Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone help me solve problem (b), I have done it a couple times and I'm still getting it wrong. During 20--, Rachael Parkins, president

Can someone help me solve problem (b), I have done it a couple times and I'm still getting it wrong.

image text in transcribed

During 20--, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $7,700. Compute the amount of FICA taxes that should be withheld from her. If an amount is zero, enter "O". OASDI a. 9th paycheck $ $ $ b. 18th paycheck 477.40 248 * 0 HI 111.65 111.65 111.65 $ $ $ c. 24th paycheck d. If Rachael Parkin's year-to-date earnings as of her 24th paycheck are $184,800, and her year-end bonus is $100,000, how much is the additional 0.9% HI tax withheld? $ 763.20 Feedback Check My Work a. Calculate OASDI and HI for employee for the paycheck, consider OASDI ceiling. b. Calculate OASDI and HI for employee for the paycheck, consider OASDI ceiling. c. Calculate OASDI and HI for employee for the paycheck, for any employee earning over the OASDI ceiling consider year-to-date earnings prior to current pay period. Multiply OASDI Taxable Wages by OASDI rate. Multiply HI taxable earnings by HI rate. d. Calculate wages paid to date, calculate taxable wages on additional Hi tax (0.9%) on current wages in excess of $200,000 ceiling

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions