3-9B LO 3 See Example 3-1 on page 3-11, Example 3-2 on page 3-12 Haggerty Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 20- follows. Compute the following for the payroll of December 31 HI Taxable Wages HI Tax OASDI Taxable Wages OASDI Tax Annual Salary $ 42,150 39,500 46,000 161,280 40,800 39,600 106,800 76,800 52,000 68,960 Employee Stern, Myra Lundy, Hal Franks, Rob Haggerty, Alan Ward, Randy Hoskin, Al Wee, Pam Prince, Harry Maven, Mary Harley, David Totals Emplover's OASDIT-v
Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, use the following rates, ceiling, and maximum taxes. Employee and Employer OASDI: 6.20% $127,200 $7,886.40 Employee* and Employer HI: Self-employed OASDI: Self-employed HI: For rounding rules, refer to page 2-35. 1.45% No limit No maximum 12.4% $127,200 $15,772.80 2.9% No limit No maximum Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed.
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QUESTION 1 What is the total OASDI withheld from employees for this period? QUESTION 2 What is the total HI withh...
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...
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...
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...
Use the following tax rates and taxable wage bases; employee's and employer's OASDI 6.2% both on...
Use the following tax rates and taxable wage bases; employee's
and employer's OASDI 6.2% both on $132,900 HI 1.45% for employees
and employers on the total wages paid. Employees Supplemental HI
0.9 percent on wages in excess of $200,000 was not applicable.
Instruction 3-1 Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI—6.2% both on $132,900; HI—1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9 percent on wages in excess...
True / False 1. ____Employment Insurance is withheld from employees' wages at the rate of 1.58%...
True / False 1. ____Employment Insurance is withheld from employees' wages at the rate of 1.58% on only the first $100 earned weekly. 2. ____ An employer incurs a Canada Pension Plan expense equal to the sum of the CPP withheld from the wages of all its employees. 3. ____Canada Pension Plan is levied equally on the employee and the employer. 4. ____Employment Insurance is withheld from wages earned, with the withholding to stop in 2020 as soon as the...
Problem Information Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20%...
Problem Information Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $128,400 $7,960.80 Employee* and Employer HI: 1.45% No limit No maximum $15,921.60 Self-employed OASDI: 12.4% $128,400 Self-employed HI: 2.9% No limit No maximum *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and...
Volpe Corporation has only four employees who are all paid $1,080 per week. Compute the total...
Volpe Corporation has only four employees who are all paid $1,080 per week. Compute the total FICA taxes that the employer would withhold from the four employees each week and the amount the company would pay as its own liability for the employer's share of the FICA taxes on the weekly wages of the four employees: Round your taxable wages per paycheck to the nearest cent. Employees' total OASDI Employees' total HI Employer's total OASDI Employer's total HI Example 3-2...
Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $132,900 $8,239.80...
Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $132,900 $8,239.80 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $132,900 $16,479.60 Self-employed HI: 2.9% No limit No maximum *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: Carry the hourly rate and the overtime rate to 3 decimal places and then round off...
Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise,...
Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, use the following rates, ceiling, and maximum taxes. Employee and Employer OASDI: 6.20% $128,400 $7,960.80 1.45% No limit No maximum Employee* and Employer HI: Self-employed OASDI: Self-employed HI: 12.4% $128,400 $15,921.60 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 Empty Fields Company pays its salaried employees...
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...
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...
Use the following tax rates and taxable wage bases; employee's
and employer's OASDI 6.2% both on $132,900 HI 1.45% for employees
and employers on the total wages paid. Employees Supplemental HI
0.9 percent on wages in excess of $200,000 was not applicable.
Instruction 3-1 Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI—6.2% both on $132,900; HI—1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9 percent on wages in excess...
Problem Information Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $128,400 $7,960.80 Employee* and Employer HI: 1.45% No limit No maximum $15,921.60 Self-employed OASDI: 12.4% $128,400 Self-employed HI: 2.9% No limit No maximum *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and...
Volpe Corporation has only four employees who are all paid $1,080 per week. Compute the total FICA taxes that the employer would withhold from the four employees each week and the amount the company would pay as its own liability for the employer's share of the FICA taxes on the weekly wages of the four employees: Round your taxable wages per paycheck to the nearest cent. Employees' total OASDI Employees' total HI Employer's total OASDI Employer's total HI Example 3-2...
Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, use the following rates, ceiling, and maximum taxes. Employee and Employer OASDI: 6.20% $128,400 $7,960.80 1.45% No limit No maximum Employee* and Employer HI: Self-employed OASDI: Self-employed HI: 12.4% $128,400 $15,921.60 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 Empty Fields Company pays its salaried employees...
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