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Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $127,200...

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Accounting

Use the following tax rates, ceiling and maximum taxes:

Employee and Employer OASDI: 6.20% $127,200 $7,886.40

Employee* and Employer HI: 1.45% No limit No maximum

Self-employed OASDI: 12.4% $127,200 $15,772.80

Self-employed HI: 2.9% No limit No maximum

*Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed.

Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows:

1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimals places (round the hourly rate to 2 decimal places

before multiplying by one and one-half to determine the overtime rate).

2. If the third decimal place is 5 or more, round to the next higher cent.

3. If the third decimal place is less than 5, drop the third decimal place.

Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.

During 20--, Garr was paid a weekly salary of $2,540. The amount of FICA to be withheld from the following payments is:

OASDI

HI
a) For the 50th week

__________

__________
b) For the 51st week

__________

__________
c) For the 52nd week

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