Question

Roberto’s salary is $133,200 in 2019. Roberto is paid on a semimonthly basis, is single, and...

Roberto’s salary is $133,200 in 2019. Roberto is paid on a semimonthly basis, is single, and claims one allowance. Assume that his employer uses the percentage method of withholding. Use withholding allowance and percentage method tables.

Required:

What is Roberto’s federal tax withholding per pay period?

What is Roberto’s FICA withholding per pay period before he reaches the social security limit?

For the last pay period in 2019, what is Roberto’s FICA withholding?

(For all requirements, round your intermediate computations and final answers to 2 decimal places.)

a.Federal tax withholdings $1,009.30

b.FICA withholdings

c.FICA withholdings

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer:

a. $1,009.30

b. $424.58

c. $405.98

Feedback:

a.

Using the percentage table for semimonthly and single status.

$133,200/24 periods = $5,550.00. One allowance = $175.00.

$5,550.00 - $175.00 = $5,375.00 - $3,667.00 = $1,708.00 x 24% = $409.92 + $599.38 = $1,009.30.

b.

OASDI = $5,550.00 x 6.2% = $344.10 Medicare = $5,550.00 x 1.45% = $80.48

For FICA total = $344.10 + 80.48 = $424.58

c.

For the last pay period only $5,250 of the $5,550 is subject to OASDI; $5,250x 6.2% = $325.50. The entire $5,550 is subject to Medicare tax of 1.45% = $80.48. Therefore,for the last pay period total FICA tax is $405.98.

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
Sophie is a single taxpayer. For the first payroll period in July 2019, she is paid...
Sophie is a single taxpayer. For the first payroll period in July 2019, she is paid wages of $2,200 monthly. Sophie claims one allowance on her Form W-4. Click here to access the withholding tables. Table for Allowances Amount per Circular E. Payperiod 2019 Allowance Amount Weekly $ 80.80 Biweekly 161.50 Semimonthly 175.00 Monthly 350.00 Quarterly 1,050.00 Semiannually 2,100.00 Annually 4,200.00 Round intermediate computations and your final answer to two decimal places. a. Use the percentage method to calculate the...
Sophie is a single taxpayer. For the first payroll period in October 2016, she is paid...
Sophie is a single taxpayer. For the first payroll period in October 2016, she is paid wages of $3,280.50 monthly. Sophie claims three allowances on her Form W-4. Click here to access the withholding tables. Table for Allowances Amount per Circular E. Payperiod 2016 Allowance Amount Weekly $ 77.90 Biweekly 155.80 Semimonthly 168.80 Monthly 337.50 Quarterly 1,012.50 Semiannually 2,025.00 Annually 4,050.00 Round intermediate computations and your final answer to two decimal places. a. Use the percentage method to calculate the...
Sophie is a single taxpayer. For the first payroll period in October 2017, she is paid...
Sophie is a single taxpayer. For the first payroll period in October 2017, she is paid wages of $2,900.00 monthly. Sophie claims two allowances on her Form W-4. Click here to access the withholding tables. Table for Allowances Amount per Circular E. Payperiod 2017 Allowance Amount Weekly $ 77.90 Biweekly 155.80 Semimonthly 168.80 Monthly 337.50 Quarterly 1,012.50 Semiannually 2,025.00 Annually 4,050.00 Round intermediate computations and your final answer to two decimal places. a. Use the percentage method to calculate the...
Allison is paid $2,795 per week. What is the amount of federal income tax withheld from...
Allison is paid $2,795 per week. What is the amount of federal income tax withheld from Allison’s paycheck under the following conditions? Assume that her employer uses the percentage method of withholding. Use withholding allowance and percentage method tables. https://ezto-cf-media.mheducation.com/Media/Connect_Production/bne/cruz13e/Withholding%20Allowance.JPG https://ezto-cf-media.mheducation.com/Media/Connect_Production/bne/cruz13e/percentage%20method%20tables..pdf Required: Allison is single and claims two withholding allowances. Allison is married and claims two withholding allowances. Allison is single and claims no withholding allowance.
Sophie is a single taxpayer. For the first payroll period in October 2017, she is paid...
Sophie is a single taxpayer. For the first payroll period in October 2017, she is paid wages of $2,900.00 monthly. Sophie claims two allowances on her Form W-4. Table for Allowances Amount per Circular E. Payperiod 2017 Allowance Amount Weekly $ 77.90 Biweekly 155.80 Semimonthly 168.80 Monthly 337.50 Quarterly 1,012.50 Semiannually 2,025.00 Annually 4,050.00 Round intermediate computations and your final answer to two decimal places. a. Use the percentage method to calculate the amount of Sophie's withholding for a monthly...
Lauprechta Inc. has the following employees on payroll: Assume that the employer uses the percentage method...
Lauprechta Inc. has the following employees on payroll: Assume that the employer uses the percentage method of withholding. Use withholding allowance and percentage method tables. Complete the table for taxes to be withheld for each pay period. (Round your intermediate computations and final answers to 2 decimal places.) Semimonthly Payroll Withholding Allowances Marital Status Naila $ 4,400 1 Married Wilfred $ 5,300 4 Married Byron $ 3,600 1 Single Annie $ 4,200 4 Single
sophie is a single taxpayer. For the first payroll period in October 2017, she is paid...
sophie is a single taxpayer. For the first payroll period in October 2017, she is paid wages of 2,900.00 monthly. Sophie claims two allowances on her Form W-4. Pay period.              2017 allowance Amount weekly.                   77.90 Biweekly.                 155.80 semimonthly.           168.80 monthly.                337.50 quarterly.                 1,012.50 semiannually.          2,025.00 annually.                4,050.00 Round intermediate computation and your final answer to two place decimal places. Use the percentage method to calculate the amount of sopie's withholding for a monthly pay period. sophie's withholding: $ ----------
Calculate Social Security and Medicare tax for the below-listed employees of TCLH Industries, a manufacturer of...
Calculate Social Security and Medicare tax for the below-listed employees of TCLH Industries, a manufacturer of cleaning products. None of the employees files as married filing separately on their year-end tax return. Zachary Fox does not make any voluntary deductions that impact earnings subject to federal income tax withholding or FICA taxes. He is married, claims two withholding allowances for both federal and state, and his weekly gross pay was $1,162. The current pay period is his first with the...
Calculate Social Security and Medicare tax for the below-listed employees of TCLH Industries, a manufacturer of...
Calculate Social Security and Medicare tax for the below-listed employees of TCLH Industries, a manufacturer of cleaning products. None of the employees files as married filing separately on their year-end tax return. Zachary Fox does not make any voluntary deductions that impact earnings subject to federal income tax withholding or FICA taxes. He is married, claims two withholding allowances for both federal and state, and his weekly gross pay was $1,162. The current pay period is his first with the...
An employer has one employee who earned $3,000 his first month of employment. The employee’s federal...
An employer has one employee who earned $3,000 his first month of employment. The employee’s federal income tax withholding (FITW) is $400, and the employee has voluntary monthly deductions of $125 for health insurance and $25 for union dues. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employer's FUTA tax rate is 0.6% and the SUTA tax rate is 5.4%. (Note: The limit for FICA Social Security is $128,400...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT