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Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. Cumul. PayBefore CurrentWeekly Payroll CurrentGross Pay Year-to-DateEarnings Soc. Sec.Maximum AmountOver Max.Soc. Sec. AmountSubject toSoc. Sec. Soc. Sec. TaxWithheld MedicareTaxWithheld $22,700 $1,340 $fill in the blank 1 $118,500 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 $fill in the blank 5  54,300  4,080  fill in the blank 6  118,500  fill in the blank 7  fill in the blank 8  fill in the blank 9  fill in the blank 10  116,700  3,890  fill in the blank 11  118,500  fill in the blank 12  fill in the blank 13  fill in the blank 14  fill in the blank 15  117,300  4,540  fill…

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Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Se and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Before Current Weekly Payroll $ 30,000 54,000 126,000 127,600 Current Gross Pay $1,440 2,880 3,560 2,960 Year-to-Date Earnings Soc. Sec. Maximum $128,400 128,400 128,400 128,400 $ Amount Over Max. Soc. Sec. Amount Subject to Soc. Sec. Soc. Sec. Tax Withheld Medicare Tax Withheld

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Review this weeks reading in particular the Zambian Revenue Authority note on Pay As You Earn. Review the examples so that you understand how the calculation of tax and emoluments from earnings is calculated.  Below is a chart showing as of 2019 what the Zambian monthly income bands are and the applicable tax rates. Zambia Monthly Income Bands (2019): Tax Rates (%) K0 to K3,300 0 K3,300.01 to K4,100 25 K4,100.01 to K6,200.01 30 Above K6,200.01 37.5 Do you agree with these bands and rates? If you were in charge would you make any adjustments to either the band ranges or to the tax rates for each band? If so, what adjustments would you make and why? Be specific as to your goal in making adjustments, is it to raise more money for the government for specific purposes, to lower the tax burden for certain income groups or what.

Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. PayBefore CurrentWeekly Payroll CurrentGross Pay Year-to-DateEarnings Soc. Sec.Maximum AmountOver Max.Soc. Sec. AmountSubject toSoc. Sec. Soc. Sec. TaxWithheld MedicareTaxWithheld $   30,300 $1,500 $ $128,400 $ $ $ $      53,600   2,980      128,400                126,700   3,140      128,400              127,900   2,880      128,400

Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. PayBefore CurrentWeekly Payroll CurrentGross Pay Year-to-DateEarnings Soc. Sec.Maximum AmountOver Max.Soc. Sec. AmountSubject toSoc. Sec. Soc. Sec. TaxWithheld MedicareTaxWithheld $   30,200 $1,460 $fill in the blank 1 $128,400 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 $fill in the blank 5      54,000   2,960   fill in the blank 6   128,400   fill in the blank 7   fill in the blank 8   fill in the blank 9   fill in the blank 10    125,700   3,340   fill in the blank 11   128,400   fill in the blank 12  fill in the blank 13   fill in the blank 14   fill in the blank 15   127,100   2,940   fill in the blank 16   128,400   fill in…

On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $22,760 of office salaries and $65,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $12,860 of federal income taxes, $1,340 of medical insurance deductions, and $840 of union dues. No employee earned more than $7,000 in this first period. Required: 1-a. Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. 1-b. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. 2. Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal…

Selected accounts from Lue Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Total equity Equipment Salaries payable Accounts receivable $ 31,100 Employee federal : Federal unemployme FICA-Medicare taxe 41,100 35,100 7,500 53,500 5, 100 10,000 FICA-Social Secur: Employee medical : State unemployment Sales tax payable Cash Current portion of long-term debt Notes payable (due in 6 years) LUE COMPANY Balance Sheet December 31 Assets Current assets Total current assets Plant assets Total assets Liabilities Current liabilities Total current liabilities Long-term liabilities Total liabilities Equity Total equity Total liabilities and equity

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Progressive Tax Based on your yearly income above, calculate the amount of tax each income bracket would pay under a progressive tax plan.  Each row up to the total income amount should be filled in.  For an example of a completed chart, go to Page 2 of Lesson 3.06. Proposed Regressive Plan Calculate the tax for $95,000. For example, $10,000x40%=$4,000 in tax. Show your work!! Calculate the tax for $25,000. For example, $10,000x40%=$4,000 in tax. Show your work!! 10% on income up to $25,000     20% on income between $25,000 and $34,000     25% on income between $34,000 and $44,000     30% on income between $44,000 and $80,000     40% on taxable income over $80,000     TOTAL TAX PAID (sum of all rows):

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From: AhmedSent: Thursday, 17 September 2020, 11:23AMSubject: Lisa Eastwood – additional informationGood morning, Lisa has sent through the following information. Can you pull this togetherwith what you have examined already so we can have a tax estimate readyto go. B.1 Calculate Lisa’s Medicare Levy Surcharge. Show all workings. B.2 Calculate Lisa’s Net Tax Payable. Show all workings. Wages (Melbourne employment) - $125,000 net wages, PAYG withheldof $43,000 plus a bonus of $5,000 was paid. Wages (Darwin employment) - $25,000 net wages, PAYG withheld of$1,500 Interest income $1,000Allowable general deductions $3,300 Allowable specific deductions $1,000 Lisa is single with no private health insurance. Lisa has no reportable fringe benefits or reportable superannuationcontributions. Again, I need this by the end of Friday.Ahmed.Senior AccountantM&M Tax Accountants

For all questions work to 1 decimal place and assume VAT at 19%. You must justify each answer.1.- What is the reason for recognising a tax payable at the end of the year if it will only be paid in April of the following year? In your answer, please mention accounting principles.2.- What entry should be made at the end of the month if there is a VAT Credit of $40 and a VAT Debit of $50?    3.- Make the entry for a share swap of one new share for every two of the current 300 shares, increasing the nominal value from $10,000,000 to $30,000,000.4.- Make the entry for the delivery of released offspring of one new share for every two of the 300 current shares, if the nominal value is $10,000,000.5.- If the raw material of a manufacturing company is incorporated 50% at the beginning of the production process and the other 50% at the end, it is irrelevant to know the degree of progress of the units. It is enough to know how many started, how many finished and how many started and finished.…

Complete Part 2 of Form 940 based on the following information: (Round your answers to two decimal places, if necessary.) Total payroll for the year $913,590 Payroll to employees in excess of $7,000 $421,930 Employer contributions into employees' 401(k) plans $23,710     Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. 3 Total payments to all employees   3 fill in the blank 1 4 Payments exempt from FUTA tax 4 fill in the blank 2     Select:   5 Total of payments made to each employee in excess of $7,000 5 fill in the blank 4   6 Subtotal (line 4 + line 5 = line 6) 6 fill in the blank 5 7 Total taxable FUTA wages (line 3 – line 6 = line 7) 7 fill in the blank 6 8 FUTA tax before adjustments (line 7 x .006 = line 8) 8 fill in the blank 7 b. If the employer is located in California, which has a credit reduction of 2.1%, what would be the amount of the credit reduction?$fill in the blank 8 c. Complete Part 5 of…

N2. Question Content Area Baker Green's weekly gross earnings for the week ending December 7 were $2,200, and her federal income tax withholding was $264. Assuming the social security rate is 6% and Medicare is 1.5%, and all earnings are subject to FICA taxes, what is Green's net pay? Round your answer to the nearest whole dollar.$fill in the blank 1

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Gross Income Compute how much will be included and excluded in the gross income given the following scenarios. 1. A call center agent receiving a monthly salary of P21,000 with mandatory annual deductions of P15,166, which includes SSS, PhilHealth, and Pag-Ibig contributions. What will be the amount for his annual gross income?

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1 Required Information Use the following information for the Exercises below. (Algo) The following Information applies to the questions displayed below] BMX Company has one employee. HCA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay For BMX Its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 pald to its employee. Gross Pay through August $ 6,500 2,100 131.500 Gross FICA-Social Security frike FICA-Medicare $ 900 2,200 100 Exercise 9-7 (Algo) Computing payroll taxes LO P2, P3 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (a. Note: Round your answers to 2 decimal places. September Earnings Subject to Tax Tax Rate

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Wage and tax statement data on employer FICA tax Ehrlich Co. began business on January 2. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by the company for the calendar year. Early in the following year, before the Wage and Tax Statements (Form W-2) could be prepared for distribution to employees and for filing with the Social Security Administration, the employees' earnings records were inadvertently destroyed. None of the employees resigned or were discharged during the year, and there were no changes in salary rates. The social security tax was withheld at the rate of 6.0% and Medicare tax at the rate of 1.5% on salary. Data on dates of employment, salary rates, and…

What is the maximum that can be deducted as an above the line deduction for the amount that you pay to social security for self-employment taxes? a. 25% b. 100% C. 50% d. none e. 75%

Problem Information Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: Employee* and Employer HI: Self-employed OASDI: Self-employed HI: *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. 6.20% 1.45% 12.4% a. OASDI tax b. HI tax 2.9% $147,000 No limit $147,000 No limit $9,114.00 No maximum $18,228.00 No maximum Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, drop the third decimal place. Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. On the last weekly pay of the first quarter, Lorenz…

he journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be:   Debit Credit Wages Expense 24,762.70   FICA Taxes Payable—OASDI   1,535.29 FICA Taxes Payable—HI   359.06 FIT Payable   3,714.00 SIT Payable   55.25 Group Insurance Payments W/H   54.70 Cash   19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%):   Debit Credit Payroll Taxes 2,785.81   FICA Taxes Payable—OASDI   1,535.29 FICA Taxes Payable—HI   359.06 FUTA Taxes Payable   148.58 SUTA Taxes Payable   742.88 a.  Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $9,600, all of which is taxable. The amount of federal income taxes withheld each month is $1,250. Journalize the payment of wages, and record the payroll tax on November 29. For a compound…