n/takeAssignment/takeAssignmentMain.do? (round the hourly rate to 2 decimal plac

Question

n/takeAssignment/takeAssignmentMain.do? (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the over-time rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, simply drop the third decimal place. Examples: Monthly rate $1,827 Weekly rate ($1,827 x 12)/52-$421.615 rounded to $421.62 Hourly rate $421.62/40-$10.540 rounded to $10.54 o.T. rate $10.54 1.5-$15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. "Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed 3-1 Ken Gorman is a maitre d' at Carmel Dinner Club. On February 3, his gross pay was $800 (three days working, one paid vacation day, and one paid sick day). He also reported to his employer tips of $900 for the previous month (applicable taxes to be deducted out of this pay). Gorman belongs to the company's 401(k) plan and has 5% of his gross pay (S800) deducted each week (salary reduction Cannel Diner ab also pro des a matching ($40) into the plan for Gorman. Compute the following amounts: a. Deduction for OASDI tax b. Deduction for HI tax Next 2 more Check My Work uses remaining. 7:39 P 11/27/2

Explanation / Answer

Gross pay for FICA taxes = 800+900=1700 a Deduction for OASDI tax 105.4 =1700*6.2% b Deduction for HI tax 24.65 =1700*1.45%

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