Question
In: Accounting
Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI—6.2% both on $127,200;...
Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI—6.2% both on $127,200; HI—1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9% on wages in excess of $200,000 was not applicable.
During 2018, Amanda Hines, president of Dunne, Inc., was paid a semimonthly salary of $7,100. Determine the following amounts. Round your answers to the nearest cent. If your answer is zero, enter "0".
OASDI HI
a. The amount of FICA taxes to withhold from her 9th pay
is $
$
b. The amount of FICA taxes to withhold from her 18th pay
is $
$
c. The amount of FICA taxes to withhold from her 24th pay
is $
$
Solutions
Expert Solution
| a | ||
| The amount of FICA taxes to withhold from her 9th pay is: | ||
| OASDI | 440.20 | =7100*6.2% |
| HI | 102.95 | =7100*1.45% |
| b | ||
| Cumulative pay till 17th | 120700 | =7100*17 |
| The amount of FICA taxes to withhold from her 18th pay is: | ||
| OASDI | 403.00 | =(127200-120700)*6.2% |
| HI | 102.95 | =7100*1.45% |
| c | ||
| The amount of FICA taxes to withhold from her 24th pay is : | ||
| OASDI | 0 | |
| HI | 102.95 | =7100*1.45% |
ekkarill92 answered 2 years agoRelated Solutions
Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI—6.2% both on $127,200;...
Use the following tax rates and taxable wage bases: Employees'
and Employer's OASDI—6.2% both on $127,200; HI—1.45% for employees
and employers on the total wages paid. Employees' Supplemental HI
of 0.9% on wages in excess of $200,000 was not applicable. Karlie
Hastings is a writer (employee) for the Santa Fe Gazette and has an
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In all of the following problems, use these tax rates and taxable wage: OASDI—4.2% on the...
In all of the following problems, use these tax rates and
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Refer to Instruction 3-1. Dee is paid $1,345 on November 8, 20--.
Dee had cumulative gross earnings, including overtime pay, of
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a)
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__________.
b)
The amount of HI taxes to withhold from Dee's pay is
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The Social Security Administration increased the taxable wage base from $107,200 to $109,100. The 6.2% tax...
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Problem Information Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20%...
Problem
Information
Use the following tax rates, ceiling and maximum
taxes:
Employee and Employer OASDI:
6.20%
$127,200
$7,886.40
Employee* and Employer HI:
1.45%
No limit
No maximum
Self-employed OASDI:
12.4%
$127,200
$15,772.80
Self-employed HI:
2.9%
No limit
No maximum
*Employee HI: Plus an
additional 0.9% on wages over $200,000. Also applicable to
self-employed.
Rounding Rules: Unless
instructed otherwise compute hourly rate and overtime rates as
follows:
Carry the hourly rate and the overtime rate to 3 decimal places
and then...
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For each of the following employees, calculate both the
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1:Bradley Banks' filing status is qualifying widower, and he has
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Based on the following table of the tax rates, what is the average tax rate for a firm with taxable income of $120,000?
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The tax rates for a particular year are shown below:
Taxable Income
Tax Rate
$0 – 50,000
15
%
50,001 – 75,000
25
%
75,001 – 100,000
34
%
100,001 – 335,000
39
%
What is the average tax rate for a firm with taxable income of
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#eight The tax rates for a particular year are shown below: Taxable Income Tax Rate $0...
#eight
The tax rates for a particular year are shown below:
Taxable
Income
Tax Rate
$0
– 50,000
15
%
50,001 –
75,000
25
%
75,001 –
100,000
34
%
100,001 –
335,000
39
%
What is the average tax rate for a firm with taxable income of
$126,013?
20.00%
39.00%
25.71%
36.61%
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PSc 2-5 Determine Hourly Regular and Overtime Wage Rates Determine both the regular and overtime wage...
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Determine both the regular and overtime wage rates for each of
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NOTE: For simplicity, all calculations throughout
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2013 Individual Tax Rates Single Individuals If a Corporation's Taxable Income Is It Pays This Amount...
2013 Individual Tax Rates
Single Individuals
If a Corporation's Taxable Income Is
It Pays This
Amount on the
Base of the Bracket
Plus This Percentage
on the Excess over the
Base (Marginal Rate)
Average Tax
Rate at
Top of Bracket
Up to $8,925
$0
10.0%
10.0%
$8,925 - $36,250
892.50
15.0
13.8
$36,250 - $87,850
4,991.25
25.0
20.4
$87,850 - $183,250
17,891.25
28.0
24.3
$183,250 - $398,350
44,603.25
33.0
29.0
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115,586.25
35.0
29.0
Over $400,000
116,163.75
39.6...
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