Bradley Banks' filing status is qualifying widower, and he has earned gross pay of $1,570. Each period he makes a 401(k) contribution of 6% of gross pay and makes a contribution of 2% of gross pay to a flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $212,900. Social Security tax = $  Medicare tax = $

Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
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Chapter2: Gross Income And Exclusions
Section: Chapter Questions
Problem 33P: During the 2019 tax year, Brian, a single taxpayer, received $ 7,400 in Social Security benefits....
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1:Bradley Banks' filing status is qualifying widower, and he has earned gross pay of $1,570. Each period he makes a 401(k) contribution of 6% of gross pay and makes a contribution of 2% of gross pay to a flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $212,900.

Social Security tax = $ 
Medicare tax = $ 

2:Kyle Struck's filing status is single, and he has earned gross pay of $2,400. Each period he makes a 403(b) contribution of 9% of gross pay; and makes a contribution of 1.5% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $199,500.

Social Security tax = $ 
Medicare tax = $ 

3:Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,820. Each period he makes a 401(k) contribution of 10% of gross pay and contributes $150 to a dependent care flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $92,500.

Social Security tax = $ 
Medicare tax = $ 

4:Lukas Douglas' filing status is married filing separately, and he has earned gross pay of $2,000. Each period he makes a 403(b) contribution of 12% of gross pay and contributes $75 to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $137,400.

Social Security tax = $ 
Medicare tax = $ 

 
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