Question

CycloCorp is calculating the total withholding deposit for all its employees at the end of its...

CycloCorp is calculating the total withholding deposit for all its employees at the end of its pay period. CycloCorp has $3,455.00 of federal withholdings for its employees. It also has a total of $231.54 of Medicare withholdings and $988.72 in Social Security withholdings in its payroll register. Find the total amount of CycloCorp's deposit to cover federal withholdings, Medicare, and Social Security for this pay period.

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Answer #1

CycloCorp federal withholding for employees to pay is $ 3,455

Medical withholding is $231.54

Social security withholding is $988.72

total withholdings without tax is

3455 + 231.54 + 988.72 = $4675.26

federal tax is implied on medicare and social security

Tax on Medicare

1.45% of employee's wages. There is total medicare withholding is given rather than number of employees and wages for each. So calculate tax on behalf of total amount

231.54 * 1.45/100 = 3.36

Medical withholding given to employees is 231.54 - 3.36 = $228.18 by deducting tax

Tax on Social security

6.2 % tax on social security

988.72 * 6.2/100 = $61.30

social security amount is 988.72 - 61.30 = $927.42 (by deducting tax)

Total amount to cover federal withholdings

$3455 + $228.18 + $927.42 = $4610.6

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