Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribed

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: kieso, weygandt and warfield.

14th Edition

9780470587232, 470587288, 470587237, 978-0470587287

More Books

Students also viewed these Accounting questions