Omar, OASDI Example 1, has earnings to date of $19,880 and current wages of $621.25. To...
Omar, OASDI Example 1, has earnings to date of $19,880 and current wages of $621.25. To determine how much of his current earnings will be subject to OASDI, add earnings to date and current wages, $19,880 + $621.25 = $20,501.25. Does this amount exceed the OASDI cap of $132,900? No, it does not so all of Omar's current wages will be withheld on at the OASDI rate of 6.2% or $38.5175, rounded to two decimal places ($38.52).
? Tackle It
Note: Round to the nearest cent.
Tiger Woods has earned to date $68,600 and has current earnings of $3,773.00.
| Employee: Woods, Tiger | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings to Date: | $68,600.00 | ||||||||||||
| Current Earnings: | $3,773.00 | ||||||||||||
| OASDI Withholding: | $ | ||||||||||||
Homework Answers
| Employee: Woods, Tiger | ||
| Earnings to Date: | $68,600.00 | |
| Current Earnings: | $3,773.00 | |
| OASDI Withholding: | $233.93 | =3773*6.2% |
Add Answer to:
Omar, OASDI Example 1, has earnings to
date of $19,880 and current wages of $621.25. To...
Sydney, OASDI Example 2, has earnings to date of $131,500 and current wages of $4,000. To...
Sydney, OASDI Example 2, has earnings to date of $131,500 and current wages of $4,000. To determine how much of her current earnings will be subject to OASDI, add earnings to date and current wages, $131,500 + $4,000 = $135,500. Then subtract from this the OASDI cap, $135,500 - $132,900 = $2,600. This is amount that exceeds the OASDI cap and is not subject to tax. What should be taxed? Begin with current wages and subtract the excess amount, $4,000...
3-5-3 Sallie, OASDI Example 3, has earnings to date of $157,000 and current wages of $6,500....
3-5-3 Sallie, OASDI Example 3, has earnings to date of $157,000 and current wages of $6,500. To determine how much of his current earnings will be subject to OASDI, add earnings to date and current wages, $157,000 + $6,500 = $163,500. Does this amount exceed the OASDI cap of $132,900? Yes, it does. You can stop as none of her current earnings and earnings for the remainder of the year will not be subject to OASDI tax. ? Tackle It...
Understanding Hospital Insurance or HI The HI portion of the FICA tax is withheld on total...
Understanding Hospital Insurance or HI The HI portion of the FICA tax is withheld on total earnings without regard to a wage cap. The HI stands for "hospital insurance" which is actually a trust fund. The HI Trust Fund is used to pay part of inpatient hospital care, skilled nursing care and other services for eligible disabled and elderly people. For employees whose earnings exceed $200,000, employersa must withhold the Additional Medicare Tax as follows. Hospital Example has earnings to...
Example 3-2 Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI...
Example 3-2 Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI tax withheld from each employee's paycheck each week: $32.57 (6.2% × $525.25) Total tax withheld from the 100 employees' wages: $3,257.00 ($32.57 × 100) Tax on employer: $3,256.55 [6.2% × ($525.25 × 100)] HI Amount of HI tax withheld from each employee's paycheck each week: $7.62 (1.45% × $525.25) Total tax withheld from the 100 employees' wages is: $762.00 ($7.62 × 100) Tax on...
Example 3-2 Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI...
Example 3-2 Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI tax withheld from each employee's paycheck each week: $32.57 (6.2% × $525.25) Total tax withheld from the 100 employees' wages: $3,257.00 ($32.57 × 100) Tax on employer: $3,256.55 [6.2% × ($525.25 × 100)] HI Amount of HI tax withheld from each employee's paycheck each week: $7.62 (1.45% × $525.25) Total tax withheld from the 100 employees' wages is: $762.00 ($7.62 × 100) Tax on...
The form below shows the amounts that appear in the Earnings to Date column of the...
The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers in Unger Company. These amounts represent the cumulative earnings for each worker as of October 4, the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the next payday, October 11. In the state where Unger Company is located, the tax rates and bases are as...
The form below shows the amounts that appear in the Earnings to Date column of the...
The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers in Unger Company. These amounts represent the cumulative earnings for each worker as of October 4, the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the next payday, October 11. In the state where Unger Company is located, the tax rates and bases are as...
Requirements 1. Compute Stanton's gross pay and net pay for the week. Assume earnings to date...
Requirements 1. Compute Stanton's gross pay and net pay for the week. Assume earnings to date are $14,000 2. Journalize Frosty World's wages expense accrual for Stanton's work. An explanation is not required 3. Journalize the subsequent payment of wages to Stanton. Print Done More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employee: OASDI:...
The form below shows the amounts that appear in the Earnings to Date column of the...
The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full-time and part-time workers in Ranger Company. These amounts represent the cumulative earnings for each worker as of November 1, the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the next payday, November 8. In the state where Ranger Company is located, the tax rates and bases are as...
Example 3-1 Example 3-2 Wallington Company has 100 employees, each eaming $525.25 a week. $32.57 $3,257.00...
Example 3-1 Example 3-2 Wallington Company has 100 employees, each eaming $525.25 a week. $32.57 $3,257.00 (6.2% x $525.25) ($32.57 x 100) [6.2% ($525.25 x 100)] $3,256.55 OASDI Amount of OASDI tax withheld from each employee's paycheck each week: Total tax withheld from the 100 employees' wages: Tax on employer: НІ Amount of HI tax withheld from each employee's paycheck each week: Total tax withheld from the 100 employees' wages is: Tax on employer: $7.62 (1.45% x $525.25) $762.00 ($7.62...
Sydney, OASDI Example 2, has earnings to date of $131,500 and current wages of $4,000. To determine how much of her current earnings will be subject to OASDI, add earnings to date and current wages, $131,500 + $4,000 = $135,500. Then subtract from this the OASDI cap, $135,500 - $132,900 = $2,600. This is amount that exceeds the OASDI cap and is not subject to tax. What should be taxed? Begin with current wages and subtract the excess amount, $4,000...
Understanding Hospital Insurance or HI The HI portion of the FICA tax is withheld on total earnings without regard to a wage cap. The HI stands for "hospital insurance" which is actually a trust fund. The HI Trust Fund is used to pay part of inpatient hospital care, skilled nursing care and other services for eligible disabled and elderly people. For employees whose earnings exceed $200,000, employersa must withhold the Additional Medicare Tax as follows. Hospital Example has earnings to...
Requirements 1. Compute Stanton's gross pay and net pay for the week. Assume earnings to date are $14,000 2. Journalize Frosty World's wages expense accrual for Stanton's work. An explanation is not required 3. Journalize the subsequent payment of wages to Stanton. Print Done More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employee: OASDI:...
The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full-time and part-time workers in Ranger Company. These amounts represent the cumulative earnings for each worker as of November 1, the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the next payday, November 8. In the state where Ranger Company is located, the tax rates and bases are as...
Example 3-1 Example 3-2 Wallington Company has 100 employees, each eaming $525.25 a week. $32.57 $3,257.00 (6.2% x $525.25) ($32.57 x 100) [6.2% ($525.25 x 100)] $3,256.55 OASDI Amount of OASDI tax withheld from each employee's paycheck each week: Total tax withheld from the 100 employees' wages: Tax on employer: НІ Amount of HI tax withheld from each employee's paycheck each week: Total tax withheld from the 100 employees' wages is: Tax on employer: $7.62 (1.45% x $525.25) $762.00 ($7.62...
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