During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly salary of $9,825. Compute the amount of FICA taxes that should be withheld from her.Note: Rachael's tax return status is single. If an amount is zero, enter "0". OASDIHIa.9th paycheckfill in the blank 1 of 7$fill in the blank 2 of 7$b.17th paycheckfill in the blank 3 of 7$fill in the blank 4 of 7$c.20th paycheckfill in the blank 5 of 7$fill in the blank 6 of 7$d.If Lopez's year-to-date earnings as of her 24th paycheck are $235,800, and her year-end bonus is $100,000, how much additional 0.9% HI tax would be withheld for the year?

We apply the tax rates for OASDI (Old-Age, Survivors, and Disability Insurance) and HI (Hospital…

Answered: During 20--, Rachael Lopez, president…

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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Question

During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly salary of $9,825. Compute the amount of FICA taxes that should be withheld from her.

Note: Rachael's tax return status is single. If an amount is zero, enter "0".

		OASDI	HI
a.	9th paycheck	fill in the blank 1 of 7$	fill in the blank 2 of 7$
b.	17th paycheck	fill in the blank 3 of 7$	fill in the blank 4 of 7$
c.	20th paycheck	fill in the blank 5 of 7$	fill in the blank 6 of 7$
d.	If Lopez's year-to-date earnings as of her 24th paycheck are $235,800, and her year-end bonus is $100,000, how much additional 0.9% HI tax would be withheld for the year?