If Rachael Parkin's year-to-date earnings as of her 24th paycheck are $163,200, and her year-end bonus...
If Rachael Parkin's year-to-date earnings as of her 24th paycheck are $163,200, and her year-end bonus is $100,000, how much is the additional 0.9% HI tax withheld?
I need help with answering this question,
Homework Answers
The Additional Medicare Tax rate of 0.9% is applicable if the wages is more than a threshold amount. The threshold amount for single filers is $200,000.
Rachael Parkin's total earnings ($163,200 + $100,000)= $263,200
The Additional Medicare Tax ($263,200 * 0.9%) = $2,368.8
Add Answer to:
If Rachael Parkin's year-to-date earnings as of her 24th
paycheck are $163,200, and her year-end bonus...
During 2018, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $7,900. Compute...
During 2018, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $7,900. Compute the amount of FICA taxes that should be withheld from her OASDI HI a. 9th paycheck " जी b. 17th paycheck c. 24th paycheck d. If Rachael Parkin's year-to-date earnings as of her 24th paycheck are $189,600, and her year-end bonus is $100,000, how much is the additional 0.9% HI tax withheld? "
Example 3-1 During 20--, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of...
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...
QUESTION 1 What is the OASDI to be withheld from this employee for the 9th paycheck?...
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...
Payroll problem A-D thanks (: 2. If the third decimal place is 5 or more, round...
Payroll problem
A-D thanks (:
2. If the third decimal place is 5 or more, round 0 3. If the third dedmal place is less than 5, simply drop the third decimal place. Examples: Monthly rate $1,827 Weekly rate ($1,827 x 12V/52 = $421.615 rounded to $421.62 Hourly rate $421.62/40 = $10.540 rounded to $10.54 O.T. rate $10.54 x 1.5 = $15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow Employee HD...
Need help solving this one! Damerly Company (a Utah employer) wants to give a holiday bonus...
Need help solving this one!
Damerly Company (a Utah employer) wants to give a holiday bonus check of $175 to each employee. Since it wants the check amount to be $175, it will need to gross-up the amount of the bonus. Calculate the withholding taxes and the gross amount of the bonus to be made to John Rolen if his cumulative earnings for the year are $46,910. Besides being subject to social security taxes and federal income tax (supplemental rate),...
Taylor hopes to earn a $10,000 bonus at year-end. Her expected tax rates are as follows:...
Taylor hopes to earn a $10,000 bonus at year-end. Her expected tax rates are as follows: average tax rate—19%, effective rate—17% and marginal tax rate—22%. Ignoring state and payroll taxes, she will have the following funds available from the bonus to use for a trip to Europe A. $10,000 B. $8,300 C. $8,100 D. $7,800 E. Some other amount Just one question about this one, why is the correct answer is D, using marginal rate, not the average rate, since...
QUESTION 11 Dan just received a $2.000 end-of-year bonus from his employer. If he pays a...
QUESTION 11 Dan just received a $2.000 end-of-year bonus from his employer. If he pays a 25 percent marginal tax rate for federal income taxes, his state income tax is 5 percent, and the Social Security tax rate is 7.65 percent, approximately how much of the $2,000 bonus will Dan have left to spend on holiday gifts? a. $2,000 b. 51,400 OC 51,247 O d. 5753 QUESTION 12 Grandmother Smith has just put $12,000 into an investment earning 6 percent...
We were unable to transcribe this imagethe bonus. FICAta Whitney authorized Fund contribution of $30 per...
We were unable to transcribe this imagethe bonus. FICAta Whitney authorized Fund contribution of $30 per month i Requirements Requirement 1. nearest dollar amounts t Begin by computing Gross pay 1. Compute Whitney's gross pay, payroll deductions, and net pay for the full year 2018. Round all amounts to the nearest dollar 2. Compute United's total 2018 payroll tax expense for Whitney 3. Make the journal entry to record United's expense for Whitney's total earnings for the year, his payroll...
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...
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...
During 2018, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $7,900. Compute the amount of FICA taxes that should be withheld from her OASDI HI a. 9th paycheck " जी b. 17th paycheck c. 24th paycheck d. If Rachael Parkin's year-to-date earnings as of her 24th paycheck are $189,600, and her year-end bonus is $100,000, how much is the additional 0.9% HI tax withheld? "
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...
Payroll problem
A-D thanks (:
2. If the third decimal place is 5 or more, round 0 3. If the third dedmal place is less than 5, simply drop the third decimal place. Examples: Monthly rate $1,827 Weekly rate ($1,827 x 12V/52 = $421.615 rounded to $421.62 Hourly rate $421.62/40 = $10.540 rounded to $10.54 O.T. rate $10.54 x 1.5 = $15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow Employee HD...
Need help solving this one!
Damerly Company (a Utah employer) wants to give a holiday bonus check of $175 to each employee. Since it wants the check amount to be $175, it will need to gross-up the amount of the bonus. Calculate the withholding taxes and the gross amount of the bonus to be made to John Rolen if his cumulative earnings for the year are $46,910. Besides being subject to social security taxes and federal income tax (supplemental rate),...
QUESTION 11 Dan just received a $2.000 end-of-year bonus from his employer. If he pays a 25 percent marginal tax rate for federal income taxes, his state income tax is 5 percent, and the Social Security tax rate is 7.65 percent, approximately how much of the $2,000 bonus will Dan have left to spend on holiday gifts? a. $2,000 b. 51,400 OC 51,247 O d. 5753 QUESTION 12 Grandmother Smith has just put $12,000 into an investment earning 6 percent...
We were unable to transcribe this imagethe bonus. FICAta Whitney authorized Fund contribution of $30 per month i Requirements Requirement 1. nearest dollar amounts t Begin by computing Gross pay 1. Compute Whitney's gross pay, payroll deductions, and net pay for the full year 2018. Round all amounts to the nearest dollar 2. Compute United's total 2018 payroll tax expense for Whitney 3. Make the journal entry to record United's expense for Whitney's total earnings for the year, his payroll...
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...
Most questions answered within 3 hours.
-
a
dairy farmer notices that a citcular water trough near the barn has
become rusty with...
asked 6 minutes ago -
In a study of the accuracy of fast food drive-through orders,
Restaurant A had 283 accurate...
asked 8 minutes ago -
A share of common stock has just paid a dividend of $2.50. If
the expected long-run...
asked 18 minutes ago -
1. List all actors whose last names start
with letter "K"? The output needs to include the actor's...
asked 20 minutes ago -
1.The New England Merchants Bank Building in Boston is 152 m
high. On windy days it...
asked 23 minutes ago -
Can someone explain this code with comments I am supposed to dispay an array an add...
asked 38 minutes ago -
MKT2283 Sales Management Week 2 Assignment
Making Sales Management Decisions – Pronto Retail
Centers
Sales Management,...
asked 44 minutes ago -
Uranium is distributed in a form called yellow cake, which is
made from uranium ore. In...
asked 55 minutes ago -
Python:
Write a func that will create a list of random numbers. The
function will take...
asked 59 minutes ago -
Which of the following statements below is correct? There might
be more than one correct answer....
asked 1 hour ago -
You find that the annual standard deviation of a stock's returns
is equal to 35%. For...
asked 1 hour ago -
A 2,000 kg car is traveling at 20.0 m/s down a long mountain
grade of 1.00%....
asked 1 hour ago