1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
otez555 [7]
3 years ago
12

Mike Samson is a college football coach making a base salary of $646,800 a year ($53,900 per month). Employers are required to w

ithhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the FICA base amount is $128,400.
Requried:
a. Compute how much will be withheld during the year for Coach Samson's Social Security and Medicare. Through what month will Social Security be withheld?
b. What additional amount will the employer need to contribute?
Business
1 answer:
bazaltina [42]3 years ago
7 0

Answer:

Social Security Amount = $7,960.8

Medicare Amount = $9,378.6

Additional amount (FICA taxes) to contribute = $17,339.4

Explanation:

Given:

Base salary = $646,800.

Required to withhold = 6.2% Social Security tax

Medicare tax = 1.45%  

FICA base amount = $128,400.

Computation:

Social Security Amount = (FICA base amount)  × Social Security tax

Social Security Amount = $128,400 × 6.2%

Social Security Amount = $7,960.8

Medicare Amount = Base salary × Medicare tax

Medicare Amount = $646,800 × 1.45%

Medicare Amount = $9,378.6

Additional amount (FICA taxes) to contribute = $7,960.8 + $9,378.6

Additional amount (FICA taxes) to contribute = $17,339.4

You might be interested in
The "invisible hand"
Gala2k [10]
Not guarantee that resources will be allocated efficiently nor that there will be equality.
6 0
3 years ago
Adjusting Entries are:
LekaFEV [45]

Answer:

The answer is B.

Explanation:

Some business transactions are so huge or large to the extent that there might be omission or error in recording transactions when they occur.

Adjusting entries are done to update entries for previously unrecorded expenses or revenues. They are usually done at the end of the months.

Since accrual methods are the most preferred, they are done to make Financial statement achieve the objective of 'completeness'

6 0
2 years ago
Read 2 more answers
URGENT PLEASE HELP ILL GIVE BRAINLIEST TO FIRST ANSWER find how much you need to deposit each year to have $10,000 in 5 years at
rjkz [21]
Is the 3 % an annual rate or monthly rate? Whats the initial amount deposited?
Then I can better help answer your question.
3 0
2 years ago
Midwest Fabricators Inc. is considering an investment in equipment that will replace direct labor. The equipment has a cost of $
Ne4ueva [31]

Answer:

Average rate of return =  14 %

Explanation:

Average rate of return = Annual average return/ Average Investment

Average investment =( Initial investment + scrap value)/2

Average investment = 138,000 + 12,000/2 =75,000

Average annual return = Savings in cost - energy cost - depreciation

Depreciation = (initial cost - scrap value)/2= (138,000 - 12,000)/2= 12600

Average annual return = 29,780-6,680-12600= 10500

Average rate of return = 10,500/75,000 × 100= 14 %

Average rate of return =  14 %

6 0
3 years ago
If a price is too high to clear the market, that means
kipiarov [429]

Answer:

If a price is too high to clear the market, that means the quantity of supplies have exceeded the amount that is demanded.

Explanation:

Have a great summer :)

6 0
3 years ago
Read 2 more answers
Other questions:
  • On December​1, Mountain and Meadow Tree Service prepaid $6,600 for six​ months' rent. Give the adjusting entry to record rent ex
    10·1 answer
  • Below are a set of heights (in inches) and GPA scores for a sample of 6 students. Height, GPA 60, 4.0 55, 3.2 62, 3.7 55, 3.9 49
    14·1 answer
  • Anna is 88 years old and under the legal guardianship of her daughter. one day anna receives a telephone call from a health insu
    9·1 answer
  • On Jan. 2, Callie Taylor invests $40,000 into the business in exchange for common stock. She journalize the transaction as follo
    5·1 answer
  • Help me out with this question please ​
    5·1 answer
  • ournalize the entries to record the following: June 1 Established a petty cash fund of $200. 30 The amount of cash in the petty
    8·1 answer
  • a. Perform a Du Pont analysis on Green Valley. Assume that the industry average ratios are as follows: Total margin 3.5% Total a
    14·1 answer
  • Natal Technologies is developing a superior ultrasound machine for which it is required to invest $800,000. Based on the company
    8·1 answer
  • Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $48,400.
    10·1 answer
  • If subsidies for research and development on new technologies lead to an increase in the average productivity of labor, what wil
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!