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Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $132,900 $8,239.80 Employee* and Employer HI: 1.45% No limit No maximum
Use the following tax rates, ceiling and maximum taxes: | |||
Employee and Employer OASDI: | 6.20% | $132,900 | $8,239.80 |
Employee* 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 HI: 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:
- 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).
- If the third decimal place is 5 or more, round to the next higher cent.
- If the third decimal place is less than 5, drop the third decimal place.
Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.
During 20--, Garr was paid a weekly salary of $2,650. The amount of FICA to be withheld from the following payments is: Round your answers to the nearest cent. If your answer is zero, enter "0".
OASDI | HI | |||
a. For the 50th week | $ | $ | ||
b. For the 51st week | $ | $ | ||
c. For the 52nd week | $ | $ |
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