Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. assume a tax rate of 6.2% on $142,800 for social s

Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare....

90.2K

Verified Solution

Question

Accounting

Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.)(Use Table 9.1).
Note: Do not round intermediate calculations and round your final answers to the nearest cent.
\table[[Employee,\table[[Marital],[status]],Gross pay,FIT,FICA,Net pay],[,\table[[,,,,,,,,,],[Pat Brown,S,$,,,$,161.20,$,37.70,]],,]]Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.)(Use:Table 911.
Note: Do not round intermediate calculations and round your final answers to the nearest cent.
\table[[\table[[Employee],[Pat Brown]],\table[[Marital],[status],[S]],Gross pay,FIT,FICA,Net pay],[,\table[[,Medicare,,,,,,,],[,,$,2,600,,$,161.20,$,37.70,]],]]See
2021 Percentage Method Tables
STANDARD Withholding Rate Schedules
(Use these if the box in Step 2 of Form W-4 is NOT checked)
TABLE 1-WEEKLY Payroll Period
\table[]
TABLE 2-BIWEEKLY Payroll Period
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students