a. OASDI tax b. HI tax 44
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- Question text Use the following tax rates, ceiling 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 *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: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimals 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…Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700 $8,537.40 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $137,700 $17,074.80 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. Ralston is the sole proprietor of Cut & Curl. During the year, his net earnings were…Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700 $8,537.40 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $137,700 $17,074.80 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. Dee is paid $2,345 on November 8, 20--. Dee had cumulative gross earnings, including…
- Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $147,000 $9,114.00 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $147,000 $18,228.00 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: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimals 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…Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $147,000 $9,114.00 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $147,000 $18,228.00 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. On August 1, Huff (part-time waitress) reported on Form 4070 the cash tips of $158.50 that…Use the following tax rates, ceiling and maximum taxes to solve the problem below Employee and Employer OASDI: 6.20% $127,200 $7,886.40 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $127,200 $15,772.80 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: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimals 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…
- Instruction 3-1 Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700 $8,537.40 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $137,700 $17,074.80 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: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimals 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…Instruction 3-1 Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700 $8,537.40 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $137,700 $17,074.800 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: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimals 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…Assume the FUTA tax rate is 0.6% and the SUTA tax rateis 5.4%. Both taxes are applied to the first $7,000 of anemployee’s pay. What is the total unemployment tax anemployer must pay on an employee’s annual wages of$40,000? a. $2,400 b. $420 c. $42 d. $378 e. $0; employee’s wages exceed the $7,000 maximum.
- Instruction 3-1 Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700 $8,537.40 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $137,700 $17,074.80.60 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: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimals 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…Question 3: How much FUTA tax would an employer in a non-credit-reduction state owe if an employee has earned $6,400 to date and has current period taxable pay of $1,500? Answer: A. O $3.60 В. O 59 C. O $36 D. O $90Instruction 3-1 Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $147,000 $9,114.00 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $147,000 $18,228.00 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: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimals 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…