Question

Arturo earned a 27,500 salary as an employee in 2019. how much should his employer have...

Arturo earned a 27,500 salary as an employee in 2019. how much should his employer have withheld from his paycheck (employee portion) for FICA taxes
rounded to the nearest whole dollar amount?
A. 4208
B. 4055
C. 2104
D. 1951
E. 1705
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Ans:Option:C. 2104 is Correct Answer

Tax rate for FICA social security tax for the year 2019 is 6.2% and the taxable wage base is $132,900.

Therefore,

FICA social security tax withheld = $27,500 x 6.2% = $1705

Tax rate for FICA medicare tax for the year 2019 is 1.45% with no wage base.

Therefore,

FICA medicare tax withheld = $27500 x 1.45% = $398.75

Thus,

Total FICA taxes withheld = $1705 + $398.75 = $2103.75=$2104 (Nearest whole Dollar)

Hope This Helped ! Let Me Know In Case of Any Queries.

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
a.) Asteria earned a $25,500 salary as an employee in 2018. How much should her employer...
a.) Asteria earned a $25,500 salary as an employee in 2018. How much should her employer have withheld from her paycheck for FICA taxes? (Rounded to the nearest whole dollar amount). b.) Brandon and Jane Forte file a joint tax return and decide to itemize their deductions. The Forte's income for the year consists of $120,000 in salary, $1,000 interest income, $1,500 nonqualifying dividends, and $1,100 long-term capital gains. The Forte's expenses for the year consist of $3,000 investment interest...
In 2020, Bianca earned a salary of $164,000 from her employer. If required, round your answers...
In 2020, Bianca earned a salary of $164,000 from her employer. If required, round your answers to the nearest dollar. Therefore, Social Security taxes withheld from her salary is $ and the Medicare portion withheld is $.
Bubba earned a total of $221,100 for 2017. How much FICA tax is his employer required...
Bubba earned a total of $221,100 for 2017. How much FICA tax is his employer required to withhold from Bubba's paychecks for the year? Show Work
This question has parts. 36A) An employee earned $61,600 during the year working for an employer....
This question has parts. 36A) An employee earned $61,600 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...
Wage and Tax Statement Data on Employer FICA Tax Ehrlich Co. began business on January 2,...
Wage and Tax Statement Data on Employer FICA Tax Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted...
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...
41. An employee earns $5,550 per month working for an employer. The FICA tax rate for...
41. An employee earns $5,550 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 $184 in federal income taxes withheld. The employee has voluntary...
JDD Corporation provides the following benefits to its employee, Ahmed (age 49): Salary $ 366,000 Health...
JDD Corporation provides the following benefits to its employee, Ahmed (age 49): Salary $ 366,000 Health insurance 17,400 Dental insurance 4,500 Life insurance 3,600 Dependent care 4,000 Professional dues 1,070 Personal use of company jet 270,000 Assume the life insurance is a group-term life insurance policy that provides $244,000 of coverage for Ahmed. (Use EXHIBIT 12-8.) Assuming Ahmed is subject to a marginal tax rate of 32 percent, what is his after-tax benefit of receiving each of these benefits (ignoring...
This year, Santhosh, a single taxpayer, estimates that his tax liability will be $95,500. Last year,...
This year, Santhosh, a single taxpayer, estimates that his tax liability will be $95,500. Last year, his total tax liability was $13,500. He estimates that his tax withholding from his employer will be $33,500. a. Is Santhosh required to increase his withholding or make estimated tax payments this year to avoid the underpayment penalty?      multiple choice Yes No b. By how much, if any, must Santhosh increase his withholding and/or estimated tax payments for the year to avoid underpayment...
Question 1 Daniel and Sharon have one child, aged 3. How much will a tax credit...
Question 1 Daniel and Sharon have one child, aged 3. How much will a tax credit reduce their tax liability according to the text? Group of answer choices $2,500 $1,000 $3,000 $500 $2,000 Question 2 Mary earns $86,400. If the total Social Security tax rate is 15.3%, how much does his employer pay toward Social Security taxes for Mary? (Round to the nearest dollar.) Group of answer choices 15,984 $13,219 $31,968 $6,610 $7, 992 Question 3 Which of the following...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT