Question
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. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31.
| A. | 15-Nov | ||||
| Name and Title | Annual Salary | OASDI Taxable Earnings | OASDI Tax | HI Taxable Earnings | HI Tax |
| Hanks, Timothy, President | $ 151,200.00 | $ 6,300.00 | $ 390.60 | ||
| Grath, John VP Finance | $ 132,000.00 | $ 5,500.00 | $ 341.00 | ||
| James, Sally, VP Sales | $ 69,600.00 | $ 2,900.00 | $ 179.80 | ||
| Kimmel, Joan VP MFG | $ 54,000.00 | $ 2,250.00 | $ 139.50 | ||
| Wie, Pam, VP Personnel | $ 51,600.00 | $ 2,150.00 | $ 133.30 | ||
| Grant, Mary, VP Secretary | $ 49,200.00 | $ 2,050.00 | $ 127.10 | ||
| B. | 31-Dec | ||||
| Name and Title | Annual Salary | OASDI Taxable Earnings | OASDI Tax | HI Taxable Earnings | HI Tax |
| Hanks, Timothy, President | $ 151,200.00 | ||||
| Grath, John VP Finance | $ 132,000.00 | ||||
| James, Sally, VP Sales | $ 69,600.00 | ||||
| Kimmel, Joan VP MFG | $ 54,000.00 | ||||
| Wie, Pam, VP Personnel | $ 51,600.00 | ||||
| Grant, Mary, VP Secretary | $ 49,200.00 | ||||
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Introduction To Managerial Accounting Hc 2002 Text Only
Authors: Folk
1st Edition
0071123350, 978-0071123358
