uring 2018, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $7,700. Compute...

uring 2018, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $7,700. 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. 17th paycheck	$	$
c. 24th paycheck	$	$
d. If Rachael Parkin's year-to-date earnings as of her 24th paycheck are $184,800, and her year-end bonus is $100,000, how much is the additional 0.9% HI tax withheld?		$

Expert Solution

For 2018, the wage limit for Social Security tax is $128400
	OASDI	HI
a. 9th paycheck	477.40	111.65
b. 17th paycheck	322.40	111.65
c. 24th paycheck	0	111.65
d. Additional 0.9% HI tax withheld		763.20

Workings:
Regular deductions:
OASDI = 7700*6.2% = $477.40
HI = 7700*1.45% = $111.65

Cumulative earnings till 16th paycheck	123200	=7700*16
17th paycheck OASDI	322.40	=(128400-123200)*6.2%

The limit for additional HI tax is $200000
Additional 0.9% HI tax withheld	763.20	=(184800+100000-200000)*0.9%

ekkarill92 answered 2 years ago

During 2018, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $7,500. Compute...

During 2018, 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. 17th 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? $

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?

During 2018, Matti Conner, president of Maggert Company, was paid a semimonthly salary of $5,800. Compute...

During 2018, Matti Conner, president of Maggert Company, was paid a semimonthly salary of $5,800. Compute the amount of FICA taxes that should be withheld from her. Note that Matti files single on her tax return. If an amount is zero, enter "0". OASDI HI a. 9th paycheck $ $ b. 22nd paycheck $ $ c. 24th paycheck $ $ d. If Matti Conner's year-to-date earnings as of her 24th paycheck are $139,200 and her year-end bonus is $100,000. How...

During 2020, Juan Gonzalez, president of Acme Inc. was paid a semimonthly salary of $6,100. Computer...

During 2020, Juan Gonzalez, president of Acme Inc. was paid a semimonthly salary of $6,100. Computer the amount of FICA taxes that should be withheld from him. A. 9th paycheck B. 22nd paycheck C. 24th paycheck D. If Juan's year to date earnings as of his 24th paycheck are $146,400 and his year-end bonus is $100,00, how much is the additional HI tax withheld?

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 TaxEmployee and Employer OASDI: 6.20% $132,900 $8,239.80Employee* and Employer HI: 1.45%. No limit No maximumDuring 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 HIA. 9th paycheckB. 22nd paycheckC. 24th paycheckD. 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?

Pinnacle Plus declared and paid a cash dividend of $7,700 in the current year. Its comparative...

Pinnacle Plus declared and paid a cash dividend of $7,700 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information: Current Year Previous Year Income Statement Sales Revenue $ 165,000 $ 143,000 Cost of Goods Sold 74,000 70,000 Gross Profit 91,000 73,000 Operating Expenses 47,000 41,800 Interest Expense 5,100 5,100 Income before Income Tax Expense 38,900 26,100 Income Tax Expense (30%) 11,670 7,830 Net Income $ 27,230 $ 18,270 Balance Sheet Cash $...

Employees who are paid a salary:

Employees who are paid a salary:are never paid an overtime pay rate because they are considered management.are required to earn overtime if they work more than 50 hours in a week.may be paid overtime based on the results of the “salary level test”.must be paid every two weeks and earn extra paid time off related to the number of hours over 40 they work each week.

Pay period / 2018 allowance amount Weekly / $77.90 Biweekly / $155.80 Semimonthly / $168.80 Monthly...

Pay period / 2018 allowance amount Weekly / $77.90 Biweekly / $155.80 Semimonthly / $168.80 Monthly / $337.50 Quarterly / $1,012.50 Semiannually / $2,025.00 annually / $4,050.00 Easter bunny is married, and his pay is $2,000 per week. On his form W-4 easter claims married with one dependent child. Using the above table, calculate the following (Round answer to the nearest dollar) i.) Allowance amount: $ ii.) Withholding income: $

George Clausen (age 48) is employed by Kline Company and is paid a salary of $42,744....

George Clausen (age 48) is employed by Kline Company and is paid a salary of $42,744. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen: a. What is the maximum that he can contribute into this retirement fund? $ b. What would be the company's contribution? $ c. What would be his weekly take-home pay if he contributes the maximum allowed retirement contribution (married, 2 allowances,...

George Clausen (age 48) is employed by Kline Company and is paid an annual salary of...

George Clausen (age 48) is employed by Kline Company and is paid an annual salary of $42,640. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen: Round your answer to the nearest cent. a. What is the maximum that he can contribute into this retirement fund? $ b. What would be the company's contribution? $ Note: For items c. & d. below, round interim amounts to...

Question