Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Example 3-1 Example 3-2 Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI tax withheld from each employee's paycheck each

image text in transcribed

Example 3-1 Example 3-2 Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI tax withheld from each employee's paycheck each week: Total tax withheld from the 100 employees' wages: ' Tax on employer: $32.57 $3,257.00 (6.2% * $525.25) ($32.57 x 100) [6.2% x ($525.25 x 100) $3,256 55 HI $7.62 Amount of HI tax withheld from each employee's paycheck each week: Tatal tax withheld from the 100 employees' wages is: $762.00 $761.61 (1.45% x $525.25) ($7.62 x 100) [1.45% x ($525.25 X 100) Tax on employer: Empty Fields Company pays its salaried employees monthly on the last day of each month. The annual salary payroll far 20-- follows. Compute the following for the payroll of December 31; round your answers to the nearest cent. Employee Annual Salary OASDI Taxable Wages OASDI Tax HI Taxable Wages HI Tax Utley, Genna $21,600 51 Werth, Norm 52,800 Bass, John 18,000 Ruiz, Sam 138,700 Compton, Sue 20,400 Williams, Mary 16,800 Patel, Raymond 104,400 Carson, Abe 54,000 Livinsky, Sarah 33,600 Harper, Mark 48,000 Tatals Employer's OASDI Tax NI Employer's HI Tax

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

Step: 3

blur-text-image

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

Hospitality Industry Managerial Accounting

Authors: Raymond S. Schmidgall

8th Edition

0866124977, 9780866124973

More Books

Students also viewed these Accounting questions