Employee and employer OASDI: 6.2% Employer and Employee HI: 1.45% Employee HI: plus an additional 0.9% on wages over @200,000. Also allpicable for self-employed. minimum hourly wage of $7.25 Crow earned $585.15 during the week ended Mar. 1, 20--. Prior to payday, Crow had cumulative gross earnings of $4,733.20. round your answers to the nearest cent. a. The amount of OASDI taxed to withhold from Crow's pay is $ b. THe amount of HI taxes to withhold from Crow's pay is $

Employee and employer OASDI: 6.2% Employer and Employee HI: 1.45% Employee HI: plus an additional 0.9% on wages over @200,000. Also allpicable for self-employed. minimum hourly wage of $7.25 Crow earned $585.15 during the week ended Mar. 1, 20--. Prior to payday, Crow had cumulative gross earnings of $4,733.20. round your answers to the nearest cent. a. The amount of OASDI taxed to withhold from Crow's pay is $ b. THe amount of HI taxes to withhold from Crow's pay is $

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter2: Computing Wages And Salaries

Section: Chapter Questions

Problem 1PB

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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

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Can you please help by explaining this problem? You do not have to give the answer to this one. I just need an example explaining how to work a problem like this one.

Employee and employer OASDI: 6.2%

Employer and Employee HI: 1.45%

Employee HI: plus an additional 0.9% on wages over @200,000. Also allpicable for self-employed.

minimum hourly wage of $7.25

Crow earned $585.15 during the week ended Mar. 1, 20--. Prior to payday, Crow had cumulative gross earnings of $4,733.20. round your answers to the nearest cent.

a. The amount of OASDI taxed to withhold from Crow's pay is $

b. THe amount of HI taxes to withhold from Crow's pay is $

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