The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings. Employers are required to
match the employee's deductions and send the total to the IRS. Compute the amount of money that would be sent to the IRS for an employee who earns $52,700 during the period of a year.
$8,063.10
You might also like to view...
Which of the following is true?
a. Stratification is the splitting of data into case-specific tables. b. Stratification is an extension of summarization. c. Summarization provides detail for each grouping into tables. d. Stratification is utilized to create a z-score across data sets.
In the marketing mix, place includes ________
A) logistics B) discounts C) sales promotion D) advertising E) packaging
Bonus payments, prizes, trips, and other incentives to induce a salesperson to push one product over another are forms of consumer sales promotion.
Answer the following statement true (T) or false (F)
Which of the following does the covenant of seisin promise?
A) The grantor owns the interest that he or she is conveying. B) The grantor controls an easement in the property he or she is conveying. C) The grantor owns a conditional estate in the land. D) The grantor has complied with all CC&Rs.