Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise,...
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Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, use the following rates, ceiling, and maximum taxes. Employee and Employer OASDI: 6.20% $118,500 $7,347 Employee and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $118,500 $14,694 Self-employed HI: 2.9% No limit No maximum For rounding rules refer to page 2-33. *Employee H. Pas an additional 0.9% on wages over $200,000. Also applicable to welf employed Wages 3-1A. LO 3 Similar to Example 3-1 on pages 3-10 and 3-11 The biweekly taxable wages for the employees of Rite-Shop follow. Compute the FICA taxes for each employee and the employer's FICA taxes. Biweekly Taxable FICA Taxes Employee No. Employee Name OASDI HI 711 Castro, Manny $1,000.00 $ S 512 Corrales, Pat 968.00 624 Guitar, Joseph 1,004.00 325 Moore, Connie 1,046.40 422 Morrison, Harry 1,200.00 210 Robertson, Catherine 1,044,80 111 Swarez, Joseph 1,122.00 Totals $ $ Employer's OASDI S Total Taxable Wages S Total Taxable Wages 5 Employer's OASDI Tax 5 Employer's HI Tax Employer's HI Tax
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