a. Explanation FICA tax refers to the Federal Insurance Contribution Act tax which is Country U.S law that creates the payroll tax requiring deductions. FICA imposes two taxes on the employer and the employee. In this, one tax would finances the federal old age, survivors and disability insurance programs which would be called as the OASDI. The other tax would finance the hospital insurance (HI) or the Medicare program. Step 1: Calculate the OASDI tax. OASDI tax = [ ( Cash tips received during June + Wages earned during July ) × Tax rate ] = [ ( $ 390 + $ 525 ) × 6.20 100 ] = $ 56.73 Thus, the OASDI tax is $56.73. Step 2: Calculate the HI tax b. To determine Calculate the amount of employer’s FICA taxes on Employee G’s wages and tips during July.

Cengagenowv2, 1 Term Printed Access Card For Bieg/toland's Payroll Accounting 2019, 29th

29th Edition

ISBN: 9781337619806

Author: Bernard J. Bieg, Judith Toland

Publisher: South-Western College Pub

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Chapter 3, Problem 3PA

To determine

Calculate the amount of FICA taxes that should withhold from Employee G’s wages during July.

To determine

Calculate the amount of employer’s FICA taxes on Employee G’s wages and tips during July.

Expert Solution & Answer

Chapter 3 Solutions

Cengagenowv2, 1 Term Printed Access Card For Bieg/toland's Payroll Accounting 2019, 29th

Ch. 3 - Which of the following are covered by FICA...Ch. 3 - Prob. 2SSQ Ch. 3 - Prob. 3SSQ Ch. 3 - Lori Kinmark works as a jeweler for a local...Ch. 3 - _____1. Johnson Industries, a semiweekly...Ch. 3 - _____1. Employees FICA tax rates A. Severance pay...Ch. 3 - For social security purposes, what conditions must...Ch. 3 - Prob. 2QR Ch. 3 - Prob. 3QR Ch. 3 - Prob. 4QR

Ch. 3 - What are an employers responsibilities for FICA...Ch. 3 - Prob. 6QR Ch. 3 - Prob. 7QR Ch. 3 - Prob. 8QR Ch. 3 - Prob. 9QR Ch. 3 - Prob. 10QR Ch. 3 - Prob. 11QR Ch. 3 - Prob. 12QR Ch. 3 - Prob. 13QR Ch. 3 - Prob. 14QR Ch. 3 - Prob. 15QR Ch. 3 - During the year, employee Sean Matthews earned...Ch. 3 - In order to improve the cash flow of the company,...Ch. 3 - Prob. 3QD Ch. 3 - Prob. 4QD Ch. 3 - The biweekly taxable wages for the employees of...Ch. 3 - During 2019, Rachael Parkins, president of...Ch. 3 - Prob. 3PA Ch. 3 - Ken Gorman is a maitre d at Carmel Dinner Club. On...Ch. 3 - In 20-- the annual salaries paid each of the...Ch. 3 - Audrey Martin and Beth James are partners in the...Ch. 3 - Prob. 7PA Ch. 3 - Ralph Henwood was paid a salary of 64,600 during...Ch. 3 - Empty Fields Company pays its salaried employees...Ch. 3 - The monthly and hourly wage schedule for the...Ch. 3 - Prob. 11PA Ch. 3 - Prob. 12PA Ch. 3 - Prob. 13PA Ch. 3 - During the third calendar quarter of 20--, Bayview...Ch. 3 - Prob. 15PA Ch. 3 - Prob. 16PA Ch. 3 - Prob. 17PA Ch. 3 - Prob. 1PB Ch. 3 - During 2019, Matti Conner, president of Maggert...Ch. 3 - Prob. 3PB Ch. 3 - Moisa Evans is a maitre d at Red Rock Club. On...Ch. 3 - In 20-- the annual salaries paid each of the...Ch. 3 - Amanda Autry and Carley Wilson are partners in A ...Ch. 3 - Prob. 7PB Ch. 3 - George Parker was paid a salary of 74,700 during...Ch. 3 - Prob. 9PB Ch. 3 - The monthly and hourly wage schedule for the...Ch. 3 - Prob. 11PB Ch. 3 - Prob. 12PB Ch. 3 - Prob. 13PB Ch. 3 - During the third calendar quarter of 20--, the...Ch. 3 - Prob. 15PB Ch. 3 - Prob. 16PB Ch. 3 - Prob. 17PB Ch. 3 - Your assistant has just completed a rough draft of...Ch. 3 - Prob. 2CP

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