L. Earry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 deaimal places (round the hourly rate to 2 decimalplaces before multiplying by one and one-half to determine the over-time rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, simply drop the third decimal place. Examples: Monthly rate $1,827 Weekly rate ($1,827 x 12)/52 $421.615 rounded to $421.62 Hourly rate $421.62/40 $10.540 rounded to $10.54 O.T. rate $10.54 x 1.5 $15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. "Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Example 3-1 e Gilmore began working as a part-time waiter on June 1, 2017, at Sporthouse Restaurant. The cash tips of $390 that he received during June were reported on Form 4070, which he submitted to his employer on July 3. During July, he was paid wages of $525 by the restaurant. Round your answers to the nearest cent. Compute the following amounts: OASDI HI during July. a. The amount of FICA taxes that the employer should withhold from Gilmore's wages re's wages and tips during July b. The of the employer's FICA taxes on G 1/23172017