Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Amount of OASDI tax withheld from each employee's paycheck each week: $32.57 (6.2% x $525.25) Total tax withheld from the 100 employees' wages: $3,257.00
Amount of OASDI tax withheld from each employee's paycheck each week: $32.57 (6.2% x $525.25) Total tax withheld from the 100 employees' wages: $3,257.00 ($32.57 x 100) Tax on employer: $3,256.55 [6.2% x ($525.25 x 100)] HI Amount of HI tax withheld from each employee's paycheck each week: $7.62 (1,45 % x $525.25) Total tax withheld from the 100 employees' wages is: $762.00 ($7.62 x 100) Tax on employer: $761.61 [1.45 % x ($525.25 x 100)] Empty Fields Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 20-- follows. Compute the following for the payroll of December 31; round your answers to the nearest cent. HI OASDI Taxable Employee Annual Salary OASDI Tax Taxable HI Tax Wages Wages Utley, Genna Werth, Norm $37,040 48.900 3,086.67 191.37 3,086.67 44.76 4,075 252.65 4,075 59.09 Bass, John 40,000 3,333.33 206.67 3,333.33 48.33 Ruiz, Sam 150,000 Compton, Sue 36,900 3,075 190.65 3,075 44.59 Williams, Mary 48,500 4,041.67 250.58 4,041.67 58.60 Patel, Raymond Carson, Abe Livinsky, Sarah 106,080 8,840 548.08 8,840 128.18 56,900 4,741.67 293.98 4,741.67 68.75 37,850 3,154.17 195.56 3,154.17 45.74 Harper, Mark 51,200 4,266.67 264.53 4,266.67 61.87 Totals Employer's OASDI Tax Employer's HI Tax S
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started