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Is paid twice a month and had total gross earnings as of…

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is paid twice a month...
is paid twice a month and had total gross earnings as of 10/15 of $116,800. His gross earnings for the period ending 10/31 were $6,000.  If social security taxes are 6.2% on a maximum earnings of $122,700 per year and Medicare tax is 1.45% on all earnings, how much medicare tax will be paid by Michael and how much will be paid by his employer for the period ending 10/31?
Submitted: 7 months ago.Category: Social Security
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Answered in 1 minute by:
12/5/2017
Social Security Expert: taxmanrog, Certified Public Accountant (CPA) replied 7 months ago
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 1,137
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Customer reply replied 7 months ago
okay no problem I will wait
Social Security Expert: taxmanrog, Certified Public Accountant (CPA) replied 7 months ago

If he is paid twice a month, at $6,000 per paycheck, he has 5 checks left (1 left in October, 2 in November, and 2 in December) at $6,000 each is $30,000 of pay left.

If his earnings to 10/15 were $116,800, he will have full year earnings of $116,800+$30,000 = $146,800.

He pays 1.45% Medicare tax, and his employer matches it. So 1.45% x $146,800 = $2,128.60 of Medicare tax.

I hope that answers your question. If you have any more, please feel free to ask and I will be happy to answer.

Thanks! Have a great week!

Roger

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Customer reply replied 7 months ago
no this is no correct because I have just 87 for employer and24 and 87
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Category: Social Security
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