1 Use the following rates, ceiling, and maximum taxes in your assienments unless otherwise instructed. Employee and Employer OASDI: 6.20% Employee and Employer Hl: 1.45% 5 Self-employed OASDI: 12.40% 6 Self-employed HI: 2.90% 7 For rounding rules, refer to page 2-35 in your text. $128,400 no limit $128,400 no limit $7,960,80 no maximum $15,921.60 no maximum $15,921.60 Herman Swayne is a waiter at the Dixie Hotel. In his first weekly pay in March, he earned $360 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($700.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. Calculate his net take home pay assuming the employer withheld federal income tax (wage tax bracket, Married, 2 allowances, social security and state income tax (2%). I recommend you show your work! Samantha Montgomery (age 42) is employed by Canon Company and is paid a salary of $62,430. She has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Montomery: What is the maximum that she can contribute into this retirment fund? What would be the company's contribution? What would be her weekly take-home pay with the retirement contribution deducted (married, 2 allowances, wage bracket method, and a 2.3% State income tax on total wages)? What would be her weekly take-home pay without the retirment contribution? Instructions for Students Assignment for Week