Question: Note: For the following problems use the following rates, ceiling, and maximum taxes. Please show your work. Employee and Employer OASDI: 6 . 2 0

Note: For the following problems use the following rates, ceiling, and maximum taxes. Please show your work.
Employee and Employer OASDI: 6.20% $147,000 $9,114.00
Employee* and Employer HI: 1.45% No limit No maximum
Self-employed OASDI: 12.4% $147,000 $18,228.00
Self-employed HI: 2.9% No limit No maximum
* Employee HI: Plus an additional 0.9% on wages over $200,00. Also applicable to be self employed. In this pay, Moss Company deducted OASDI taxes and HI from the
$89,100 of taxable wages paid. What is Moss Companys portion of the social security taxes for OASDI and HI

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!