Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For the current pay period, compute the following for the employees. Note: Round each to the nearest cent and if an amount is zero, enter

For the current pay period, compute the following for the employees.

Note: Round each to the nearest cent and if an amount is zero, enter "0".

  1. Bode has cumulative earnings of $59,400. His current earnings are $3,267.00.

    Bode's 2020 OASDI withholding is: =$ And his 2020 HI withholding is: =$

  2. Dale's current earnings total a gross amount of $7,106.00. Year to date he has earnings of $129,200.

    Dale's 2020 OASDI withholding is: =$ And his 2020 HI withholding is: =$ a. Medal Points Did Dale's gross earnings partially exceeded the OASDI cap?

  3. Brandi's current earnings total a gross amount of $10,835. Year to date earnings are $197,000.

    Brandi's 2020 OASDI withholding is: =$ And her 2020 total HI withholding is: =$

  4. Compute the total annual tax for the following individuals.

Note: Round each to the nearest cent.

  1. Alex has self-employment earnings of $58,800.

    Alex's 2020 total self-employment taxes are: =$

  2. Hope has self-employment earnings of $139,400.

    Hope's 2020 total self-employment taxes are: =$

  3. Michelle has self-employment earnings of $232,000.

    Michelle's 2020 total self-employment taxes are: =$

Compute the following for Scottie, who is both an employee and self-employed.

Note: Round the answer to the nearest cent.

Scottie was employed by the NBA, earning for the year $120,000. In addition, during his free time, he sold Chicago-style pizza, earning $39,500 for the year.

Scottie's 2020 total FICA and SECA taxes for the year is: =$

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

Students also viewed these Accounting questions