Tim's gross pay for this month is $8950. His gross year-to-date pay, prior to this month, totaled $111,500. What is the amount of FICA tax withheld from Tim's pay for this month? (Assume an OASDI rate of 6.2%, applicable on the first $118,500 earnings, and a Medicare rate of 1.45%, applicable on all earnings. Do not round any intermediate calculations, and round your final answer to the nearest cent.)
A) $434.00
B) $129.78
C) $563.78
D) $554.90
C) $563.78
FICA
OASDI Medicare
Earnings subject to tax $118,500 No Max
Less: Earnings prior to current month 111,500 -
Current pay subject to tax 6,500 8950
Tax rate × 6.2% ×1.45%
Tax to be withheld from pay-check 403.00 129.78
Total FICA withheld ($403.00 + $129.78) $532.78
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Company manufactures widgets and they use process costing. The status of their beginning and ending inventory is as follows: Beg. Inventory 30% of the manufacturing process is complete. Ending Inventory 55% of the manufacturing process is complete. Direct materials are added to the manufacturing process in stages. None are added when production begins. Approximately 1/2 of the materials are added
when the product is 25% complete. The other half is added when the product is 50% complete. What % complete are Beginning Inventory and Ending Inventory with respect to Direct materials(DM) and Conversion Costs(CC)? A) Beg.Inventory DM-50% CC-30%End.Inventory DM-100% CC-55% B) Beg.Inventory DM-50% CC-30%End.Inventory DM-55% CC-55% C) Beg.Inventory DM-30% CC-30%End.Inventory DM-55% CC-55% D) Beg.Inventory DM-50% CC-70%End.Inventory DM-100% CC-45%
Small businesses account for ________ of the gross domestic product (GDP).
A. 68 percent B. 44 percent C. 82 percent D. 21 percent E. 32 percent
A registration statement must contain:
A) The securities being offered for sale. B) The registrant's business. C) Pending litigation. D) All of the above.
Last year National Aeronautics had a FA/Sales ratio of 40%, comprised of $250 million of sales and $100 million of fixed assets. However, its fixed assets were used at only 75% of capacity. Now the company is developing its financial forecast for the coming year. As part of that process, the company wants to set its target Fixed Assets/Sales ratio at the level it would have had had it been operating at full capacity. What target FA/Sales ratio should the company set?
A. 28.5% B. 30.0% C. 31.5% D. 33.1% E. 34.7%