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Problem Information Use the following tax rates, ceiling and maximum taxes Employee and Employer OASDI: 6.20% $132,900 $8,239.80 Employees and Employer HI: 1.45% No limit

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Problem Information Use the following tax rates, ceiling and maximum taxes Employee and Employer OASDI: 6.20% $132,900 $8,239.80 Employees and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $132,900 $16,479.60 Self-employed HI: 2.9% No limit No maximum Employee Ht: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime 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, drop the third decimal place. Also, use the minim hourly wage of $7.25 in solving these problems and all that follow Jax Company's (a monthly depositor) tax liability (amount withheld from employees' wages for federal income tax and FICA tax plus the company's portion of the FICA tax) for July was $1,210. No deposit was made by the company until August 24, 20-- (9 days late). Determine the following: Note: Round your answers to the nearest cent and assume 365 days in a year. a. The date by which the deposit should have been made b. The penalty for failure to make timely deposit c. The penalty for failure to fully pay tax when due d. The interest on taxes due and unpaid (assume a 5% interest rate) man

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