the FLSA. To date, he has received no compensation beyond his annual salary. He has requested that his employer withhold 8% of gross pay, which is to be contributed to a 401(k) plan. Taxable income for federal income tax withholding = $ ? Taxable income for social security tax = $ ? Taxable income for Medicare tax = $ ? 2. An employee works 50 hours (50 - 40 were overtime hours) during a workweek in December of 2018. He earns $9,500/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $109,700 during the year. He has requested that his employer withhold 13% of gross pay to contribute to a 403(b) plan. Taxable income for federal income tax withholding = $ ? Taxable income for social security tax = $ ? Taxable income for Medicare tax = $ ?
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Calculate the net pay. The balance before this weekly payroll is $90 below the maximum as related to cumulative earnings in calculating Social Security. Assume a tax rate of 6.2% for Social Security on $128,400 and 1.45% for Medicare.
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