Payroll Unit 3: Calculating Employee Payroll Tax Deductions FICA: OASDI & Medicare, Withholding Tax...

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Accounting

Payroll Unit 3: Calculating Employee Payroll Tax Deductions
FICA: OASDI & Medicare, Withholding Tax
Name:
A. Calculating FICA Deductions for OASDI (6.2%) and Medicare (1.45%)
2022 Wage Base:
$147,000
A1. Casey Jones, employed by the Wood Company, earned $460 during the week ended February 6. Prior
to February 6, Jones' cumulative gross earnings for the year were $2,765.70. Compute the FICA taxes to
be withheld:
A2. Francis Wolf, a salaried employee of the Wood Company, is paid every Friday. She earns $1,925
each payday. Prior to the November 13 payday, she had earned $145,900. Compute the FICA taxes to be
withheld from her pay on November 13.
A3. Mark Carey, president of Boston Products, is paid $4,700 semimonthly. Prior to his last payday on
December 30, Mark had earned $160,000. Compute the FICA taxes to be withheld from his pay on
December 30.
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