Answer Happy

Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: $137,700 $8,537.40 6.20% 1.45% Employee* and Employer HI: No limit No maximum Self-employed OASDI: 12.4% $137,700 $17,074.80 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 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 overtime 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, drop the third decimal place. Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Crow earned $585.15 during the week ended March 1, 20--. Prior to payday, Crow had cumulative gross earnings of $4,733.20. Round your answers to the nearest cent. a. The amount of OASDI taxes to withhold from Crow's pay is b. The amount of HI taxes to withhold from Crow's pay is
Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: $137,700 $8,537.40 6.20% 1.45% Employee* and Employer HI: No limit No maximum Self-employed OASDI: 12.4% $137,700 $17,074.80 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 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 overtime 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, drop the third decimal place. Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. On the last weekly pay of the first quarter, Lorenz is paid her current pay of $90 per day for four days worked and one day sick pay (total $450). She is also paid her first-quarter commission of $1,200 in this pay. How much will be deducted for: Round your answers to the nearest cent. a. OASDI tax b. HI tax
Problem Information Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: $137,700 $8,537.40 6.20% 1.45% Employee* and Employer HI: No limit No maximum Self-employed OASDI: $137,700 $17,074.80 12.4% 2.9% Self-employed HI: 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 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 overtime 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, drop the third decimal place. Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Eager, a tipped employee, reported to his employer that he had received $320 in tips during March. On the next payday, April 6, he was paid his regular salary of $400. Round your answers to the nearest cent. a. The amount of OASDI taxes to withhold from Eager's pay is b. The amount of HI taxes to withhold from Eager's pay is
Note: Use the Tax Tables to calculate the answers to the problems listed. Calculate the amount to withhold from the following employees using the biweekly table of the percentage method. Kenneth Karcher (single), $895 wages Mary Kenny (married filing jointly), $1,900 wages Thomas Carney (single), $1,460 wages
Determine the income tax to withhold from the biweekly wages of the following employees (wage-bracket): Karen Overton (single), $900 wages Nancy Haller (married filing jointly), $1,000 wages Alan Glasgow (married filing jointly), $980 wages $ Joseph Kerr (single), $720 wages Ginni Lorenz (single), $580 wages $