Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Marlene Grady and Pauline Monroe are partners engaged in operating The G&M Doll Shop, which has employed the following persons since the beginning of the

Marlene Grady and Pauline Monroe are partners engaged in operating The G&M Doll Shop, which has employed the following persons since the beginning of the year:

Grady and Monroe are each paid a weekly salary allowance of $950.

The doll shop is located in a state that requires unemployment compensation contributions of employers of one or more individuals. The company is subject to state contributions at a rate of 3.1% for wages not in excess of $8,100.

Compute each of the following amounts based upon the 41st weekly payroll period for the week ending October 9, 2015. Round your intermediate calculations and final answers to the nearest cent. Use rounded answers in subsequent computations. If an amount is zero, enter "0".

a. Amount of FICA taxes (OASDI and HI) to be withheld from the earnings of each person.

Taxable Earnings OASDI HI M. Grady $950.00 $ $ P. Monroe 950.00 V. Hoffman 392.31 A. Drugan 288.46 G. Beiter 180.00 S. Egan 220.00 B. Lin 160.00

b. Amount of the employer's FICA taxes for the weekly payroll.

Taxable payroll $ OASDI $ HI $

c. Amount of state unemployment contributions for the weekly payroll. $

d. Amount of the net FUTA tax on the payroll. $

e. Total amount of the employer's payroll taxes for the weekly payroll. $

I have the taxable payroll at 1240.77

OASDI taxwithheld 76.92 and HI tax withheld 17.99

I just need help with C D and E.

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

Law And Order Review 1993 An Audit Of Crime Policing And Criminal Justice Issues

Authors: John Benyon

1st Edition

1874493901, 978-1874493907

More Books

Students also viewed these Accounting questions