Answered step by step
Verified Expert Solution
Question
1 Approved Answer
In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last
In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month.
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
Open spreadsheet
Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31.
Round your answers to the nearest cent. If an amount is zero, enter "0".
a.
November 15 | |||||
Name and Title | Annual Salary | OASDI Taxable Earnings | OASDI Tax | HI Taxable Earnings | HI Tax |
Hanks, Timothy, President | $158,100 | $fill in the blank 2 | $fill in the blank 3 | $fill in the blank 4 | $fill in the blank 5 |
Grath, John, VP Finance | 138,960 | fill in the blank 6 | fill in the blank 7 | fill in the blank 8 | fill in the blank 9 |
James, Sally, VP Sales | 67,200 | fill in the blank 10 | fill in the blank 11 | fill in the blank 12 | fill in the blank 13 |
Kimmel, Joan, VP Mfg. | 55,200 | fill in the blank 14 | fill in the blank 15 | fill in the blank 16 | fill in the blank 17 |
Wie, Pam, VP Personnel | 54,000 | fill in the blank 18 | fill in the blank 19 | fill in the blank 20 | fill in the blank 21 |
Grant, Mary, VP Secretary | 44,400 | fill in the blank 22 | fill in the blank 23 | fill in the blank 24 | fill in the blank 25 |
b.
December 31 | |||||
Name and Title | Annual Salary | OASDI Taxable Earnings | OASDI Tax | HI Taxable Earnings | HI Tax |
Hanks, Timothy, President | $158,100 | $fill in the blank 26 | $fill in the blank 27 | $fill in the blank 28 | $fill in the blank 29 |
Grath, John, VP Finance | 138,960 | fill in the blank 30 | fill in the blank 31 | fill in the blank 32 | fill in the blank 33 |
James, Sally, VP Sales | 67,200 | fill in the blank 34 | fill in the blank 35 | fill in the blank 36 | fill in the blank 37 |
Kimmel, Joan, VP Mfg. | 55,200 | fill in the blank 38 | fill in the blank 39 | fill in the blank 40 | fill in the blank 41 |
Wie, Pam, VP Personnel | 54,000 | fill in the blank 42 | fill in the blank 43 | fill in the blank 44 | fill in the blank 45 |
Grant, Mary, VP Secretary | 44,400 | fill in the blank 46 | fill in the blank 47 | fill in the blank 48 | fill in the blank 49 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started