A petty cash fund requires less accuracy than a checking acc…
Questions
A petty cаsh fund requires less аccurаcy than a checking accоunt.
Instructiоn 3-1 Use the fоllоwing tаx rаtes, ceiling аnd maximum taxes: Employee and Employer OASDI: 6.20% $147,000 $9,114 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $147,000 $18,228 Self-employed HI: 2.9% No limit No maximum *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimals places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime 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, drop the third decimal place. Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Put both answers to a & b in the blank, label a. & b. Refer to Instruction 3-1. Crow earned $585.15 during the week ended March 1, 20--. Prior to payday, Crow had cumulative gross earnings of $4,733.20. a) The amount of OASDI taxes to withhold from Crow's pay is __________. b) The amount of HI taxes to withhold from Crow's pay is __________. [BLANK-1]