An employee has year-to-date earnings of $ 114 comma 400. The employee's gross pay for the next pay period is $ 4 comma 800. I

Question

3 years ago

15

An employee has year-to-date earnings of $ 114 comma 400. The employee's gross pay for the next pay period is $ 4 comma 800. I

f the FICAlong dashOASDI is 6.2% and the wage base is $ 118 comma 500, how much FICAlong dashOASDI tax will be withheld from the employee's pay? (Answer is rounded to whole dollar.)

Business

1 answer:

NeTakaya · Answer 1 · 2022-03-16T09:32:18+03:00

Answer:

$254

Explanation:

First we must calculate the employee's remaining taxable portion = wage base - year to date earnings = $118,500 - $114,400 = $4,100

Then we multiply the employee's remaining taxable portion times FICA-OASDI tax rate = $4,100 x 6.2% = $254.20, we round down to the nearest dollar = $254

An employee has​ year-to-date earnings of $ 114 comma 400. The​ employee's gross pay for the next pay period is $ 4 comma 800. I

An employee has year-to-date earnings of $ 114 comma 400. The employee's gross pay for the next pay period is $ 4 comma 800. I