Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. company y has an employee who is paid weekly. for

Company Y has an employee who is paid weekly. For Company Y the employee FICA-...

90.2K

Verified Solution

Question

Accounting

Company Y has an employee who is paid weekly. For Company Y the employee FICA- OASDI tax rate is 10%. The limit for FICA-OASDI is $50000 of employee annual earning subject to the applicable tax. The employee earns $600 for the week and has cumulative earnings year to date through the previous week of $49800. How much is deducted from the employees weekly paycheck for FICA-OASDI?

A. -60-

B. 30

C. 600

D. 300

E. None of the above

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

A spherical shell with radius R and superficial charge density, It rotates around the z-axis through its...

Physics
1.2K views

Consider an equilateral triangle with sides measuring 1.0 m in length. At each point of the...

Biology
1.2K views

ich is the second most popular Windows versio O Windows XP O Windows 7

Physics
1.2K views

In an adiabatic process if pressure P and density d of a monatomic gas are...

Basic Math
1.2K views

A line of best fit predicts that when x equals 35, y will equal 34.785,...

Basic Math
1.2K views

Find all ordered pair solution (s) to the system of nonlinear equations given by:y=-x-5y =...

Statistics
1.2K views

restaurant chain receives on average 24 pounds of meat on a daily basis The district...

Calculus
1.2K views

0 67 1 pt 398 Detai The graph shows the water level in a reservoir...

Algebra
1.2K views

Find the missing side 7 16 33 8

Accounting
1.2K views

A cite such as 372 U.S. 39 indicates a memorandum decision of the U.S. Tax...

Accounting
1.2K views

Subsidiary Manufactured Part Motor Glass turntable Door Subsidiary Manufactured Part Motor Glass turntable Existing External...

Accounting
1.2K views

The following transactions pertain to Accounting Solutions Incorporated Assume the transactions for the purchase of...