At Vision Club Company, office workers are employed for a 40-hour workweek and are quoted either...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/664ce2512509d_704664ce25089ba9.jpg)
Transcribed Image Text:
At Vision Club Company, office workers are employed for a 40-hour workweek and are quoted either a monthly or an annual salary (as indicated). Given on the form below are the current annual and monthly salary rates for five office workers for the week ended December 13, 20- (50th payday of the year). In addition, with this pay, these employees are paid their sliding-scale annual bonuses. The bonuses are listed on the register. For each worker, compute the following. Round your answers to the nearest cent. 1. Regular earnings for the weekly payroll ended December 13, 20--, 2. Overtime earnings (if applicable). 3. Total regular, overtime earnings, and bonus. 4. FICA taxable wages for this pay period. 5. FICA taxes to be withheld for this pay period. VISION CLUB COMPANY Weekly Payroll for Period Ending December 13, 20-- FICA Taxable Wages This Pay Period FICA Taxes to Be Withheld Employee Salary Hours Worked Annual Bonus Regular Earnings Overtime Earnings Total Earnings Cumulative Earnings as of Last Pay OASDI HI OASDI HI Period Marx, A. Boxer, C. Lundy, R. $97,240/yr. 91,000/yr. 40 $60,000 1,870 61,870 $91,630.00 61,870 40 25,000 1,750 26,750 85,750.00 26,750 26,750 1,658.50 387.88 6,240/mo. 40 20,000 1,440 21,440 V 70,560.00 21,440 21,440 1,329.28 310.88 Ruth, B. 4,680/mo. 40 15,000 1,080 16,080 52,920.00 16,080 16,080 996.96 233.16 Gehrig, L. 4,900/mo. 48 8,000 1,130.77 339.28 9,470.05 34,890.00 9,470.05 9,470.05 587.14 137.32 Totals 128,000 7,270.77 339.28 135,610.05 135,610.05 Employer's FICA taxes for week ended December 13, 20--: OASDI HI At Vision Club Company, office workers are employed for a 40-hour workweek and are quoted either a monthly or an annual salary (as indicated). Given on the form below are the current annual and monthly salary rates for five office workers for the week ended December 13, 20- (50th payday of the year). In addition, with this pay, these employees are paid their sliding-scale annual bonuses. The bonuses are listed on the register. For each worker, compute the following. Round your answers to the nearest cent. 1. Regular earnings for the weekly payroll ended December 13, 20--, 2. Overtime earnings (if applicable). 3. Total regular, overtime earnings, and bonus. 4. FICA taxable wages for this pay period. 5. FICA taxes to be withheld for this pay period. VISION CLUB COMPANY Weekly Payroll for Period Ending December 13, 20-- FICA Taxable Wages This Pay Period FICA Taxes to Be Withheld Employee Salary Hours Worked Annual Bonus Regular Earnings Overtime Earnings Total Earnings Cumulative Earnings as of Last Pay OASDI HI OASDI HI Period Marx, A. Boxer, C. Lundy, R. $97,240/yr. 91,000/yr. 40 $60,000 1,870 61,870 $91,630.00 61,870 40 25,000 1,750 26,750 85,750.00 26,750 26,750 1,658.50 387.88 6,240/mo. 40 20,000 1,440 21,440 V 70,560.00 21,440 21,440 1,329.28 310.88 Ruth, B. 4,680/mo. 40 15,000 1,080 16,080 52,920.00 16,080 16,080 996.96 233.16 Gehrig, L. 4,900/mo. 48 8,000 1,130.77 339.28 9,470.05 34,890.00 9,470.05 9,470.05 587.14 137.32 Totals 128,000 7,270.77 339.28 135,610.05 135,610.05 Employer's FICA taxes for week ended December 13, 20--: OASDI HI
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
The RRR Company has a target current ratio of 2.4. Presently, the current ratio is 3.3 based on current assets of $6,567,000. If RRR expands its inventory using short- term liabilities (maturities...
-
In Problems 1-3, evaluate? 1. g(x, y, z) = x2 + y2 + z; G: z = x + y + 1, 0 ( x ( 1, 0 ( y ( 1 2. g(x, y, z) = x; G: x + y + 2z = 4, 0 ( x ( 1, 0 ( y ( 1 3. g(x, y, z) = x + y; G: z = (4 - x2, 0 ( x...
-
The ______________ of two sets \(A\) and \(B\) is the collection of all elements that are in set \(A\) or set \(B\), or both set \(A\) and set B.
-
Lessee Company enters into a 6-year finance lease of non-specialized equipment with Lessor Company on January 1,2020 . Lessee has agreed to pay \(\$ 28,000\) annually beginning immediately on January...
-
Refer to Exercise 2-18A. Requirements 1. After journalizing the transactions of Exercise 2-18A , post the entries to the ledger, using T-accounts. Key transactions by date. Date the ending balance of...
-
Cul de las siguientes afirmaciones explica por qu la cantidaddeclarada de activos totales probablemente est subestimada?Los preparadores tienden a errar por el lado de subestimar elvalor en 1 answer
-
Milo Company manufactures beach umbrellas. The company is preparing detailed budgets for the third quarter and has assembled the following information to assist in the budget preparation: The...
-
Boyle's Law states that when a sample of gas is compressed at a constant temperature, the pressure P and volume V satisfy the equation PV = C , where C is a constant. Suppose that at a certain...
-
How would you go about encouraging an organization led by management that is traditional and very comfortable with hierarchical organization to transition into a more modern structure that is...
-
A manufacturer of tennis rackets finds that the total cost C ( x ) (in dollars) of manufacturing x rackets/day is given by C ( x ) = 300 + 2 x + 0.0002 x 2 Each racket can be sold at a price of p...
-
Please describe a real-life leadership development experience from your work, school, or community that presents or has presented the opportunity to examine your leadership skills. You will write a...
-
Nike, the global athletic footwear market is expected to experience only very slow growth over the next several years. Nike is the market leader. According to Boston Consulting Group portfolio...
-
Use the below information to answer the following question. Sales (1,000 units) $ 200,000 Variable costs 110,000 Contribution margin 90,000 Fixed manufacturing costs 40,000 Operating income 50,000...
-
Which of the following statements is false? a. Capital leases are not commonly reported in a Capital Projects Fund. b. A governmental entity may report a Capital Project Fund in one year but not the...
-
What suggestions would you make to help Monolith eliminate the kind of game being played by Mary, Fred, and Bill?
-
Following are the elements of the planning process as discussed in this chapter, with some characteristics pertaining to those elements. a. Goals b. Strategic plan c. Capital budget d. Operating...
-
The Byrne Company is in the process of determining a return rate to use for its cost of capital. Upon review of the financial statements it was determined that the total interest bearing debt is...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App