Use the 2012 FICA tax rates, shown below, to answer the following question. If you are not self-employed and earn $118,000, what are your FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 5.65% on first $110,000 7.65% on first $110,000 paid in of income 13.3% on first $110,000 of net profits wages 1.45% of income in excess of $110,000 1.45% of wages paid in excess of 2.9% of net profits in excess $110,000 of $110,000 FICA taxes are

Use the 2012 FICA tax rates, shown below, to answer the following question. If you are not self-employed and earn $118,000, what are your FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 5.65% on first $110,000 7.65% on first $110,000 paid in of income 13.3% on first $110,000 of net profits wages 1.45% of income in excess of $110,000 1.45% of wages paid in excess of 2.9% of net profits in excess $110,000 of $110,000 FICA taxes are

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter14: Planning For Retirement

Section: Chapter Questions

Problem 4FPE

See similar textbooks

Similar questions

Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $133,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer 7.65% on first $118,500 paid in wages Self-Employed Rates 15.3% on first $118,500 of net profits Employee's Rates 7.65% on first $118,500 of income 1.45% of income in excess of $118,500 1.45% of wages paid in excess of $118,500 2.9% of net profits in excess of $118,500 FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.)
Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $137,000, what are the taxpayer's FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $118,500 of income 1.45% of income in excess of $118,500 7.65% on first $118,500 paid in wages 1.45% of wages paid in excess of $118,500 15.3% on first $118,500 of net profits 2.9% of net profits in excess of $118,500 FICA taxes are ?$
Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $132,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer Employee's Rates 7.65% on first $118,500 of 7.65% on first $118,500 paid income in wages 1.45% of income in excess of $118,500 1.45% of wages paid in excess of $118,500 Self-Employed Rates 15.3% on first $118,500 of net profits 2.9% of net profits in excess of $118,500 FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.)
Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not self-employed and earns $128,000, what are the taxpayer's FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $142,800 of 7.65% on first $142,800 paid 15.3% on first $142,800 of net income profits in wages 1.45% of income in excess of $142,800 1.45% of wages paid in excess of $142,800 2.9% of net profits in excess of $142,800 The taxpayer's FICA taxes are $ (Round to the nearest cent as needed.)
Assuming a FICA tax rate of 7.65% on the first $142800 in wages, 1.45% on amounts in excess of $142800, and a federal income tax rate of 10% on all wages, what would be an employee's net pay for the year if he earned $199100 for the year? $168534 $178373 $168717 $167449
er ork Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is self-employed and earns $165,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer Employee's Rates 7.65% on first $118,500 of 7.65% on first $118,500 paid income in wages 1.45% of income in excess 1.45% of wages paid in of $118,500 excess of $118,500 Self-Employed Rates 15.3% on first $118,500 of net profits 2.9% of net profits in excess of $118,500 The FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.) < Ques
Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not self-employed and earns $149,000, what are the taxpayer's FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $142,800 of 7.65% on first $142,800 paid 15.3% on first $142,800 of net income in wages 1.45% of income in excess 1.45% of wages paid in of $142,800 excess of $142,800 profits 2.9% of net profits in excess of $142,800 + The taxpayer's FICA taxes are $ (Round to the nearest cent as needed.)
22 On a recent paycheck, the employee's taxes were as follows: Federal withholding, $31; Social Security tax, $41.20; Medicare, $11.93; and state income tax, $14.25. What is the employer's share for these taxes? Multiple Choice $53.13 $67.38 $98.38 $45.25
Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not self-employed and earns $159,000, what are the taxpayer's FICA taxes? Employee's Rates Matching Rates Paid by the Employer 7.65% on first $142,800 of 7.65% on first $142,800 paid income in wages 1.45% of income in excess 1.45% of wages paid in of $142,800 excess of $142,800 Self-Employed Rates 15.3% on first $142,800 of net profits 2.9% of net profits in excess of $142,800 The taxpayer's FICA taxes are $ (Round to the nearest cent as needed.) E
Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is self-employed and earns $156,000, what are the taxpayer's FICA taxes? Employee's Rates 7.65% on first $142,800 of income 1.45% of income in excess of $142,800 Matching Rates Paid by the Employer 7.65% on first $142,800 paid in wages 1.45% of wages paid in excess of $142,800 Self-Employed Rates 15.3% on first $142,800 of net profits 2.9% of net profits, in excess of $142,800 The FICA taxes are $ (Round to the nearest cent as needed.)
Use the following tax rates, ceiling and maximum taxes to solve the problem below Employee and Employer OASDI: 6.20% $127,200 $7,886.40 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $127,200 $15,772.80 Self-employed HI: 2.9% No limit No maximum *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. 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 decimals 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…
Assume the FUTA tax rate is 0.6% and the SUTA tax rateis 5.4%. Both taxes are applied to the first $7,000 of anemployee’s pay. What is the total unemployment tax anemployer must pay on an employee’s annual wages of$40,000? a. $2,400 b. $420 c. $42 d. $378 e. $0; employee’s wages exceed the $7,000 maximum.