Question
In: Accounting
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
taxable wage: OASDI—4.2% on the first $110,100; HI—1.45% on all
taxable wages.
Refer to Instruction 3-1. Dee is paid $1,345 on November 8, 20--.
Dee had cumulative gross earnings, including overtime pay, of
$108,800 prior to this pay.
| a) | The amount of OASDI taxes to withhold from Dee's pay is __________. |
| b) | The amount of HI taxes to withhold from Dee's pay is __________. |
Solutions
Expert Solution
Total gross pay = 1345 + 108800 = $ 110145
Excess :- 110145 - 110100 = $ 45
The amount of OASDI taxes to withhold from Dee's pay is :- ( 1345 - 45 ) * 4.2 % = $ 54.60
The amount of HI taxes to withhold from Dee's pay is :- $ 1345 * 1.45 % = $ 19.5025
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
annual salary of $49,000. This year, she also realized net
self-employment earnings of $85,000 from a book she wrote. What
portion of her self-employment earnings is...
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...
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...
Based on the following table of the tax rates, what is the average tax rate for a firm with taxable income of $120,000?
Based on the following table of the tax rates, what is the
average tax rate for a firm with taxable income of $120,000?Taxable Income ($)Tax Rate0 – 50,00015%50,000 – 75,00025%75,000 – 100,00034%100,000 – 335,00039%39%20%34%25%None of the above
For all payroll calculations, use the following tax rates and round amounts to the nearest cent:...
For all payroll calculations, use the following tax rates and
round amounts to the nearest cent:
Employee:
OASDI:
6.2%
on first
$132,900
earned; Medicare:
1.45%
up to
$200,000,
2.35%
on earnings above
$200,000.
Employer:
OASDI:
6.2%
on first
$132,900
earned; Medicare:
1.45%;
FUTA:
0.6%
on first
$7,000
earned; SUTA:
5.4%
on first
$7,000
earned.
Robinson
works at College of
Boston
and is paid
$30
per hour for a 40-hour workweek and time-and-a-half for hours
above 40.
For all payroll calculations,...
The tax rates for a particular year are shown below: Taxable Income Tax Rate $0 –...
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
$122,513?
Assumptions: Use a flat corporate tax rate of 21% for all problems. Assume a tax rate...
Assumptions: Use a flat corporate tax rate of 21% for all
problems. Assume a tax rate of 15% for all dividends and capital
gains. Assume there is no Alternative Minimum Tax for these
problems. Assume that all entities are US domestic corporations,
taxed under Subchapter C of the IRC unless otherwise noted. the
internal revenue code.
Question: 35 Points
Bob, Hazel, John and Howard own the Hawke Corporation. During
2018 it had the following taxable income. Gross Receipts 200,000
Operating...
#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%
28.20%
The Social Security Administration increased the taxable wage base from $107,200 to $109,100. The 6.2% tax...
The Social Security Administration increased the taxable wage
base from $107,200 to $109,100. The 6.2% tax rate is unchanged. Joe
Burns earned over $120,000 each of the past two years. a. What is
the percent increase in the base? (Round your answer to the nearest
hundredth percent.) Percent increase % b. What is Joe’s increase in
Social Security tax for the new year? (Round your answer to the
nearest cent.) Increase in social security tax $
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
$398,350 - $400,000
115,586.25
35.0
29.0
Over $400,000
116,163.75
39.6...
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