Question

Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, use the following rates, celling, and maximum taxes. Employee and Employer OASDI: 6.20% $128,400 $7,960.80 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $128,400 $15,921.60 Self-employed HI: 2.9% No limit No maximum 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the over- time rate) 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, simply drop the third decimal place. Examples: Monthly rate $1,827 Weekly rate ($1,827 x 12y52 - $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 HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed.

Answer 1

Particulars Castro, Many Corels, pat Guiter, Joseph Moore, Connel Morrison, Harry Robertson, Catherina Swarez, Joseph Total Wages Calculation Sheet.(Employee's) Bi Weekly Annual Salary OASDI OASDI OASDI Tax Hi Taxable Hi Tax Salary Threshold Taxable Threshold Wages Limite Wages Limite B=1*26 C D=(B=>C,B,C) (E=D* %)F GEB (H=G*1.45%) $ 1,000.00 $ 26,000.00 $ 128,400.00 $ 26,000.00 $ 1,612.00 No Limit $ 26,000.00 $ 377.00 $ 968.00 $ 25,168.00 $ 128,400.00 $ 25,168.00 $ 1,560.42 No Limit $ 25,168.00 $ 364.94 $ 1,004.00 $ 26,104.00 $ 128,400.00 $ 26,104.00 $ 1,618.45 No Limit $ 26,104.00 $ 378.51 $ 1,046.00 $ 27,196.00 $ 128,400.00 $ 27,196.00 $ 1,686.15 No Limit $ 27,196.00 $ 394.34 $ 1,200.00 $ 31,200.00 $ 128,400.00 $ 31,200.00 $ 1,934.40 No Limit $ 31,200.00 $ 452.40 $ 1,044.00 $ 27,144.00 $ 128,400.00 $ 27,144.00 $ 1,682.93 No Limit $ 27,144.00 $ 393.59 $ 1,122.00 $ 29,172.00 $ 128,400.00 $ 29,172.00 $ 1,808.66 No Limit $ 29,172.00 $ 422.99 $191,984.00 $ 11,903.01 $191,984.00 $ 2,783.77 $191,984.00 $ 11,903.01 Employer's OASDI Taxable Wages OASDI Tax Employer's Hi Taxable Wages Hi Tax $191,984.00 $ 2,783.77

Notes

Employer's and Employee's Taxable Wages & Tax of ODAI and Taxable Wages & Hi Tax are Equal.