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Please calculate OASDI taxable earnings amount? INFO: For this pay period FREDS regular earnings are 87,307.69 and he has reached the OASDI ceiling after this
Please calculate OASDI taxable earnings amount?
INFO:
For this pay period FREDS regular earnings are 87,307.69 and he has reached the OASDI ceiling after this pay period.
To calculate FREDS OASDI tax, multiply the OASDI ceiling of $132,900 by 6.2 percent and then subtract the OASDI taxes withheld up to this pay.
Note that regular OASDI deductions (NOT TAXABLE EARNINGS) for this period were 4,877.48.
**( Not sure if this is relevant - " His SIMPLE contribution this pay to $4,000" )
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