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 withheld? |
Homework Answers
| OASDI | HI | |
| a. 9th paycheck | 471.20 | 110.20 |
| b. 18th paycheck | 229.40 | 110.20 |
| c. 24th paycheck | 0 | 110.20 |
| d. Additional HI tax withheld | 741.60 |
| Workings: | ||
| The FICA OASDI tax limit is $132900 | ||
| OASDI tax: | ||
| 9th paycheck OASDI | 471.20 | =7600*6.2% |
| Cumulative earnings till 17th paycheck | 129200 | =7600*17 |
| 18th paycheck OASDI | 229.40 | =(132900-129200)*6.2% |
| HI tax | 110.20 | =7600*1.45% |
| Additional HI tax is payable for wages above $200000 | ||
| Additional HI tax withheld | 741.60 | =(182400+100000-200000)*0.9% |
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Example 3-1
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