Question
Ocean City College gives its faculty the option of receiving the...Ocean City College gives its faculty the option of receiving the balance of their contract
Ocean City College gives its faculty the option of receiving the...Ocean City College gives its faculty the option of receiving the balance of their contract at the end of the semester on May 17, 20--. The faculty can receive one lump-sum payment instead of receiving the remaining seven biweekly pays over the summer. Use the data given below to complete the Payroll Register on May 17. No employee has reached the OASDI ceiling, and all employees are taking the lump-sum payment. The state withholding rate is 2.0% of total earnings; the city withholding rate is 1.0% of total earnings. The weekly wage bracket is used for federal income taxes. To calculate the tax withholdings, you must calculate the rounded tax for each pay and multiply by the number of pays in the lump-sum payment. Biweekly Earnings: John, Mathew $3010 Kuna, Mary $2500 Tumbler, Bruce $1900 Ruce, Greg $3000 Totals $10410 Compute the employer's FICA taxes for the pay period ending May 17, 20--. OASDI Taxes HI Taxes OASDI taxable earnings- HI taxable earnings- OASDI taxes- HI taxes-
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