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.
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 | $152,280 | $ | $ | $ | $ |
| Grath, John, VP Finance | 137,400 | ||||
| James, Sally, VP Sales | 69,600 | ||||
| Kimmel, Joan, VP Mfg. | 55,200 | ||||
| Wie, Pam, VP Personnel | 50,400 | ||||
| Grant, Mary, VP Secretary | 40,800 | ||||
b.
| December 31 | |||||
| Name and Title | Annual Salary | OASDI Taxable Earnings | OASDI Tax | HI Taxable Earnings | HI Tax |
| Hanks, Timothy, President | $152,280 | $ | $ | $ | $ |
| Grath, John, VP Finance | 137,400 | ||||
| James, Sally, VP Sales | 69,600 | ||||
| Kimmel, Joan, VP Mfg. | 55,200 | ||||
| Wie, Pam, VP Personnel | 50,400 | ||||
| Grant, Mary, VP Secretary | 40,800 | ||||
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Corporate Finance
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe
13th International Edition
1265533199, 978-1265533199
