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FICA Tax (Social Security)
Both the employee and the employer contribute equally.
OASDI has a Taxable Wage Base that is the maximum amount of earnings during a calendar year that is subject to OASDI taxes.
($102,000) tax rate is 6.2% for the first $102,000 earned.
HI has no maximum amount, and hence all earnings are subject to HI. Tax rate is 1.45% of all earnings.
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How to do worksheet?
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Wendell Corporation exchanged an old truck and $25,500 cash for a new truck. The old truck had a book value of $6,000 (original cost of $25,000 less $19,000 in accumulated depre
Note: All illegible answers will be marked incorrect, so please write legibly. If you type and submit the print out of your homework (not email), you will receive 5 points extra cr
on 1st july,2008,machinery purchased rs10,000 for cash from bhim.give journal entry and prepare ledger accounts.
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