Question

1. Solve the following problem using 6.2%, up to $113,700, for social security tax and 1.45%,...

1.

Solve the following problem using 6.2%, up to $113,700, for social security tax and 1.45%, no wage limit, for Medicare tax.

What are the social security and Medicare withholdings for an executive whose annual gross earnings are $118,430?

Social security: $

Medicare: $

2.

Use the percentage method of income tax calculation to complete the following payroll roster.


Employee		 Marital
Status		 Withholding
Allowances		 Pay
Period		 Gross
Earnings		 Income Tax
Withholding
Farley, D. M 4 Biweekly $1,849 $
Business   Accounting   
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