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Author Question: The required deduction for Social Security is 6.2 OASDI (Old Age Survivors and Disability Insurance) ... (Read 248 times)

shofmannx20

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on: Jun 24, 2018
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. Eric Garcia's cumulative wages for the year not including the current pay period total 95,100 . Calculate the amount of Social Security and Medicare to be withheld from Garcia's current gross pay of 3,980.

Question 2

Marge Brown bought 200 shares of Kenworth 50 par 7 preferred stock at the current market price of 58 per share. What is her rate of yield if Kenworth pays the regular dividend for the year?


dellikani2015

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Reply #1 on: Jun 24, 2018
Answer to Question 1

206.51 (97,500 - 95,100 = 2,400 . 2,400  0.062 = 148.80) + (3,980  0.0145 = 57.71)

Answer to Question 2

6.03


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shofmannx20

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Reply #2 on: Jun 24, 2018
Thank you


dellikani2015

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Reply #3 on: Jun 24, 2018
No problemo


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