O’Neill’s total earnings are $87,307.69, O’Neill’s is married with 4 withholding allowed. The SIMPLE contributions this pay to $4,000. his group Insurance is $90,000. to calculate group insurance Example: Anthony Bonno’s earnings record indicates group insurance coverage in the amount of $55,000. The deduction for Group Insurance Premiums Collected would be $16.50 [($55,000/$1,000) × $.30]. The $5,000 in coverage in excess of $50,000 is not taxable since Bonno is paying for the insurance coverage. To calculate O’Neill’s OASDI tax, multiply the OASDI ceiling of $132,900 by 6.2 percent and then subtract the OASDI taxes withheld up to this pay. using the tax table December 2019. 

Calculate his FIT deductions, group insurance, OASDI taxable earnings,

Answer rating: 100% (QA)

Deduction will be 90000400003 675 Group In... View the full answer