ayroll project chapter 7 regarding the 12/18 payroll on employee O'Neill. I need to figure out his FIT and OASDI tax on this employee. His regular payroll is 2,307.69 and plus a bonus of 95,000. He also has a simple plan insurance of $2,000.

ayroll project chapter 7 regarding the 12/18 payroll on employee O'Neill. I need to figure out his FIT and OASDI tax on this employee. His regular payroll is 2,307.69 and plus a bonus of 95,000. He also has a simple plan insurance of $2,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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I need help with payroll project chapter 7 regarding the 12/18 payroll on employee O'Neill. I need to figure out his FIT and OASDI tax on this employee. His regular payroll is 2,307.69 and plus a bonus of 95,000. He also has a simple plan insurance of $2,000.

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Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare, and Federal Income Tax withholding (FIT) may be incorrect. Larren is paid a salary of $4,100 weekly. She is married, claims 4 deductions, and prior to this payroll check, has total earnings of $128,255. What are the correct deductions for Social Security, Medicare, and FIT? Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. (Use Table 9.1 and Table 9.2). (Round your answers to the nearest cent.) Social Security taxes Medicare taxes FIT Deductions
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Cory Hunter's earnings are subject to deductions for Social Security, Medicare, and FIT. To date his cumulative earnings are $110,000. This week Cory earns $2,000. Cory, who is married, is paid weekly and files jointly. Assume the Social Security rate is 6.2% on a maximum of $ 142,800 and 1.45% for Medicare. Use percentage method to calculate FIT. His net pay for the week is ? A $1, 956.17 B $2, 036.60 C $1, 672.60 D $2,031.70