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Company Y has an employee who is paid weekly. For Company Y the employee FICA- OASDI tax rate is 10%. The limit for FICA-OASDI is
Company Y has an employee who is paid weekly. For Company Y the employee FICA- OASDI tax rate is 10%. The limit for FICA-OASDI is $50000 of employee annual earning subject to the applicable tax. The employee earns $600 for the week and has cumulative earnings year to date through the previous week of $49700. How much is deducted from the employee's weekly paycheck for FICA- OASDI? C A. -60- C B. 30 C. 600 C D. 300 E. None of the above Question 5 Louis Ruiz Consulting Services has a balance in prepaid insurance of $960 per the trial balance and $880 per the adjusted trial balance. What is the amount of insurance expense based on these two numbers? AO B. 80 C. 880 D. 960 E. None of the above
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