Question

1: Paul Robinson's filing status is married filing jointly, and he has earned gross pay of...

1: Paul Robinson's filing status is married filing jointly, and he has earned gross pay of $2,850. Each period he makes a 403(b) contribution of 6.5% of gross pay . His current year taxable earnings for Medicare tax, to date, are $271,000.

Total Medicare Tax = $

2: Stephen Belcher's filing status is single, and he has earned gross pay of $1,860. Each period he makes a 401(k) contribution of 9% of gross pay and contributes 1% of gross pay to a dependent care flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $198,250.

Total Medicare Tax = $

3: Sidney Black's filing status is head of household, and he has earned gross pay of $970. Each period he contributes $50 to a flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $86,400.

Total Medicare Tax = $

4: Bill Clay's filing status is married filing separately, and he has earned gross pay of $1,880. Each period he makes a 403(b) contribution of 11% of gross pay and contributes $70 to a cafeteria plan. His current year taxable earnings for Medicare tax, to date, are $124,700.

Total Medicare Tax = $

Homework Answers

Answer #1

Answer 1

Taxable Earnings = 2850.00

Medicare Tax = $2850.00 * 2.35% = $66.98

Answer 2

Gross pay = $1860

Flexible spending account = 1860*1% = 18.60

Taxable Earnings for Medicare tax = 1860-18.60 = 1841.40

Medicare Tax = 1841.40*2.35%= 43.27

Answer 3

Gross Pay = $970.00

Flexible spending plan = 50

Taxable Earnings for Medicare Tax = $970.00 - $50.00 = $920.00

Medicare Tax = $920.00 * 2.35% = 21.62

Answer 4

Gross Pay = $1880.00

Cafeteria Plan = $70

Taxable Earnings for Medicare Tax = $1880.00 - $70.00 = $1810.00

Medicare Tax = $1810.00 * 2.35% = 42.54

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