Use the following rates, ceiling, and maximum taxes in your assignments, unless otherwise instructed.
Employee and Employer OASDI:		6.20%		$147,000	$9,114.00
Employee and Employer HI:		1.45%		no limit	no maximum
Self-employed OASDI:		12.40%		$147,000	$18,228.00
Self-employed HI:		2.90%		no limit	no maximum
For rounding rules, see below.
	During this class, calculate hourly rates and overtime rates as follow unless otherwise instruxted:
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, simply drop the third decimal place.
	Example:	Monthly rate is $1827.
		Weekly rate ($1827 x 12)/52 = $421.615 rounded to $421.62
		Hourly rate $421.62/40 = $10.540 rounded to $10.54
		O.T. Rate $10.54 X 1.5 = $15.81
	Also, use the minimum hourly wage of $7.25 in solving the problems.
In 20xx the annual salaries paid each f the officrs of Perez, Inc. follow. The officers are paid
semimonthly on the 15th and last day of the month. Compute the FICA taxes to be withheld
from each officer's pay on (a) November 15 and (b)
a:	November 15
	Name and Title	Annual Salary	OASDI Taxable Earnings	OASDI Tax	HI Taxable Earnings	HI Tax
	Hanks, Timothy, President		$174,000.00
	Grath, John, VP Finance		148,800.00
	James, Sally, VP Sales		69,600.00
	Kimmel, Joan, VP Mfg.		54,000.00
	Wie, Pam, VP Personnel		51,600.00
	Grant, Mary, VP Secretary		49,200.00
b:	December 31
	Name and Title	Annual Salary	OASDI Taxable Earnings	OASDI Tax	HI Taxable Earnings	HI Tax
	Hanks, Timothy, President		$174,000.00
	Grath, John, VP Finance		148,800.00
	James, Sally, VP Sales		69,600.00
	Kimmel, Joan, VP Mfg.		54,000.00
	Wie, Pam, VP Personnel		51,600.00
	Grant, Mary, VP Secretary		49,200.00