income, Social Security, and Medicare taxes

Related BrainMass Solutions

• Classifying Liabilities and Preparing Payroll Entries

  Gross Wages $6,400.00 Federal Income Tax Withheld $135.00 Federal Income Tax Withheld $1,080.00 FICA - Social Security $49.60 FICA - Social Security $396.80 FICA - Medicare $11.60 FICA - Medicare $92.80 FUTA $4.80 FUTA

• Calculating Self-Employment Tax

  od/Federal-Income-Taxes/fl/Federal-Income-Tax-Rates-for-the-Year-2014.htm http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employment-Tax-Social-Security-and-Medicare-Taxes This solution shows how to calculate self-employment tax based

• Journalizing Payroll Taxes

  For 2011, the employer's social security tax rate is 6.2 percent and the employer's Medicare tax rate is 1.45 percent for a total of 7.65 percent.

• Journal entries to record salaries and wages plus payroll tax expense

  Salaries and wages Withholding taxes payable Social security taxes Medicare taxes payable Salaries and wages payable To record the payroll tax expense.

• Notes Payable, Wages Payable and Journal Entries for State Mill Company

  Part B: at the end of October, the pay roll register for State Mill Company contained the following totals: wages: $185,500; federal income taxes withheld, $47,442; state income taxes withheld, $7,818; social security withheld, $11,501; Medicare tax withheld

• Accounting Employee Payroll: The following information is for employee Mary Ryan for the week ended March 15. (a)Determine (1) total earnings, (2) total deductions, and (3) cash paid.

  A - Statement of Total earnings, deductions and cash paid B - Employer's liability for taxes : 1 Social security & Medicare 2 State unemployment tax 3 Federal unemployment tax.

• Microeconomics

  The tax rate on Social Security is 6.2%. The tax rate on Medicare is 1.45%. Social Security, and Medicare taxes for a salary of $94,000.

• Computing payroll expenses and journal entry

  First let us calculate the taxes based on the rates given. FICA - Social Security - The rate is given as 6.2% and is applicable to first 87,000.

• This post calculates gross and net replacement rates.

  Her Social Security pension benefit is $1,000 per month. Prior to retirement, she was subject to total taxes on her labor earnings amounting to 20%. Calculate her gross and net replacement rates.