During 20--, Matti Conner, president of Acme Inc. was paid a semimonthly salary of $6,100. Computer the amount of FICA taxes that should be withheld from her.

Rate Wage BaseMaximum Tax

Employee and Employer OASDI: 6.20% $132,900 $8,239.80

Employee* and Employer HI: 1.45%. No limit No maximum

During 20--, Matti Conner, president of Acme Inc. was paid a semimonthly salary of $6,100. Computer the amount of FICA taxes that should be withheld from her.
OASDI HI
A. 9th paycheck
B. 22nd paycheck
C. 24th paycheck
D. If Maria's year to date earnings as of her 24th paycheck are $146,400 and her year-end bonus is $100,00, how much is the additional HI tax withheld?

Expert Solution

	OASDI	HI
A. 9th paycheck	378.20	88.45
B. 22nd paycheck	297.60	88.45
C. 24th paycheck	0	88.45
D. Additional HI tax withheld		417.60

Workings:
9th paycheck OASDI	378.20

Cumulative pay 21st paycheck	128100	=6100*21
Taxable earnings OASDI 22nd paycheck	4800	=132900-128100
22nd paycheck OASDI	297.60	=4800*6.2%

HI	88.45	=6100*1.45%

Additional HI tax is payable for wages above $200000
Additional HI tax withheld	417.60	=(146400+100000-200000)*0.9%

ekkarill92 answered 2 years ago

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