Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $132,900 $8,239.80 Employee*
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Question:
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 |
44. During 2020, Barr was paid a weekly salary of $3,330. Calculate the amount of FICA (OASID and HI separately) to be withheld from the following payments:
a. The 41st week
b. The 42nd week
c. The 43rd week
45. Beever, a tipped employee, reported to his employer that he had received $640 in tips during February. On the next payday, March 5, he was paid his regular salary of $400. Calculate the amount of FICA taxes to be withheld from Beever’s pay:
a. OASDI taxes
b. HI Taxes
Related Book For
The Legal Environment of Business
ISBN: 978-1337095495
13th edition
Authors: Roger E. Meiners, Al H. Ringleb, Frances L. Edwards
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