OASDI for self employment
74700.00 wages
60,000.00 self employment
wage base is 132900.
The FICA tax considered of social security Tax i.e OASDI and medicare tax i.e HI
The OASDI contribution is deducted from employees salary @ 6.2% and same amount of contribution is added by employer @6.2% By employer
The HI contribution is 1.45% which is contibuted by both employee and employer
(A) FICA taxes that are withheld from geroge earnings
THE TOTAL PAYABLE SALARY AFTER DEDUCTION OF GEORGE WAS 74700 , SO WE WILL COMPUTE BEFOR DEDUCTION SALARY OF GEROGE
=74700*100/(100-6.2-1.45)
=$ 80888
OASDI = 80888*6.2%=5015
HI = 80888*1.45%=1173
Total FICA tax withheld =5015+1173=6188
(b) Parkers self employement tax on income derived will
OASDI =60000*12.4%
=$7440
HI =60000*2.9%
=$ 1740
as self employed person has to contribute OASDI @12.4% and HI @2.9%
so half of (OASDI+HI) will be shown in income statment of geroge business income (i.e 9180/2=$4590)
so self emplyoment tax on income derived on geroge will be $4590
OASDI for self employment 74700.00 wages 60,000.00 self employment wage base is 132900. 3-8B.LO 3 See...
Example 3-5 George Talbot receives wages amounting to $106,700. His net earnings from self-employment amount to $28,600. Talbot must count $26,200 of his earnings in determining taxable self-employment income for OASDI taxes. OASDI Taxable Wage Base Wages Received OASDI Taxable Self-Employment Income $132,900 $106,700 $26,200 Ralph Henwood was paid a salary of $77,800 during 20-- by Odesto Company. In addition, during the year Henwood started his own business as a public accountant and reported a net business income of $66,000...
U S W are all paid $1,050 per week. Compute the total FICA taxes that the employer would withhold from the five employees each week and the amount the employees each week and the amount the company would pay as its own liability for the employer's share of the FICA taxes on the weekly wages of the five employees Employees' total OASDI.... Employees' total HI.... Employer's total OASDI Employer's total Hl.... 3-8BLO 3 See Example 3-5 on page 3-13 ME...
Ralph Henwood was paid a salary of $76,400 during 20-- by Odesto Company. In addition, during the year Henwood started his own business as a public accountant and reported a net business income of $67,500 on his income tax return for 20--. Compute the following: a. The amount of FICA taxes that was withheld from his earnings during 20-- by Odesto Company. OASDI _________ HI $ __________ b. Henwood's self-employment taxes on the income derived from the public accounting business...
the oasdi is not 7440. how do i calculate pboard Font PATES AVAILABLE Updates for Office are ready to be installed, but first we need to close some X for C B lame: D E F G H I Enter the appropriate numbers/formulas in the shaded (gray) cells. An asterisk (*) will appe o the night of an incorrect answer 3-8B Salary (a) The amount of FICA taxes that was withheld from his earnings paid by Umberger Company $ 74,700...
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3. The self-employed OASDI tax rate for 2019 is ____ in decimal format or ____%. 4 The self-employed HI tax rate for 2019 is ____ in decimal format or ____%. 5. Self-employment income _____ subject to a supplemental HI tax of ____% for earned income in excess of $____ for individuals whose filing status is Single. 6. True or False: If the individual is also an employee of another company, the wages received will not reduce the amount of self-employment...
QUESTION 1 What is the OASDI to be withheld from this employee for the 9th paycheck? QUESTION What is the HI to be withheld from ths employee for the 9th paycheck? QUESTION What is the OASDI to be withheld from this employee for the 22nd paycheck? QUESTION 4 What is the HI to be withheld from this employee for the 22nd paycheck QUESTION 5 What is the OASDI to be withheld from this employee for the 24th paycheck? QUESTION 6...
Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $132,900 $8,239.80 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $132,900 $16,479.60 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 round off...
Example 3-1 During 20--, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $7,600. 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 $182,400, and her year-end bonus is $100,000, how much is the additional 0.9% HI tax...
4-5A . LO 3 See Figure 1.9 on page 1-24, Example 4-3 on page 4-17 The names of the employees of Hogan Thrift Shop are listed on the following payroll register. Employees are paid weekly. The marital status and the number of allowances claimed are shown on the payroll register, along with each employee's weekly salary, which has remained the same all year. Complete the payroll register for the payroll period ending December 20, 20-, the 51st weekly payday. The...