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? $

Solutions

Expert Solution

	Rate	Ceiling Limit
OASDI	6.20%	118500
HI	1.45%	No limit

a
Amount paid till 9Th paycheck = 7500*9=			67,500
OASDI	465	(7500*6.2%)
HI	108.75	(7500*1.45%)

b
Amount paid till 17Th paycheck = 7500*17=			127500
OASDI	7347	(118500*6.2%)
HI	1718.25	(118500*1.45%)

c
Amount paid till 24Th paycheck = 7500*24=			180000
OASDI	7347	(118500*6.2%)
HI	2610	(180000*1.45%)

ekkarill92 answered 2 years ago

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