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 15 the month. Compute

image text in transcribed
image text in transcribed
In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15 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 "O". a. November 15 OASDI Taxable Earnings HI Taxable Earnings HI OASDI Tax 1,700$ 105.40 $ 6,800 5,750 Annual Name and Title Salary Hanks, Timothy, President $163,200 Grath, John, VP Finance 138,000 James, Sally, VP Sales 69,600 Kimmel, Joan, VP Mfg. 54,000 1,407.40 X 22,700 x 3,569 X 2,900 58,000 X 2,790 X 2,250 45,000 x 2,666 X 2,150 51,600 43,000 X Wie, Pam, VP Personnel 2,0507 49,200 41,000 x 2,542 X Grant, Mary, VP Secretary OASDI Taxable Earnings December 31 HI Taxable OASDI Tax Earnings HI Tax 25,500 X $ 1,581 X $ 6,800 98.60 Annual Name and Title Salary Hanks, Timothy, President $163,200 Grath, John, VP Finance 138,000 James, Sally, VP Sales 69,600 Kimmel, Joan, VP Mfg. 54,000 300 X 18.60 X 5,750 83.38 69,600 X 4,315.20 X 42.05 2,900 54,000 x 3,348 x 32.63 2,250 2,150 31.18 3,199.20 x 51,600 wie, Pam, VP Personnel 51,600 x 29.73 2,0507 49,200 Grant, Mary, VP Secretary 49,200 x 305,040 x Feedback Check My Work a. & b. Calculate OASDI and HI taxable earnings considering OASDI ceiling. Calculate OASDI and HI Tax based on taxable ea any employee earning over the OASDI ceiling consider year-to-date earnings prior to current pay period. Multiply OASDI Taxa by DASDI rate. Multiply HI taxable earnings by HI rate.

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

Step: 3

blur-text-image

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

The Essential Controller An Introduction To What Every Financial Manager Must Know

Authors: Steven M. Bragg

2nd Edition

1118169972, 9781118169971

More Books

Students also viewed these Accounting questions

Question

Describe the major barriers to the use of positive reinforcement.

Answered: 1 week ago