Question

In: Accounting

During 20--, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $7,500. Compute...

During 20--, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $7,500. Compute the amount of FICA taxes that should be withheld from her. If an amount is zero, enter "0".

OASDI HI
a. 9th paycheck $ $
b. 18th paycheck $ $
c. 24th paycheck $ $
d. If Rachael Parkin's year-to-date earnings as of her 24th paycheck
     are $180,000, and her year-end bonus is $100,000, how much is
     the additional 0.9% HI tax withheld?

Solutions

Expert Solution

Solution:-

OASDI HI
a. 9th paycheck $ 465.00 $ 108.75
b. 18th paycheck $ 446.40 $ 108.75
c. 24th paycheck 0 $ 108.75
d.  If Rachael Parkin's year-to-date earnings as of her 24th paycheck are $180,000, and her year-end bonus is $100,000, how much is the additional 0.9% HI tax withheld? $ 720.00

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