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. 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 subject to the two parts of the social security tax? a. OASDI taxable self-employment earnings $ b. HI taxable self-employment earnings $ c. OASDI self-employment tax $ d. HI self-employment tax $
Solutions
Expert Solution
| a | ||
| OASDI taxable self-employment earnings | 78200 | =127200-49000 |
| b | ||
| HI taxable self-employment earnings | 85000 | |
| c | ||
| OASDI self-employment tax | 9696.80 | =78200*6.2%*2 |
| d | ||
| HI self-employment tax | 2465.00 | =85000*1.45%*2 |
ekkarill92 answered 3 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.
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...
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
__________.
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 $
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...
For each of the following employees, calculate both the Social Security tax and the Medicare tax...
For each of the following employees, calculate both the
Social Security tax and the Medicare tax for the weekly pay period
described:
NOTE: For simplicity, all calculations throughout this exercise,
both intermediate and final, should be rounded to two decimal
places at each calculation.
1:Bradley Banks' filing status is qualifying widower, and he has
earned gross pay of $1,510. Each period he makes a 401(k)
contribution of 9% of gross pay and makes a contribution of 3% of
gross pay...
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
2015 Tax Rates Tax Rate Single Married Filing Jointly Ordinary Income Taxable Income over To Taxable...
2015 Tax Rates
Tax Rate
Single
Married Filing
Jointly
Ordinary Income
Taxable Income over
To
Taxable Income over
To
10%
$0
$9,225
$0
$18,450
15%
9,225
37,450
18,450
74,900
25%
37,450
90,750
74,900
151,200
28%
90,750
189,300
151,200
230,450
Instructions: Round your final answer and all
intermediate calculations to the nearest whole number.
Use the tax table to compute the taxes of someone who has a
spouse and three children, has income of $135,000, and takes the
standard deduction. The...
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?
#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%
PSc 2-5 Determine Hourly Regular and Overtime Wage Rates Determine both the regular and overtime wage...
PSc 2-5 Determine Hourly Regular and Overtime Wage Rates
Determine both the regular and overtime wage rates for each of
the following employees. All are paid an overtime wage rate 1.5
times their respective regular wage rates.
NOTE: For simplicity, all calculations throughout
this exercise, both intermediate and final, should be rounded to
two decimal places at each calculation.
1: Alice Rhoades earns a weekly wage of $1,200. During the most
recent week, she worked 48 hours.
Regular Wage Rate...
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