Suppose a college football coach makes a base salary of $2,400,000 a year ($200,000 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the Social Security maximum base amount is $128,400, how much will be withheld during the year for the coach's Social Security and Medicare taxes?
a. $34,800.
b. $41,422.
c. $183,600.
d. None of these amounts is correct
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Suppose a college football coach makes a base salary of $2,400,000 a year ($200,000 per month). Employers are required to withhold a 6.2% ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
In a two-country, two-product world, the statement "Germany enjoys a comparative advantage over France in autos relative to ships" is equivalent to: A. France having a comparative disadvantage compared to Germany in autos and ships. B.
Answers (2)
If the economy is normal, Charleston Freight stock is expected to return 14.3 percent. If the economy falls into a recession, the stock's return is projected at a negative 8.7 percent. The probability of a normal economy is 80 percent.
Answers (1)
When a bank has excess reserves, it can choose to turn its reserves into loans for consumers and businesses. Generally speaking, when banks increase the number of loans available, interest rates will
Answers (1)
Ulmer Company is considering the following alternative financing plans: Plan 1 Plan 2 Issue 8% bonds at face value $2,000,000 $1,000,000 Issue preferred stock, $15 par - 1,500,000 Issue common stock, $10 par 2,000,000 1,500,000 Income tax is
Answers (1)
Ashley's Coffee Shop makes a blend that is a mixture of two types of coffee. Type A coffee costs Ashley $4.30 per pound, and type B coffee costs $5.90 per pound. This month, Ashley made 142 pounds of the blend, for a total cost of $749.80.
Answers (1)
New Questions in Business
Name and describe the four basic types of fees and cost a franchise owner must pay
Answers (1)
What is the difference between capital gain and capital loss?
Answers (1)
g The Council of Economic Advisors to the President of a country reported gross investment expenditure at $400,000 during a particular year.
Answers (1)
What are the order of in which management can take legal action against a employee
Answers (1)
What best describes an entrepreneur? a. Someone who initiates and assumes the financial risk of a new business enterprise. b. A person who knows how to evaluate which stocks to purchase. c. Someone who can expertly manage other people's investments.
Answers (1)