Answered Essay: PLEASE SHOW CALCULATIONS. That's the only information given

PLEASE SHOW CALCULATIONS. That’s the only information given

Bob works for Seymour Engines, which pays employees on a semi-monthly basis. Bob’s annual salary is $120,000. Calculate the following: (Round ”Employer Share Medicare Tax” to the nearest cent.

 

Pay Date Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax
November 15 $5,000
December 31 $5,000

Expert Answer

 

Now as year is not mentioned I will calculate for 2014, 2015 and 2016.
2016
Pay Date Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages M Employer Share Social Security Tax S*6.2% Employer Share Medicare Tax (M*1.45%)
15-Nov 100000 5000 5000 310 72.5
31-Dec 115000 3500 5000 217 72.5
For 2016 the amount for earnings taxable for social security is $118500. Hence for Dec 31 the
socaila security taxable wages will be (118500-115000)=$3500, no effect on November salary
Note for 2015 and 2016 it is same as the limit is $118500
2014
Pay Date Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages M Employer Share Social Security Tax S*6.2% Employer Share Medicare Tax (M*1.45%)
15-Nov 100000 5000 5000 310 72.5
31-Dec 115000 2000 5000 124 72.5
For 2014 the amount for earnings taxable for social security is $117000. Hence for Dec 31 the
socaila security taxable wages will be (117000-115000)=$2000, no effect on November salary
Total salary per year $120,000
Prior YTD Earnings
So till 15 Nov salary would be 100000
(So till 15 Nov prior year to date earnings would be the earnings as of Oct 30) (20 semimintky payments*5000)
Till Dec 31 prior to year earnings will be till 15 Decemeber hence 23 *5000 115000
If any doubt please comment. If satisfied you can rate the answer.
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