Calculation of Social Security Tax and Marginal, Average and Effective Tax Rates on Social Security Taxes (LO. 1) Rory earns $70,000 per year as a college professor. Latesia is a marketing executive with a salary of $140,000. With respect to the Social Security tax (OASDI: 6.2%; MHI: 1.45%) calculate the following:
(Hint: OASDI 6.2% tax is only on max of $128,400 for the year.)
When required, round the total taxes to two decimal places.
a.
Rory's total FICA taxes: $
Latesia's total FICA taxes: $
Rounding instructions for parts (b), (c), and (d) : When required, round the tax rates to two decimal places.
b.
Rory's marginal tax rate: %
Latesia's marginal tax rate: %
c.
Rory's average tax rate: %
Latesia's average tax rate: %
d.
Rory's effective tax rate: %
Latesia's effective tax rate: %
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Calculation of Social Security Tax and Marginal, Average and Effective Tax Rates on Social Security Taxes (LO. 1) Rory earns $70,000 per ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Why is it considered bad manners to leave the Subject field blank? A. If there is no subject, recipients cannot use the Reply All feature to respond to the e-mail. B. If there is no subject, the e-mail cannot be sent to more than one recipient. C.
Answers (1)
Donny owns and leases a coal mine to brian. the lease agreement states that brian will pay donny $4 per ton royalty on coal mined.
Answers (1)
Wanda is considering selling two personal use assets that she owns. One has appreciated in value by $20,000, and the other has declined in value by $17,000.
Answers (1)
Recently, a home delivery shaving company, "Harry's Razors" claimed it can sell higher quality razors at a lower price because it owned the factory that makes the razors. What conditions must hold for this assertion to be true?
Answers (1)
Mervon Company has two operating departments: mixing and bottling. Mixing occupies 25,920 square feet. Bottling occupies 17,280 square feet. Indirect factory costs include maintenance costs of $238,000.
Answers (1)
New Questions in Business
The most significant signs of a well-managed company are a. the eagerness with which executives set stretch financial and strategic objectives and develop an ambitious strategic vision. b.
Answers (1)
At the beginning of the book called restart, where does Chase wake up? a At home b At school c On the bus d In the hospital
Answers (1)
If a firm belives tht some of its debtors may default and it should act on this by making sure tht all possible losses are recorded in the books this is an example of which concept
Answers (1)
Crystal, Inc. is a merchandiser of stone ornaments. The company sold 8,000 units during the year. The company has provided the following information:Sales Revenue $593,000Purchases (excluding Freight In) 304,000Selling and Administrative Expenses
Answers (1)
When does a conflict of interest occur?
Answers (1)