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 3 years ago

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