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4 For all payroll calculations, use the following tax rates and round amounts to the nearest cent. Employee: OASDI: 6.2%% on first $114,000 earned: Medicare:
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For all payroll calculations, use the following tax rates and round amounts to the nearest cent. Employee: OASDI: 6.2%% on first $114,000 earned: Medicare: 1.45% up to $230,000, 2.35% on earnings above $230.000. Employer: OASDI: 6.2% on first $114,000 earned: Medicare: 1:45%; FUTA: 0.6% on first $6.000 corned; SUTA: 5.4% on first $6,000 corned. Donna Barnaby works at College of New York and is paid $20 per hour for a 40-hour workweek and time-and-a-half for hours above 40 hours 1. Compute Donna's gross pay for working 54 hours during the first week of February. Base rate X Regular hour and Of Rate X OT Hours 2. Donna Is single, and her federal income tax (FIT) withholding is 10% of total pay. Donna's only payroll deductions are payroll taxes; Compute Donna's net (take-home] pay for the week. Assume Donna's earnings to date are less than the OASDI limit 3. Journalize the accrual of salaries and whites expense and the payingnts related to the employment of Donna Barnaby. Limit Formal TableStep by Step Solution
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