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3 January, 12:00

Westway Company pays Suzie Chan $3,000 per week. Assume Social Security is 6.2% on $118,500 and 1.45% for Medicare.

a. By the end of week 52, how much did Westway deduct for Suzie's Social Security and Medicare for the year? (Round your answers to the nearest cent.)

Deductions

Social Security $

Medicare $

b. What state and federal unemployment taxes does Westway pay on Suzie's yearly salary? The state unemployment rate is 5.1% and the federal unemployment tax is 0.6% on the first $7,000.

Payment

State unemployment taxes $

Federal unemployment taxes $

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Answers (1)
  1. 3 January, 14:01
    0
    a.

    Social Security = $9672

    Medicare = $2262

    b.

    State Unemployment Tax = $7956

    Federal Unemployment Tax = $42

    Step-by-step explanation:

    a.

    Suzie's gross pay (before tax) by end of week 52 is:

    3000 * 52 = 156,000

    Social Security = 0.062 * 156,000 = $9672

    and

    Medicare = 0.0145 * 156,000 = $2262

    b.

    State unemployment tax is 5.1% on yearly salary (52 weeks).

    So

    State Unemployment Tax = 0.051 * 156,000 = $7956

    and

    Federal Unemployment Tax = 0.006 * 7000 = $42
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