Problem Information Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI-6.2% both on $147,000; HI-1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9% on wages in excess of $200,000 was not applicable. During 20--, Amanda Hines, president of Dunne, Inc., was paid a semimonthly salary of $7,600. Determine the following amounts. Round your answers to the nearest cent. If your answer is zero, enter "0". OASDI a. The amount of FICA taxes to withhold from her 9th pay is b. The amount of FICA taxes to withhold from her 20th pay is c. The amount of FICA taxes to withhold from her 24th pay is 000 000
Problem Information Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI-6.2% both on $147,000; HI-1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9% on wages in excess of $200,000 was not applicable. During 20--, Amanda Hines, president of Dunne, Inc., was paid a semimonthly salary of $7,600. Determine the following amounts. Round your answers to the nearest cent. If your answer is zero, enter "0". OASDI a. The amount of FICA taxes to withhold from her 9th pay is b. The amount of FICA taxes to withhold from her 20th pay is c. The amount of FICA taxes to withhold from her 24th pay is 000 000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
jaydip
Transcribed Image Text:Problem Information
Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI-6.2% both on $147,000; HI-1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9% on wages in excess of $200,000 was not applicable.
During 20--, Amanda Hines, president of Dunne, Inc., was paid a semimonthly salary of $7,600. Determine the following amounts. Round your answers to the nearest cent. If your answer is zero, enter "0".
OASDI
a. The amount of FICA taxes to withhold from her 9th pay is
b. The amount of FICA taxes to withhold from her 20th pay is
c. The amount of FICA taxes to withhold from her 24th pay is
HI
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!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education