Compute the OASDI and HI taxes to withhold from each employee's gross pay Assume no employee...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Compute the OASDI and HI taxes to withhold from each employee's gross pay Assume no employee has reached the FICA celling of 137,700 for the year. Gross Employee Pay Paul Jane Peter Total 400.00 500.00 700.00 1,600.00 FICA OASDI HI FICA George is paid $2000 salary on December 15th. His cumulative gross pay before this pay period is 137,000. Compute the following for George: Amount of OASDI taxes to withhold Amount of HI taxes to withhold Pay Week OASDI Week 49 Week 50 Week 51 Frank is paid a weekly salary of $2800. Calculate the amount of FICA Taxes to withhold on each of the following weeks. Assume the FICA celling of 137,700. HI George runs his own business as a sole proprietor. This year George had net earnings from self-employment of $80,000. What are his self-employment taxes? (Remember self-employment taxes are OASDI and Hl.) Upload your finished worksheet to the board before the due date to receive credit and be counted as present for the week. Compute the OASDI and HI taxes to withhold from each employee's gross pay Assume no employee has reached the FICA celling of 137,700 for the year. Gross Employee Pay Paul Jane Peter Total 400.00 500.00 700.00 1,600.00 FICA OASDI HI FICA George is paid $2000 salary on December 15th. His cumulative gross pay before this pay period is 137,000. Compute the following for George: Amount of OASDI taxes to withhold Amount of HI taxes to withhold Pay Week OASDI Week 49 Week 50 Week 51 Frank is paid a weekly salary of $2800. Calculate the amount of FICA Taxes to withhold on each of the following weeks. Assume the FICA celling of 137,700. HI George runs his own business as a sole proprietor. This year George had net earnings from self-employment of $80,000. What are his self-employment taxes? (Remember self-employment taxes are OASDI and Hl.) Upload your finished worksheet to the board before the due date to receive credit and be counted as present for the week.
Expert Answer:
Answer rating: 100% (QA)
Answer 1 Employee Gross Pay FICA OASDI FICA HI Paul 400000 2480000 580000 Jane 500000 3100000 7... View the full answer
Related Book For
Posted Date:
Students also viewed these corporate finance questions
-
I sign a contract that guarantees me an immediate payment of $2 000, but then I have to invest $800 a year for ten years. At the end of the tenth year, I get a further payment of $8 000. If I can...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Start of Payroll Project 7-3a October 9, 20-- No. 1 The first payroll in October covered the two workweeks that ended on September 26 and October 3. This payroll transaction has been entered for you...
-
If an object is dropped from a height h, then the time t required for the object to strike the ground is directly proportional to the square root of h. If it requires 1 second for an object to fall...
-
Solve Problem 8.30 assuming that the diameter of the pipe is 1.5 in. 3 in. 0.75 in 9.5 in. 25 in.
-
Determine the acceleration of the shaft B for = 60 if the crank OA has an angular acceleration = 8 rad/s2 and an angular velocity = 4 rad/s at this position. The spring maintains contact between...
-
The probabilities that a quality control team will visit \(0,1,2,3\), or 4 production sites on a single day are 0.15,0.22,0.35,0.21, and 0.07. (a) Simulate the inspection team's visits on 30 days....
-
Laramie Corporations income statement is presented below: Sales ........ $40,000 Less variable costs .. -28,000 Contribution margin . $12,000 Less fixed costs ..... -8,000 Net Income ..... $ 4,000...
-
1.In Australian juice market, what is the market research and pricing and positioning of new launch juice in the existing market? 2. What kinds of market strategies are used by new product of juice...
-
Draw a normal curve and identify the approximate location of the following scores. (a) You have the most frequent score. (b) You have a low-frequency score, but the score is higher than most. (c) You...
-
Exploring the philosophical dimensions of genre theory, how do conceptual frameworks such as ontological pluralism and structuralism inform our understanding of genre as a dynamic and contingent...
-
Within the realm of visual arts, how do artists negotiate the constraints and possibilities of genre classifications, and to what extent does the evolving discourse on artistic movements and styles...
-
Story - Tooth and Claw by T.C. Boyle Please answer the following questions. What do we know about Junior, his life, and his choices? How would you describe his personality? Why does he allow...
-
how does the interplay between authorial intention, reader interpretation, and societal context contribute to the fluidity or rigidity of genre classifications, and how can the understanding of this...
-
ABC corp. has an AAA rated 6% coupon rate 10 year bond outstanding, which is trading at par. A competitors AA rated bonds with the same maturity have a YRM of 9%. What is the cost of debt for ABC?
-
Name the different types of neuron
-
How much more interest will be earned if $5000 is invested for 6 years at 7% compounded continuously, instead of at 7% compounded quarterly?
-
Adams, Inc., pays its employees' weekly wages in cash. A supplementary payroll sheet that lists the employees' names and their earnings for a certain week is shown below. Complete the payroll sheet...
-
Marlene Grady and Pauline Monroe are partners engaged in operating The G&M Doll Shop, which has employed the following persons since the beginning of the year: V. Hoffman (general office...
-
The taxable wages and withheld taxes for Hamilton Company (EIN 00-0001462), semiweekly depositor, for the first quarter of 2016 follow. a. Complete Schedule B of Form 941 on page 3-65 for the first...
-
The codon change (Gly-12 to Val-12) in human H-ras that converts it to oncogenic H-ras has been associated with many types of cancers. For this reason, researchers would like to develop drugs to...
-
Outline the general strategy used in metagenomics.
-
You need to understand the approach described in question 3 in More Genetic TIPS before answering this question. A muscle-specific gene was cloned and then subjected to promoter bashing. As shown...
Study smarter with the SolutionInn App