Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Show all calculations. Example 3-1 Example 3-2 $32.57 $3,257.00 Wallington Company has 100 employees, each earning 5525.25 a week. OASDI Amount of OASDI tax withheld

image text in transcribedShow all calculations.

Example 3-1 Example 3-2 $32.57 $3,257.00 Wallington Company has 100 employees, each earning 5525.25 a week. OASDI Amount of OASDI tax withheld from each employee's paycheck each week: Total tax withheld from the 100 employees' wages: Tax on employer: HI Amount of HI tax withheld from each employee's paycheck each week: Total tax withheld from the 100 employees' wages is: Tax on employer: (6.2% x $525.25) (532.57 X 100) [6.2% x ($525.25 X 100)] $3,256.55 $7.62 $762.00 (1.45% x 5525.25) ($7.62 x 100) [1.45% x ($525.25 X 100)] $761.61 Empty Fields Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 20-- follows. Compute the following for the payroll of December 31; round your answers to the nearest cent. OASDI Taxable HI Taxable Employee Annual Salary OASDI Tax HI Tax Wages Wages Utley, Genna $22,800 1,900 s Werth, Norm 48,000 3,998.40 X Bass, John 26,400 2,199.12 x Ruiz, Sam 133,700 10,338 X Compton, Sue 16,800 1,399.44 X Williams, Mary 16,800 1,399.44 X Patel, Raymond 105,600 8,796.48 X Carson, Abe 54,000 4,498.20 X Livinsky, Sarah 39,600 3,298.68 X Harper, Mark 52,800 4,398.24 x Totals Employer's OASDI Tax Employer's HI Tax Feedback Check My Work Calculate OASDI Taxable Wages; for any employee earning over the OASDI ceiling consider year-to-date earnings prior to current pay period. Multiply OASDI taxable wages for current pay period. Multiply OASDI Taxable Wages by OASDI rate. Multiply HI taxable earnings by HI rate. For employer's OASDI Tax, multiply total of OASDI Taxable Wages column by OASDI rate; for employer's HI Tax, multiply total of HI Taxable Wages column 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_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

Computer Aided Fraud Prevention And Detection A Step By Step Guide

Authors: David Coderre

1st Edition

0470392436, 978-0470392430

More Books

Students also viewed these Accounting questions