Joe Bob is an employee of Rollo Corporation who receives a salary of $15,000 per month....
Joe Bob is an employee of Rollo Corporation who receives a salary of $15,000 per month. How much Social Security tax will be withheld from Joe Bob's salary for the months listed? (OASDI: 6.2%; MHI: 1.45%)
(Hint: OASDI 6.2% tax is on the first $128,400 for the year.)
Round calculations to the nearest dollar.
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Homework Answers
a. In March, since Joe Bob's cumulative earnings are less than the OASDI limit of $128400, the tax withheld will be:
OASDI: $15000 x 6.2% = $930
Medicare: $15000 x 1.45% = $217.50
b. The cumulative earnings up to November are $15000 x 10 = $150000
Since the OASDI tax is levied on the first $128400, no OASDI tax will be withheld from November earnings as the limit is already exceeded. Only MHI of $217.50 will be deducted.
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