Explore BrainMass

Explore BrainMass

    Jones Company has the following employees on payroll:

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Please explain how you calculated the social security tax and the Medicare. I know how to get the federal but not these two.

    Jones Company has the following employees on payroll:

    Semimonthly Withholding Marital
    Payroll Allowances Status

    Heather $4,500 4 Married
    Keith $4,800 3 Married
    Thad $2,000 1 Single
    Abbie $3,500 2 Single

    Calculate the payroll for the last pay period in April. Include in your calculations federal withholding, social security and Medicare taxes.

    Heather: FIT - $548.97 Keith: FIT - $670.49
    SS- $279.00 SS - $297.60
    Medicare - $65.25 Medicare - $69.60

    Thad: FIT - $264.88 Abbie: FIT - $609.36
    SS - $124.00 SS - $217.00
    Medicare - $29.00 Medicare - $50.75

    © BrainMass Inc. brainmass.com June 4, 2020, 2:17 am ad1c9bdddf
    https://brainmass.com/business/accounting/jones-company-has-the-following-employees-on-payroll-450207

    Solution Preview

    The textbooks are outdated. They are using the old percentages. But, we'll go along with the old percentages for your problem. Social Security is 6.2% ...

    Solution Summary

    Jones Company has the following employees on payroll:

    Semimonthly Withholding Marital
    Payroll Allowances Status

    Heather $4,500 4 Married
    Keith $4,800 3 Married
    Thad $2,000 1 Single
    Abbie $3,500 2 Single

    Calculate the payroll for the last pay period in April. Include in your calculations federal withholding, social security and Medicare taxes.

    Heather: FIT - $548.97 Keith: FIT - $670.49
    SS- $279.00 SS - $297.60
    Medicare - $65.25 Medicare - $69.60

    Thad: FIT - $264.88 Abbie: FIT - $609.36
    SS - $124.00 SS - $217.00
    Medicare - $29.00 Medicare - $50.75

    $2.19

    ADVERTISEMENT