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Example 3-2 Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI tax withheld from each employee's paycheck each week: $32.57
Example 3-2 Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI tax withheld from each employee's paycheck each week: $32.57 (6.2% x $525.25) Total tax withheld from the 100 employees' wages: $3,257.00 ($32.57 x 100) Tax on employer: $3,256.55 [6.2% ($525.25 x 100)] HI Amount of HI tax withheld from each employee's paycheck each week: $7.62 (1.45% x $525.25) Total tax withheld from the 100 employees' wages is: $762.00 ($7.62 x 100) Tax on employer: $761.61 [1.45% ($525.25 x 100)] Volpe Corporation has only seven employees who are all paid $1,180 per week. Compute the total FICA taxes that the employer would withhold from the seven employees each week and the amount the company would pay as its own liability for the employer's share of the FICA taxes on the weekly wages of the seven employees: Round your taxable wages per paycheck to the nearest cent. Employees' total OASDI Employees' total HI Employer's total OASDI Employer's total HI $
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