During 20--, Matti Perez, president of Maggert Company, was paid a semimonthly salary of $7,400. Compute the amount of FICA taxes that should be withheld from her. Note that Matti files single on her tax return. If an amount is zero, enter "0". a. 9th paycheck b. 22nd paycheck c. 24th paycheck d. If Matti Perez's year-to-date earnings as of her 24th paycheck are $177,600 and her year-end bonus is $100,000, how much is the additional 0.9% HI tax on all total earnings? Feedback OASDI 458.8 ✔ 458.8 X 0 $ HI 107.3 ✓ 107.3 ✔ 107.3 ✔ 321.9 X Check My Work a. Calculate OASDI and HI for employee for the paycheck, consider OASDI ceiling. b. Calculate OASDI and HI for employee for the paycheck, consider OASDI ceiling. c. Calculate OASDI and HI for employee for the paycheck, for any employee earning over the OASDI ceiling consider year-to-date earnings prior to current pay period. Multiply OASDI Taxable Wages by OASDI rate. Multiply HI taxable earnings by HI rate. d. Calculate earnings for the year, calculate additional HI tax (0.9%) on earnings in excess of $200,000 ceiling.

During 20--, Matti Perez, president of Maggert Company, was paid a semimonthly salary of $7,400. Compute the amount of FICA taxes that should be withheld from her. Note that Matti files single on her tax return. If an amount is zero, enter "0". a. 9th paycheck b. 22nd paycheck c. 24th paycheck d. If Matti Perez's year-to-date earnings as of her 24th paycheck are $177,600 and her year-end bonus is $100,000, how much is the additional 0.9% HI tax on all total earnings? Feedback OASDI 458.8 ✔ 458.8 X 0 $ HI 107.3 ✓ 107.3 ✔ 107.3 ✔ 321.9 X Check My Work a. Calculate OASDI and HI for employee for the paycheck, consider OASDI ceiling. b. Calculate OASDI and HI for employee for the paycheck, consider OASDI ceiling. c. Calculate OASDI and HI for employee for the paycheck, for any employee earning over the OASDI ceiling consider year-to-date earnings prior to current pay period. Multiply OASDI Taxable Wages by OASDI rate. Multiply HI taxable earnings by HI rate. d. Calculate earnings for the year, calculate additional HI tax (0.9%) on earnings in excess of $200,000 ceiling.

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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