Homework Answers
The amount of FICA taxes that was withheld from his earnings during 2019 by Umberger Company
OASDI : $ 74,700 X 6.2% = $ 4631.4
HI: 74,700 X 1.45% = $ 1083.15
Parker's self employment taxes on the income derived from the public accounting business for 2019
OASDI: $ 60,000 X 12.4% = $ 7,440
HI: $ 60,000 X 2.9% = $ 1,740
Note: Employers and employees must contribute 6.2% of employees compensation for a total of 12.4%. Those are self employed are liable for the full 12.4% for OASDI.
similarly HI tax rate is 1.45% for employees and employers. Those who are self-employed must pay both portion for total tax rate of 2.9%
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