I need help cakeAssignment/takeamentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3falseQ ☆ * YPPrint ItemCheck My VWorkWhen computing OASDI, consider earnings and current wages and the cap.Scenario 2: Partially Exceeds the CapScenario 2: A portion of earnings to date and current earnings, when combined, exceed the wage cap.Sydney, OASDI Example 2, has earnings to date of $136,500 and current wages of $4,000. To determine how much of her current earnings will be subject to OASDI, addearnings to date and current wages, $136,500 + $4,000$140,500. Then subtract from this the OASDI cap, $140,500 $137,700 = $2,800. This amount exceeds the OASDI%3Dcap and is not subject to tax.To determine the amount to tax, begin with current wages and subtract the amount that exceeds the cap ($4,000 $2,800 = $1,200). This amount ($1,200) of currentearnings is under the cap and taxed at the OASDI rate of 6.2% or $74.40.Tackle ItNote: Round to the nearest cent.Michael Jordan has earned to date $132,500 and has current earnings of $7,287.50.Employee: Jordan, MichaelEarnings to Date:$132,500.00Current Earnings:$7,287.50OASDI Withholding:Check My Work 1 more Check My Work uses remaining.Save and ExitSubmit Assignment for GradingEmail InstructorAll work saved.8:59 PM>>Desktop2/28/2021%24

The following computations are done for Jordan to calculate OASDI withholdings.

When computing OASDI, consider earnings and current wages and the cap. Scenario 2: Partially Exceeds the Cap Scenario 2: A portion of earnings to date and current earnings, when combined, exceed the wage cap. Sydney, OASDI Example 2, has earnings to date of $136,500 and current wages of $4,000. To determine how much of her current earnings will be subject to OASDI, add earnings to date and current wages, $136,500 + $4,000 = $140,500. Then subtract from this the OASDI cap, $140,500 - $137,700 = $2,800. This amount exceeds the OASDI cap and is not subject to tax. To determine the amount to tax, begin with current wages and subtract the amount that exceeds the cap ($4,000 - $2,800 - $1,200). This amount ($1,200) of current earnings is under the cap and taxed at the OASDI rate of 6.2% or $74.40. O Tackle It Note: Round to the nearest cent. Michael Jordan has earned to date $132,500 and has current earnings of $7,287.50. Employee: Jordan, Michael Earnings to Date: $132,500.00 Current Earnings: $7,287.50 OASDI Withholding:

When computing OASDI, consider earnings and current wages and the cap. Scenario 2: Partially Exceeds the Cap Scenario 2: A portion of earnings to date and current earnings, when combined, exceed the wage cap. Sydney, OASDI Example 2, has earnings to date of $136,500 and current wages of $4,000. To determine how much of her current earnings will be subject to OASDI, add earnings to date and current wages, $136,500 + $4,000 = $140,500. Then subtract from this the OASDI cap, $140,500 - $137,700 = $2,800. This amount exceeds the OASDI cap and is not subject to tax. To determine the amount to tax, begin with current wages and subtract the amount that exceeds the cap ($4,000 - $2,800 - $1,200). This amount ($1,200) of current earnings is under the cap and taxed at the OASDI rate of 6.2% or $74.40. O Tackle It Note: Round to the nearest cent. Michael Jordan has earned to date $132,500 and has current earnings of $7,287.50. Employee: Jordan, Michael Earnings to Date: $132,500.00 Current Earnings: $7,287.50 OASDI Withholding:

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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