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

image text in transcribedimage text in transcribed

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: V. Hoffman (general office worker) A. Drugan (saleswoman) $1,700 per month $15,000 per year G. Bester (stock clerk) 5. Egan (deliveryman) B. Lin (cleaning and maintenance, part-time) $180 per week $220 per week $160 per week Grady and Monroe are each paid a weekdy 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 on the 41st weekly payroll period for the week ending October 14, 20 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 $950.00 OASDI 4 M. Grady P. Monroe 950.00 V. Hoffman 392.31 A. Drugan 288.46 G. Beiter 180.00 S. Egan 8. Un 220.00 160.00 a. Amount of FICA taxes (OASDI and HI) to be withheld from the earnings of each person. Taxable OASDI Earnings M. Grady $950.00 P. Monroe 950.00 V. Hoffman 392.31 A. Drugan 288.46 G. Belter 180.00 S. Egan 220.00 160.00 HI B. Lin 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.

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

Financial Accounting An Integrated Statements Approach

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

2nd Edition

324312113, 978-0324312119

More Books

Students also viewed these Accounting questions

Question

what does P (Z Answered: 1 week ago

Answered: 1 week ago

Question

What percent of 32,471 is 29,055

Answered: 1 week ago

Question

Explain the differences between COBRA and HIPAA. AppendixLO1

Answered: 1 week ago

Question

Summarize two concerns regarding cash balance plans. AppendixLO1

Answered: 1 week ago