Question

At the federal level (what % of tax comes from which tax: Income tax, social security...

At the federal level (what % of tax comes from which tax: Income tax, social security tax, corporate tax, medicare tax)

Social-Sciences   Psychology   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

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
The deductions from Richard Black's monthly pay are federal income tax of $112, state income tax...
The deductions from Richard Black's monthly pay are federal income tax of $112, state income tax of 2.5%, city income tax of 1.5% of gross, Social Security, and Medicare. His monthly net pay is $3,825.16. Find Richard's monthly gross pay. $4,621.32 $4,456.32 $4,342.00 $4,329.55
PS:  Social Security tax withholding at 6.2 percent IS NOT 79.51 and Medicare tax withholding at 1.45...
PS:  Social Security tax withholding at 6.2 percent IS NOT 79.51 and Medicare tax withholding at 1.45 percent IS NOT 18.5 Lisa Meilo works for Pacific Company, which pays its employees time-and-a-half for all hours worked in excess of 40 per week. Meilo's pay rate is $27.00 per hour. Her wages are subject to federal income tax, a Social Security tax deduction at the rate of 6.2 percent, and a Medicare tax deduction at the rate of 1.45 percent. She is...
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 $
The self-employment tax rate is made up of the Social Security portion, which is ____, and...
The self-employment tax rate is made up of the Social Security portion, which is ____, and the Medicare portion, which is ___. 1.45%; 7.65%. 12.4%; 2.9%. 6.2%; 7.65%. 1.45%; 6.2%. A refundable tax credit is one that: may result in the federal government giving money back in excess of taxes paid. always results in your tax liability being eliminated. may result in a negative effective tax rate. both may result in the federal government giving money back in excess of...
Calculate Social Security and Medicare tax for the below-listed employees of TCLH Industries, a manufacturer of...
Calculate Social Security and Medicare tax for the below-listed employees of TCLH Industries, a manufacturer of cleaning products. None of the employees files as married filing separately on their year-end tax return. Zachary Fox does not make any voluntary deductions that impact earnings subject to federal income tax withholding or FICA taxes. He is married, claims two withholding allowances for both federal and state, and his weekly gross pay was $1,162. The current pay period is his first with the...
Calculate Social Security and Medicare tax for the below-listed employees of TCLH Industries, a manufacturer of...
Calculate Social Security and Medicare tax for the below-listed employees of TCLH Industries, a manufacturer of cleaning products. None of the employees files as married filing separately on their year-end tax return. Zachary Fox does not make any voluntary deductions that impact earnings subject to federal income tax withholding or FICA taxes. He is married, claims two withholding allowances for both federal and state, and his weekly gross pay was $1,162. The current pay period is his first with the...
Phil is the manager of a pool supply store. His Form W-2 for 2017:Wages: $106,503 Federal...
Phil is the manager of a pool supply store. His Form W-2 for 2017:Wages: $106,503 Federal Tax Withheld: $11,626 State Income Tax Withheld $5,600 Social Security Wages: $111,056 Social Security Tax Withheld: $5775 Medicare Wages: $111,056 Medicare Tax Withheld: $2721 Phil was a participant in an employer sponsored retirement plan I know how to place the wages from his job income on the 1040, but I'm just lost on how to place his Social Security income, and his Medicare income...
For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income...
For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1. An employee works 37 regular hours during a workweek in August of 2018. He was hired four years ago, earns a salary of $135,100/year, and is exempt from the overtime provisions of the...
Corporate federal income tax rates a. are the same for all level of corporate income. b....
Corporate federal income tax rates a. are the same for all level of corporate income. b. phase out the benefits of lower tax brackets as corporate income increases. c. reach a high of 50 percent for earnings over $18,300,000. d. decrease as income increases.
Which of the following is a tax imposed only on the employer based on the employee's...
Which of the following is a tax imposed only on the employer based on the employee's gross wages? A. Medicare tax B. Federal unemployment tax C. Social security tax D. State income tax
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT