Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At Vision Club Company, office workers are employed for a 40-hour workweek on either an annual or a monthly salary basis. Given on the form

At Vision Club Company, office workers are employed for a 40-hour workweek on either an annual or a monthly salary basis.

Given on the form below are the current annual and monthly salary rates for five office workers for the week ended December 13, 2019 (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, 2019.
  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. image text in transcribed
VISION CLUB COMPANY Weekly Payroll for Period Ending December 13, 2019 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 Period OASDI HI OASDI HI $ Marx, A. $108,680/yr. 40 $47,600 $ $102,410 49,690 X 2,090 Boxer, c. 79,040/yr. 40 25,000 1,520 26,520 74,480 Lundy, R. 5,460/mo. 40 19,000 1,260 20,260 61,740 X Ruth, B. 4,836/mo. 40 11,800 1,116 12,916 54,684 $ Gehrig, L. 4,732/mo. 48 6,800 1,092 8,219.6 53,508 327.6 $ $ $ Totals $ $ 110,200 7,078 327.6 117,605.6 X Employer's FICA taxes for week ended December 13, 2019: X OASDI HI VISION CLUB COMPANY Weekly Payroll for Period Ending December 13, 2019 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 Period OASDI HI OASDI HI $ Marx, A. $108,680/yr. 40 $47,600 $ $102,410 49,690 X 2,090 Boxer, c. 79,040/yr. 40 25,000 1,520 26,520 74,480 Lundy, R. 5,460/mo. 40 19,000 1,260 20,260 61,740 X Ruth, B. 4,836/mo. 40 11,800 1,116 12,916 54,684 $ Gehrig, L. 4,732/mo. 48 6,800 1,092 8,219.6 53,508 327.6 $ $ $ Totals $ $ 110,200 7,078 327.6 117,605.6 X Employer's FICA taxes for week ended December 13, 2019: X OASDI HI

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

College Accounting A Practical Approach Chapters 1-25

Authors: Jeffrey Slater

12th Edition

013277206X, 978-0132772068

More Books

Students also viewed these Accounting questions

Question

discuss different sources of numerical data;

Answered: 1 week ago

Question

design and evaluate an effective survey instrument;

Answered: 1 week ago

Question

administer a survey to an appropriate sample of respondents;

Answered: 1 week ago