Question

An employee has a salary of $200,000 a year. What is: The employer’s contribution for OASDI?...

  1. An employee has a salary of $200,000 a year.
    1. What is:

The employer’s contribution for OASDI?

The amount of the employee’s contribution for OASDI?

The employer’s contribution for the Medicare tax portion of FICA contributions?

The employee’s contribution for the Medicare tax portion of FICA contributions?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1)An employee has gross earnings of $2,000 with withholdings of 6.2% FICA-OASDI, 1.45 % FICA-Medicare, $100...
1)An employee has gross earnings of $2,000 with withholdings of 6.2% FICA-OASDI, 1.45 % FICA-Medicare, $100 for federal income tax and $30 for state income tax. How much is the gross pay? A) $2000.00 B) $781.15 C) 771.15 D) 791.15 2)An employee has gross earnings of $1,200 with withholdings of 6.2% FICA-OASDI, 1.45% FICA-Medicare, $50 for federal income tax and $10 for state income tax. How much is the net pay? A) $900.00 B) $781.15 C) $1,048.20 D) $791.15
Employee Prior Earnings (YTD) Gross Pay Taxable Income OASDI OASDI Tax 6.2% Taxable Income Medicare Medicare...
Employee Prior Earnings (YTD) Gross Pay Taxable Income OASDI OASDI Tax 6.2% Taxable Income Medicare Medicare Tax 1.45% Taxable Income FUTA/SUTA FUTA Tax 0.6% SUTA Tax 5.8% O. Barns 3,600.00 925.00 C. Hart 6,600.00 600.00 Q. Roberts 7,500.00 330.00 Total EXERCISE 7A-5 Employee Prior Earnings (YTD) Gross Pay Taxable Income OASDI OASDI Tax 6.2% Taxable Income Medicare Medicare Tax 1.45% Taxable Income FUTA/SUTA FUTA Tax 0.6% SUTA Tax 5.8% O. Barns 3,600.00 925.00 C. Hart 6,600.00 600.00 Q. Roberts 7,500.00...
1. An employer has one employee who earned $4,000 his first month of employment. The employee’s...
1. An employer has one employee who earned $4,000 his first month of employment. The employee’s federal income tax withholding (FITW) is $600, and the employee has voluntary monthly deductions of $350 for health insurance and $50 for union dues. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employer's FUTA tax rate is 0.6% and the SUTA tax rate is 5.4%. (Note: The limit for FICA Social Security is...
An employer has one employee who earned $3,000 his first month of employment. The employee’s federal...
An employer has one employee who earned $3,000 his first month of employment. The employee’s federal income tax withholding (FITW) is $400, and the employee has voluntary monthly deductions of $125 for health insurance and $25 for union dues. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employer's FUTA tax rate is 0.6% and the SUTA tax rate is 5.4%. (Note: The limit for FICA Social Security is $128,400...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,400 $ 800 b. 2,000 2,100 c. 122,100 8,000 Assuming situation (a), prepare the employer’s September 30 journal entries to record...
Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of...
Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,650 each week. Additional tax information includes:   FICA tax—OASDI 6.2% on first $127,200   FICA tax—HI 1.45% on total pay   Federal income tax $247.50 per pay   State income tax 22% of the federal income tax withholding   Federal unemployment tax 0.6% on first $7,000   State unemployment tax 0.05% on first $14,000 Additional payroll deductions include:   401(k) plan 3% per pay   Child support garnishment $120 per pay...
QUESTION HAS 2 PARTS 1. An employee earns $6,200 per month working for an employer. The...
QUESTION HAS 2 PARTS 1. An employee earns $6,200 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $210 in federal income taxes withheld....
Explain the difference between a current and a long-term liability. Explain the three important questions concerning...
Explain the difference between a current and a long-term liability. Explain the three important questions concerning the uncertainty of liabilities. State the combined amount (in percent) of the employee and employer FICA-Social Security tax rate. (Assume wages do not exceed $118,500 per year.) What is the 2016 Medicare tax rate? This rate is applied to what maximum level of salary and wages. Which payroll taxes are the employee’s responsibility and which are the employer’s responsibility?
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,700 $ 400 b. 2,150 2,250 c. 122,400 8,300 rev: 05_16_2019_QC_CS-168714 Compute BMX’s amounts for each of these four taxes as...
What is the current Medicare tax rate? To what maximum level of salary and wages is...
What is the current Medicare tax rate? To what maximum level of salary and wages is this rate applied? Which payroll taxes are the employee’s responsibility and which are the employer’s responsibility?