Question

Sedki earned $174, 120 in 2017. How much did he pay in Social Security​ taxes? In...

Sedki earned $174, 120 in 2017. How much did he pay in Social Security​ taxes? In Medicare​ taxes? In total FICA​ taxes? (​Hint: Don't forget the annual Social Security earnings​ cap.)

The amount Sedki paid in Social Security taxes was $

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Particulars Social security Medicare Total
Taxable wages limit            127,200            174,120
× tax rate 6.20% 1.45%
Tax amount           7,886.40           2,524.74            10,411.14

Answer is:

10,411.14

please rate.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,700 $ 400 b. 2,150 2,250 c. 122,400 8,300 rev: 05_16_2019_QC_CS-168714 Compute BMX’s amounts for each of these four taxes as...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 5,200 $ 2,400 b. 2,500 2,800 c. 119,600 8,700 Compute BMX’s amounts for each of these four taxes as applied to...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,600 $ 500 b. 2,100 2,200 c. 122,300 8,200 Compute BMX’s amounts for each of these four taxes as applied to...
Rob earned $62,000 in 2018. Calculate his FICA contribution for the year. How much did his...
Rob earned $62,000 in 2018. Calculate his FICA contribution for the year. How much did his employer pay toward FICA? Michael was 33 and had two dependent children, ages 4 and 6, who are cared for by their mother when he died this year. He had accumulated 20 credits of coverage under Social Security at the time of his death. To what benefits are his survivors entitled under Social Security? In 2018, James earned $5,000 from employment subject to Social...
[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social...
[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,500 $ 900 b. 2,050 2,150 c. 122,200 8,100 a) Tax September...
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 paid...
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows. Employee Cumulative Pay Employee Cumulative Pay Employee Cumulative Pay Ken S $ 5,800 Michelle W $ 150,500 Lori K $ 137,900 Tim V...
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $127,200 paid...
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $127,200 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows. Employee Cumulative Pay Employee Cumulative Pay Employee Cumulative Pay Ken S $ 6,000 Michelle W $ 143,500 Lori K $ 129,700 Tim V...
Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary...
Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $13,400. He is single and claims 1 deduction. Before this payroll, Barrett’s cumulative earnings were $128,120. (Social Security maximum is 6.2% on $128,400 and Medicare is 1.45%.) Calculate FIT by the percentage method. (Use Table 9.1 and Table 9.2) (Round your answers to 2 decimal places.) FIT - Social Security Taxes - Medicare Taxes -
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 5,200 $ 2,400 b. 2,350 2,450 c. 122,800 8,700 Compute BMX’s amounts for each of these four taxes as applied to...
66A) An employee earned $62,100 during the year working for an employer. The FICA tax rate...
66A) An employee earned $62,100 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first $118,500 of employee earnings per calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of total unemployment taxes the employee...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT