Answered step by step
Verified Expert Solution
Link Copied!

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. 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 $163,200 $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4
Grath, John, VP Finance 138,000 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8
James, Sally, VP Sales 69,600 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12
Kimmel, Joan, VP Mfg. 54,000 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16
Wie, Pam, VP Personnel 51,600 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20
Grant, Mary, VP Secretary 49,200 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in the blank 24

b.
December 31
Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI Tax
Hanks, Timothy, President $163,200 $fill in the blank 25 $fill in the blank 26 $fill in the blank 27 $fill in the blank 28
Grath, John, VP Finance 138,000 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32
James, Sally, VP Sales 69,600 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36
Kimmel, Joan, VP Mfg. 54,000 fill in the blank 37 fill in the blank 38 fill in the blank 39 fill in the blank 40
Wie, Pam, VP Personnel 51,600 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44
Grant, Mary, VP Secretary 49,200 fill in the blank 45

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

Advances In Quantitative Analysis Of Finance And Accounting - New Series (Vol. 2)

Authors: Lee Cheng Few

1st Edition

9812561641, 9789812561640

More Books

Students also viewed these Accounting questions