Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ocean City College gives its faculty the option of receiving the...Ocean City College gives its faculty the option of receiving the balance of their contract

Ocean City College gives its faculty the option of receiving the...Ocean City College gives its faculty the option of receiving the balance of their contract at the end of the semester on May 17, 20--. The faculty can receive one lump-sum payment instead of receiving the remaining seven biweekly pays over the summer. Use the data given below to complete the Payroll Register on May 17. No employee has reached the OASDI ceiling, and all employees are taking the lump-sum payment. The state withholding rate is 2.0% of total earnings; the city withholding rate is 1.0% of total earnings. The weekly wage bracket is used for federal income taxes. To calculate the tax withholdings, you must calculate the rounded tax for each pay and multiply by the number of pays in the lump-sum payment. Biweekly Earnings: John, Mathew $3010 Kuna, Mary $2500 Tumbler, Bruce $1900 Ruce, Greg $3000 Totals $10410 Compute the employer's FICA taxes for the pay period ending May 17, 20--. OASDI Taxes HI Taxes OASDI taxable earnings- HI taxable earnings- OASDI taxes- HI taxes-

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_2

Step: 3

blur-text-image_3

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

Modern Internal Auditing Continuing Professional Education CPE Edition

Authors: Robert M. Atkisson, Victor Z. Brink, Herbert N. Witt

1st Edition

0471818828, 978-0471818823

More Books

Students also viewed these Accounting questions

Question

Why is combining voice and data a major organizational challenge?

Answered: 1 week ago

Question

e. What difficulties did they encounter?

Answered: 1 week ago