Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers

image text in transcribed
image text in transcribed
image text in transcribed
The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers in Unger Company These amounts represent the cumulative earnings for each worker as of October 4, the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the next payday, October 11. In the state where Unger Company is located, the tax rates and bases are as follows: Tax on Employees: FICA-OASDI FICA-HI 6.2% on first $137,700 1.45% on total earnings 0.5% on first $8,000 SUTA Tax on Employer FICA OASDI FICA-HI 62% on first $137,700 1:45% on total earnings 0.6% on first $7,000 1.8% on first $8,000 FUTA SUTA in the appropriate columns of the form shown below, do the following 1. Compute the amount to be withheld from each employee's earnings on October 11 for (a) FICA-OASDI. (b) FICA-HI, and (C) SUTA, and determine the total employee taxes 2. Record the portion of each employee's earnings that is taxable under FICA, FUTA, and SUTA, and calculate the total employer's payroll taxes on the October 11 payroll Taxes to Be Withheld from Employees' Earnings Under Gross Earnings to Earnings FICA Date Oct. 11 OASDI HI SUTA Employee 1. Weiser, Robert A. $138,500 $1,790 $ 2. Stankard, Laurie C. 14,950 295 3. Grow, Joan L. 4,060 240 4. Rowe, Paul C. 8,190 235 5. McNamara, Joyce M. 7,460 195 6. O'Connor, Roger T. 137,410 1,810 7. Carson, Ronald B. 8,905 280 8. Kenny, Ginni C. 4,325 175 9. Devery, Virginia 5. 57,010 590 10. Wilson, Joe W. 3,615 205 Total employee taxes Total taxable earnings Applicable tax rate (enter as decimals, not percentages) Totals Total payroll taxes Employer Taxes: Portion of Employees' Earnings Taxable Under FICA OASDI HI FUTA SUTA $ I INI II III NI II III $ $

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

Study Guide Working Papers For College Accounting, Chapters 1-9

Authors: James A. Heintz, Robert W. Parry

23rd Edition

0357474740, 9780357474747

More Books

Students also viewed these Accounting questions

Question

Explain the concept of employment at will.

Answered: 1 week ago

Question

Discuss compensation for sales representatives.

Answered: 1 week ago

Question

Explain termination of employment.

Answered: 1 week ago