Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Problem Information Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6 . 2 0 % $ 1 4 7 ,
Problem Information
Use the following tax rates, ceiling and maximum taxes:
Employee and Employer OASDI: $$
Employee and Employer HI: No limit No maximum
Selfemployed OASDI: $$
Selfemployed HI: No limit No maximum
Employee HI: Plus an additional on wages over $ Also applicable to selfemployed.
Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows:
Carry the hourly rate and the overtime rate to decimal places and then round off to decimal places round the hourly rate to decimal places before multiplying by one and onehalf to determine the overtin
If the third decimal place is or more, round to the next higher cent.
If the third decimal place is less than drop the third decimal place.
Also, use the minimum hourly wage of $ in solving these problems and all that follow.
Dee is paid $ on November Dee had cumulative gross earnings, including overtime pay, of $ prior to this pay. Round your answers to the nearest cent.
a The amount of OASDI taxes to withhold from Dee's pay is $
b The amount of HI taxes to withhold from Dee's pay is $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started