During 2019, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $8,000. Compute the amount of FICA taxes that should be withheld from her OASDIHIa. 9th paycheckb. 17th paychecke. 24th paycheckd. If Rachael Parkin's year-to-date earnings as of her24th paycheck are $192,000, and her year-end bonusis S100,000, how much is the additional 0.9% HI taxowithheld?

Calculate the amount of FICA taxes that should be withheld from Person R. Particulars OASDI HI…

OASDI HI a. 9th paycheck b. 17th paycheck e. 24th paycheck d. If Rachael Parkin's year-to-date earnings as of her 24th paycheck are $192,000, and her year-end bonus is S100,000, how much is the additional 0.9% HI taxo withheld?

OASDI HI a. 9th paycheck b. 17th paycheck e. 24th paycheck d. If Rachael Parkin's year-to-date earnings as of her 24th paycheck are $192,000, and her year-end bonus is S100,000, how much is the additional 0.9% HI taxo withheld?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 5E: For tax purposes, assume that the maximum taxable earnings are 118,500 for Social Security and 7,000...

See similar textbooks

Related questions

Q: Robert Martin's gross earnings for the week ending on December 27 amount to $2,200. His cumulative…

A: Formula: FICA tax amount = Gross earnings x FICA tax rate

Q: ABC Company's salaried employees are paid biweekly (1.e., once every two weeks). Advances made to…

A: As per the matching concept, all the expenses that are related to the concerned period should be…

Q: After our business deducted 20% income tax on 48.000 TL, which is the one-year rent of the workplace…

A: The question is based on the principle of reporting expenses in the book. The expenses incurred…

Q: 6. Robert Martin's gross earnings for the week ending on December 27 amount to $2,200. His…

A: GIVEN DATA Robert Martin’s gross earnings for the week ending on December 27 amount to $2,200. His…

Q: OASDI HI a. 9th paycheck b. 17th paycheck c. 24th paycheck d. If Rachael Parkin's year-to-date…

A: “Hey, since there are multiple sub-parts posted, we will answer first three sub-parts. If you want…

Q: Question 16 of 40 Robert receives a salary of $60,000 per year, or $2,500 semi-monthly. How much…

A: Taxation: Taxation refers to the imposition of compulsory financial obligations by the government on…

Q: A lump sum benefit is payable on termination of service and equal to 1 per cent of final salary for…

A: The question is based on the concept of Accounting standard on Employee Benefits.

Q: 40 year old Taxpayer: Salary 100,000 Bonus 20,000 ER Paid Health Insurance 10,000 ER Paid Parking…

A: Taxable Compensation or Taxable Income = Gross Salary ( Basic Pay + Dearness Allowance + HRA +…

Q: 28. Yvonne i s an employee of Goldfish Company which closed its business during the year Yvonne's…

A: Gross Income is an income which an employee receives as overall however it includes Deductions like…

Q: Liam Wallace is general manager of Worldwide Salons. During 2018Wallace worked for the company all…

A: The following calculations are done in the records of Liam Wallace to compute his net pay…

Q: General Motors offers thhis employee group term amount of $100,000. General Motors paidS100 per…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: Isabelle's hourly rate is $21.25. She worked 40 hours. Her deduction for federal income tax is based…

A: Gross pay= 40 hours * $ 21.25 = $ 850

Q: The sales manager of the Walbrook Company receives an annual bonus of 10% of net income after bonus…

A: Bonus refers to monetary incentives that are given by employers to employees to motivate them to…

Q: B. The following year, in addition to the compensation income and 13th month pay he received and…

A: Pure compensation Income For Calculating the taxable pure compensation income which also included…

Q: Assume the FUTA tax rate is 0.6% and the SUTA tax rateis 5.4%. Both taxes are applied to the first…

A: The FUTA is the Federal Unemployment Tax Act is the tax levied by the government upon the salaries…

Q: 1: An employee works 51 hours (51 - 40 were overtime hours) during a workweek in December of 2021.…

A: You have posted multiple questions, so as per Bartleby policy only the first question is answered,…

Q: In 20-- the annual salaries paid each of the officers of Perez, Inc., follow. The officers are paid…

A: OASDI taxable is defined as the wages which are the earnings that are subject to the tax, also…

Q: 45. Mr. Gerry, hired as employee on July 1, 2019 received the following compensation for the year:…

A: If maximum value is to be achieved for both employers and employees, tax efficient incentive plans…

Q: (b) Mr. Suntan Ahmed has filed his Income Tax Return for the year ending on 30-06-2020 showing the…

A: The taxable income is calculated by combining income from all the sources and deducting exempted…

Q: 1. General Motors offers this employee group term life insurance (GTLI) with a face amount of…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: iam Wallace is general manager of Worldwide Salons. During 2018Wallace worked for the company all…

A: Payroll deductions: These are the amounts withheld by the employer from the salary of the employees…

Q: Liam Wallace is general manager of Worldwide Salons. During 2018Wallace worked for the company all…

A: Particulars Amount Yearly salary(12900*12) 154800 Add: Bonus @15% of the annual salary 23220…

Q: Eduard Montes generated annual compensation income of ₱ 455,000, net of statutory payments. Tax…

A: Tax obligation seems to be the sum of money owed to tax authorities with in manner of a tax debt.…

Q: 30. Julian Tan owns a store specializing in rare trinkets which is her only source of income. She…

A: When the gross sales exceed P3000000 then the tax is payable at the regular rate. The regular rate…

Q: soru At the end of 2019, The Business with 20% Corporate tax rate has Expenses: TL3.150.000 and…

A: The question is based on the concept of Financial Accounting.

Q: 37. The bonus agreement of Christian Company provides that the general manager shall receive an…

A: Bonus = [(Income before bonus and tax - Bonus) x (1 - tax rate)] x bonus rate

Q: 2. Calculate the following employer payroll taxes for the year: (a) social security; (b) Medicare;…

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Blake Green's weekly gross earnings for the week ending December 7 were $2,500, and her federal…

A: The net pay of an employee is his or her wage after all reductions have been made. Obligatory…

Q: 1: A-1 Framing employs three workers who, as of the beginning of the current pay period, have earned…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: a Charger pays its employees $4,000 every Friday for a 5-day work week. This year December 31 tals…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Question 1: For an individual who is 45 years of age and has taxable earnings of $27,400, the annual…

A: A Payroll deduction IRA is an retirement arrangement. The contribution limit to payroll deduction…

Q: 11. Mr. Dalisay received the following compensation and benefits during the entire year: Annual…

Q: If an employee has received over one million dollars in supplemental earnings for the year, any…

A: Federal income tax withholding: The amounts which the employer withheld from employees’ gross pay…

Q: Liam Wallace is general manager of Worldwide Salons. During 2018Wallace worked for the company all…

A: FICA Tax is a combination of social security tax and the medicare taxes. Social security taxes has a…

Q: In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid…

A: OSADI is also known as social security tax social . society contribution to be deducted for each…

Q: 8. During the year, Coleen received compensation income of P455,000 after P15,000 withholding tax on…

A: Taxable income:- It is income that is taxable and levies on gross income which one earns within the…

Q: Ben Franklin earns $4,000.00 weekly. Additional information necessary to determine Naiser's tax…

A: Here discuss about the details of the withhold taxes which are incurred to the individual who has…

Q: Liam Wallace is general manager of Worldwide Salons. During 2018Wallace worked for the company all…

A: Annual salary=Monthly salary×Number of months in a year=$12,900×12=$154,800

Q: You are an employee in the private sector. For the year 20x1, you received a 13th month pay of…

A: Taxable income is the amount on which the income tax needs to be paid as per slab applicable for…

Q: Mary Matthews made $1,150 during a biweekly pay period only social security (fully taxable) and…

A: Solution- Explanation…

Q: 8. Z, minimum wage eamer, received the following for 2018: basic salary of P 140,000, overtime pay…

A: A minimum wage earner refers to that individual whose remuneration for the services provided by him…

Q: Mary Matthews made $950 during a biweekly pay period only social security (fully taxable) and…

A: Given, M’s is married and her biweekly gross pay = $950 Number of allowance = 2 Calculation of…

Q: 9. Rita's monthly deduction is 10% of her monthly gross income. If she receives a monthly gross…

A: Net take-home pay is the amount of salary that the employee receives in hand. Employes' salary in…

Question

During 2019, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $8,000. Compute the amount of FICA taxes that should be withheld from her

OASDI
HI
a. 9th paycheck
b. 17th paycheck
e. 24th paycheck
d. If Rachael Parkin's year-to-date earnings as of her
24th paycheck are $192,000, and her year-end bonus
is S100,000, how much is the additional 0.9% HI taxo
withheld?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step 5

Trending now

This is a popular solution!

Step by step

Solved in 5 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Federal Insurance Contributions Act (FICA)

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Borat Company gives annual bonuses after the end of the year. Borat computes the bonuses based on the companys net income after deducting the bonuses but before deducting income taxes. Borats income before bonuses and income taxes is 565,000 for the current year. The effective income tax rate is 21%, and the bonus rate is 12%. Calculate Borats bonuses and income taxes for the current year. Round your final answer to two decimal places.
LO.2 In 2019, Chaya Corporation, an accrual basis, calendar year taxpayer, provided services to clients and earned 25,000. The clients signed notes receivable to Chaya that have a fair market value of 22,000 at year-end. In addition, Chaya sold a 36-month service contract on June 1, 2019, and received payment in full of 12,000. How much gross income does Chaya report from these transactions in 2019?
For tax purposes, assume that the maximum taxable earnings are 118,500 for Social Security and 7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee.
On January 1, 2019, Kunto, a cash basis taxpayer, pays 46,228 for a 24-month certificate. The certificate is priced to yield 4% (the effective interest rate) with interest compounded annually. No interest is paid until maturity, when Kunto receives 50,000. In your computations: a. Compute Kuntos gross income from the certificate for 2019. b. Compute Kuntos gross income from the certificate for 2020. Round any amounts to the nearest dollar.
An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the FICA Medicare tax rate is 1.45%. What is the employees FICA taxes responsibility? A. $535.50 B. $612 C. None, only the employer pays FICA taxes D. $597.50 E. $550