Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. this is a payroll problem. could you please explai

This is a payroll problem. Could you please explain A,B 3....

60.1K

Verified Solution

Question

Accounting

This is a payroll problem. Could you please explain A,B
image
3. If the third decimal place is less than 5, simply drop the third decimal place. Examples: Monthly rate $1,827 Weekly rate ($1,827 x 12)/52 $421.615 rounded to $421.62 Hourly rate $421.62/40 = $10.540 rounded to $10.54 O.T. rate $10.54 x 1.5 - $15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Example 3-1 Eric Sherm began working as a part-time waiter on April 1, 2019, at Yardville Restaurant. The cash tips of $475 that he received during April were reported on Form 4070, which he submitted to his employer on May 1. During May, he was paid wages of $630 by the restaurant. Compute OASDI and HI; round your answers to the nearest cent. OASDI HI a. The amount of FICA taxes that the employer should withhold from Sherm's wages during May. b. The amount of the employer's FICA taxes on Sherm's wages and tips during May. Check My Work 2 more Check My Work uses remaining. Previous Next Save and Ex Submit asigrnment for Grad

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

Accounting
1.2K views

Describe how and why states regulate NFPs, and describe:Not-for-profit incorporation laws & Registration, licenses,...

Medical Sciences
1.2K views

Explain the counter current exchange process done by the vas’s recta and it’s purpose

Mechanical Engineering
1.2K views

Saturated water vapor at 300F enters a compressor operating at steady state with a mass flow...

Physics
1.2K views

Briefly explain the diffraction of a circular aperture. Draw a rough sketch showing a circular aperture...

Psychology
1.2K views

Discuss the development and use of lynching as a tool of social order. (History after 1877)

Statistics
1.2K views

Federal Program National Defense Social Security Medicare Medicaid National Debt Interest Major Social Aid Programs...

Accounting
1.2K views

Moore Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $400,000 for April and...

Accounting
1.2K views

On June 1, 2021, Emmet Property Management entered into a 2-year contract to oversee leasing...

Accounting
1.2K views

Question 1 (20 minutes) Jenny works as a bookkeeper for a financial planning firm in...

Accounting
1.2K views

not sure if these are right. ...

Accounting
1.2K views

Rent on manufacturing facility Office manager's salary Wages of factory machine operators Depreciation on manufacturing...

Finance
1.2K views

A garden table and a bench cost $600 combined. The cost of the garden table...