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In this pay, Moss Company deducted OASDI taxes of $5,276.24 and HI taxes of $1,233.95 from the $85,100.90 of taxable wages paid. What is Moss Company's portion of the social security taxes for: Round your answers to the nearest cent.

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abiolataiwo2015

Answer:

A. $5,276.26

B. $1,233.96

Explanation:

Calculation for What is Moss Company's portion of the social security taxes for:

a. OASDI taxes=($85,100.90 x 6.2%)

OASDI taxes=$5,276.26

Therefore Moss Company's portion of the social security taxes for OASDI will be $5,276.26

b. HI taxes=($85,100.90 x 1.45%)

HI taxes=$1,233.96

Therefore Moss Company's portion of the social security taxes for HI will be $1,233.96

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