Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, use the following rates, celing, and maximum taxes. Employee and Employer OASDI: 6.20% $128,400 $7,960.80 Employee" and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $128,400 $15,921.60 Self-employed HI: 2.9% No limit No maximum 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 over- time rate). 2. If the third decimal place is S 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.S4 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. In 20-- the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter "0". November 15 Annual OASDI Taxable HI Taxable Name and Title Salary Earnings OASDI Tax Earnings HI Tax Hanks, Timothy, President $151,200 Grath, John, VP Finance 132,000 James, Sally, VP Sales 69,600 Kimmel, Joan, VP Mfg. 54,000 Wie, Pam, VP Personnel 51,600 Grant, Mary, VP Secretary 49,200 b. December 31 Annual OASDI Taxable HI Taxable Name and Title Salary Earnings OASDI Tax Earnings HI Tax Hanks, Timothy, President $151,200 Grath, John, VP Finance 132,000 James, Sally, VP Sales 69,600 Kimmel, Joan, VP Mfg. 54,000 Wie, Pam, VP Personnel 51,600 Grant, Mary, VP Secretary 49,200