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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% $525.25) | ||
Total tax withheld from the 100 employees' wages: | $3,257.00 | ($32.57 100) | ||
Tax on employer: | $3,256.55 | [6.2% ($525.25 100)] | ||
HI | ||||
Amount of HI tax withheld from each employee's paycheck each week: | $7.62 | (1.45% $525.25) | ||
Total tax withheld from the 100 employees' wages is: | $762.00 | ($7.62 100) | ||
Tax on employer: | $761.61 | [1.45% ($525.25 100)] |
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