An employee has year-to-date earnings of $ 114,500. The employee's gross pay for the next pay...
An employee has year-to-date earnings of $ 114,500. The employee's gross pay for the next pay period is $ 5,300. If the FICA- OASDI is 6.2% and the wage base is $ 118,500, how much FICA-OASDI tax will be withheld from the employee's pay? (Answer is rounded to whole dollar A. $ 77 B. $ 223 C. $ 329 D. $ 248?
Homework Answers
| $248 | ||
| Only $4,000 of the $5,300 earned will be taxed ($118,500 - $114,500) | ||
| already earned = $4,000. In this case $4,000 x 6.2% = $248 | ||
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An employee has year-to-date earnings of $ 114,500. The
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