Question

1. The chief executive officer earns $10,100 per month. As of
May 31, her gross pay was $50,500. The tax rate for Social Security
is 6.2% of the first $128,400 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. What is the amount of FICA-Social Security withheld from this
*employee* for the month of June?

2. An employee earned $62,400 during the year working for an
employer. The FICA tax rate for Social Security is 6.2% of the
first $128,400 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* must
pay?

3. Belkin Co. provides medical care and insurance benefits to its retirees. In the current year, Belkin agrees to contribute 5% of the employees’ $390,000 gross salaries to a retirement program. What is the amount of employee benefits expense for the current period?

Answer #1

**Answer 1:**

FICA is a tax deducted from employees pays consist of 2 types of taxes FICA social security tax @ 6.2% and medicare Tax @1.45%. SO the FICA Social security tax is 6.2% upto a Gross pay od $128,400 for the year. here CEO gross annual income is $121,200 (10,100 *12).

So tax is to be deducted : $10,100 *6.2% = $626.2

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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....

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...

An employee earns $6,100 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 $206 in federal
income taxes withheld. The employee has voluntary deductions...

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...

[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...

1. An employer has one employee who earned $4,000 his first
month of employment. The employee’s federal income tax withholding
(FITW) is $600, and the employee has voluntary monthly deductions
of $350 for health insurance and $50 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...

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...

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 $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...

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...

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