Question
Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $118,500 $7,347 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% $118,500 $7,347 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $118,500 $14,694 Self-employed HI: 2.9% No limit No maximum Use the following tax rates, ceiling and maximum taxes: 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 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. 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--. Determine the following: Round your answers to the nearest cent. 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 3% interest rate) $
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