Problem
In this pay, O'Neill is paid his annual bonus of $95,000. This does not affect his group insurance coverage. For withholding purposes, the bonus is considered a supplemental payment and taxed at the supplemental rate of 22 percent. O'Neill changed his SIMPLE contribution this pay to $2,000, which will reduce his salary for federal income tax purposes. To determine federal income tax on the remaining taxable portion of his regular salary, use the Wage Bracket Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or Later - Biweekly Payroll Period - Standard columns. In calculating the tax, do not round the aggregate to the nearest earnings dollar. In this pay, O'Neill has reached the OASDI ceiling. To calculate O'Neill's OASDI tax, multiply the OASDI ceiling of $142,800 by 6.2 percent and then subtract the OASDI taxes withheld up to this pay. Cumulative earnings on 12/4 is 54230.72 12/18 regular earnings are 2307.69
What is his employers OASDI? what is his FIT?