Question

Westway Company pays Suzie Chan $2,340 per week. Assume Social Security is 6.2% on $118,500 and...

Westway Company pays Suzie Chan $2,340 per week. Assume Social Security is 6.2% on $118,500 and 1.45% for Medicare.

a. By the end of week 52, how much did Westway deduct for Suzie's Social Security and Medicare for the year? (Round your answers to the nearest cent.)

Deductions

Social Security $

Medicare $

b. What state and federal unemployment taxes does Westway pay on Suzie's yearly salary? The state unemployment rate is 5.1% and the federal unemployment tax is 0.6% on the first $7,000.

Payment

State unemployment taxes $

Federal unemployment taxes $

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

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
chp9 9-8 Pat Maninen earns a gross salary of $2,400 each week. Assume a rate of...
chp9 9-8 Pat Maninen earns a gross salary of $2,400 each week. Assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. a. What are Pat’s first week’s deductions for Social Security and Medicare? (Round your answers to the nearest cent.) Deductions Social Security $ Medicare $ b. Will any of Pat’s wages be exempt from Social Security and Medicare for the calendar year? (Leave no cells blank - be certain to enter "0" wherever required.)...
Calculate Social Security taxes, Medicare taxes, and FIT for Joy Royce. Joy's company pays her a...
Calculate Social Security taxes, Medicare taxes, and FIT for Joy Royce. Joy's company pays her a monthly salary of $10,000. She is single and claims 1 deduction. Before this payroll, Joy's cumulative earnings were $118,000. (Social Security maximum is 6.2% on $118,500, and Medicare is 1.45%.) Calculate FIT by the percentage method. Jim Brewer, owner of Arrow Company, has three employees who earn $200, $800, and $950 a week. Assume a state SUTA rate of 5.1%. What will Jim pay...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 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 2.9% of the first $7,000 paid to its employee. Gross Pay through August Gross Pay for September a. $ 5,500 $ 2,300 b. 19,200 3,100 c. 113,200 9,000 Compute BMX’s amounts for each of these four taxes as applied to the...
QUESTION HAS 2 PARTS 1. An employee earns $6,200 per month working for an employer. The...
QUESTION HAS 2 PARTS 1. An employee earns $6,200 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $118,500 earned each 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. The employee has $210 in federal income taxes withheld....
Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social...
Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare, and Federal Income Tax withholding (FIT) may be incorrect. Larren is paid a salary of $3,900 weekly. She is married, claims 3 deductions, and prior to this payroll check, has total earnings of $116,600. What are the correct deductions for Social Security, Medicare, and FIT? Assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. (Use Table 9.1...
1. A company that reports segment information had average total assets of $1,558,450 and total net...
1. A company that reports segment information had average total assets of $1,558,450 and total net income of $644,700. Segment A had average total assets of $945,800 and segment operating income of $325,300. Segment B had average assets of $612,650 and segment operating income of $319,400. The segment return on assets for Segment B is:? 41.4% 52.1% 34.4% 60.7% 50.5% 2. During the first week of January, an employee works 47 hours. For this company, workers earn 150% of their...
Barbara is an employee of Baltimore Company. Baltimore Company pays employees the Friday after the wages...
Barbara is an employee of Baltimore Company. Baltimore Company pays employees the Friday after the wages are earned. Overtime in excess of 40 hours must be paid at 150% of the normal hourly rate.  Social Security taxes are 6.2% and Medicare taxes are 1.45%. The federal unemployment tax rate is 1.2% and the state unemployment tax rate is 3.5%. Barbara's wages, including the current pay period, will not exceed the limits for Social Security, Medicare and unemployment taxes. Barbara earns $14...
Barbara is an employee of Baltimore Company. Baltimore Company pays employees the Friday after the wages...
Barbara is an employee of Baltimore Company. Baltimore Company pays employees the Friday after the wages are earned. Overtime in excess of 40 hours must be paid at 150% of the normal hourly rate.  Social Security taxes are 6.2% and Medicare taxes are 1.45%. The federal unemployment tax rate is 1.2% and the state unemployment tax rate is 3.5%. Barbara's wages, including the current pay period, will not exceed the limits for Social Security, Medicare and unemployment taxes. Barbara earns $14...
Barbara is an employee of Baltimore Company. Baltimore Company pays employees the Friday after the wages...
Barbara is an employee of Baltimore Company. Baltimore Company pays employees the Friday after the wages are earned. Overtime in excess of 40 hours must be paid at 150% of the normal hourly rate.  Social Security taxes are 6.2% and Medicare taxes are 1.45%. The federal unemployment tax rate is 1.0% and the state unemployment tax rate is 4.5%. Barbara's wages, including the current pay period, will not exceed the limits for Social Security, Medicare and unemployment taxes. Barbara earns $15...
Barbara is an employee of Baltimore Company. Baltimore Company pays employees the Friday after the wages...
Barbara is an employee of Baltimore Company. Baltimore Company pays employees the Friday after the wages are earned. Overtime in excess of 40 hours must be paid at 150% of the normal hourly rate.  Social Security taxes are 6.2% and Medicare taxes are 1.45%. The federal unemployment tax rate is 1.3% and the state unemployment tax rate is 3.5%. Barbara's wages, including the current pay period, will not exceed the limits for Social Security, Medicare and unemployment taxes. Barbara earns $20...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT