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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: $32.57

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: $32.57 (6.2% $525.25)
Total tax withheld from the 100 employees' wages: $3,257.00 ($32.57 100)
Tax on employer: $3,256.55 [6.2% ($525.25 100)]
HI
Amount of HI tax withheld from each employee's paycheck each week: $7.62 (1.45% $525.25)
Total tax withheld from the 100 employees' wages is: $762.00 ($7.62 100)
Tax on employer: $761.61 [1.45% ($525.25 100)]

The biweekly taxable wages for the employees of Rite-Shop follow. Compute the FICA taxes for each employee and the employer's FICA taxes. Round your answers to the nearest cent.

FICA Taxes

Employee No. Employee Name Biweekly Taxable Wages OASDI HI
711 Castro, Manny $4,000.00 $fill in the blank 1 $fill in the blank 2
512 Corrales, Pat 952.00 fill in the blank 3 fill in the blank 4
624 Guitar, Joseph 1,002.00 fill in the blank 5 fill in the blank 6
325 Moore, Connie 1,093.40 fill in the blank 7 fill in the blank 8
422 Morrison, Harry 1,700.00 fill in the blank 9 fill in the blank 10
210 Robertson, Catherine 1,094.80 fill in the blank 11 fill in the blank 12
111 Swarez, Joseph 1,282.00 fill in the blank 13 fill in the blank 14
Totals $fill in the blank 15 $fill in the blank 16 $fill in the blank 17
Employer's OASDI $fill in the blank 18 $fill in the blank 19
Total Taxable Wages Employer's OASDI Tax
Employer's HI Tax $fill in the blank 20 $fill in the blank 21
Total Taxable Wages Employer's HI Tax

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