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: V. Hoffman (general office worker) $2,700 per month A. Drugan (saleswoman) $17,000 per year G. Beiter (stock clerk) $180 per week S. Egan (deliveryman) $280 per week B. Lin (cleaning and maintenance, part-time) $165 per week Grady and Monroe are each paid a weekly salary allowance of $1,650. 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 11. 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 $1,650.00 $fill in the blank 1 $fill in the blank 2 P. Monroe 1,650.00 fill in the blank 3 fill in the blank 4 V. Hoffman 623.08 fill in the blank 5 fill in the blank 6 A. Drugan 326.92 fill in the blank 7 fill in the blank 8 G. Beiter 180.00 fill in the blank 9 fill in the blank 10 S. Egan 280.00 fill in the blank 11 fill in the blank 12 B. Lin 165.00 fill in the blank 13 fill in the blank 14 b. Amount of the employer's FICA taxes for the weekly payroll. Taxable payroll $fill in the blank 15 OASDI $fill in the blank 16 HI $fill in the blank 17 c. Amount of state unemployment contributions for the weekly payroll. $fill in the blank 18 d. Amount of the net FUTA tax on the payroll. $fill in the blank 19 e. Total amount of the employer's payroll taxes for the weekly payroll. $fill in the blank 20

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

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

10th Edition

1119491630, 978-1119491637, 978-0470534793

More Books

Students also viewed these Accounting questions