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Instruction 3-1 Use the Following Tax Rates and Taxable Wage Bases: Employees

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Instruction 3-1
Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI-6.2% both on $132,900; HI-1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9 percent on wages in excess of $200,000 was not applicable.
Refer to Instruction 3-1. During 20--, Amanda Hines, president of Dunne, Inc., was paid a semimonthly salary of $7,100. Determine the following amounts. Instruction 3-1  Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI-6.2% both on $132,900; HI-1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9 percent on wages in excess of $200,000 was not applicable.  Refer to Instruction 3-1. During 20--, Amanda Hines, president of Dunne, Inc., was paid a semimonthly salary of $7,100. Determine the following amounts.

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Definitions:

Unemployment Rate

The rate of individuals in the workforce who are not employed but are seeking a job.

Random Sample

A sample in which each member of a population has an equal chance of being selected, ensuring the representativeness of the sample.

Statistics Canada

The national statistical office of Canada, which provides essential information on Canada's economy, society, and environment.

Alpha

A parameter in statistical hypothesis testing representing the probability of rejecting the null hypothesis when it is actually true (Type I error).

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