These are the answers to (a). How was the 20 found in the following formula? =(C78/24)*20 These are the answers to (b). How was the
These are the answers to (a). How was the 20 found in the following formula? =(C78/24)*20
These are the answers to (b). How was the 23 found in the following formula? =(C88/24)*23
Why in (b) are SS Tax Earn & SS Tax $0?
These are the answers to (a). How was the 20 found in the following formula? =(C78/24)*20
These are the answers to (b). How was the 23 found in the following formula? =(C88/24)*23
3-5A LO 3 See Example 3-1 In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. a. November 15 Name and Title Annual OASDI OASDI Tax HI Taxable HI Tax Salary Taxable Earnings Earnings Hanks, Timothy, President $163,200 Grath, John, VP Finance 138,000 James, Sally, VP Sales 69,600 Kimmel, Joan, VP Mfg. 54,000 Wie, Pam, VP Personnel 51,600 Grant, Mary, VP Secretary 49,200 b. December 31 Name and Title Annual OASDI OASDI Tax HI Taxable HI Tax Salary Taxable Earnings Earnings Hanks, Timothy, President $163,200 Grath, John, VP Finance 138,000 James, Sally, VP Sales 69,600 Kimmel, Joan, VP Mfg. 54,000 Wie, Pam, VP Personnel 51,600 Grant, Mary, VP Secretary 49,200 Answer D78 =(C78/24)*20 A B C D E F J 76 77 a. 78 79 Hanks Grath James Kimmel Wie Grant 80 Annual Sal YTD Oct 31 $ 163,200.00 $ 136,000.00 $ $ 138,000.00 $ 115,000.00 $ $ 69,600.00 $ 58,000.00 $ $ 54,000.00 $ 45,000.00 $ $ 51,600.00 $ 43,000.00 $ $ 49,200.00 $ 41,000.00 $ G H 6.20% 1.45% SS Tax Med Tax Earn Med Tax 105.40 $ 6,800.00 $ 98.60 356.50 $ 5,750.00 $ 83.38 179.80 $ 2,900.00 $ 42.05 139.50 $ 2,250.00 $ 32.63 133.30 $ 2,150.00 $ 31.18 127.10 $ 2,050.00 $ 29.73 Nov. 15th SS Tax Earn 6,800.00 $ 1,700.00 $ 5,750.00 $ 5,750.00 $ 2,900.00 $ 2,900.00 $ 2,250.00 $ 2,250.00 $ 2,150.00 $ 2,150.00 $ 2,050.00 $ 2,050.00 $ 81 82 83 84 D88 =(C88/24)*23 A B D E F G H J 84 85 86 87 b. 88 89 90 Hanks Grath James Kimmel Wie Grant Annual Sal YTD Dec 15 $ 163,200.00 $ 156,400.00 $ $ 138,000.00 $ 132,250.00 $ $ 69,600.00 $ 66,700.00 $ $ 54,000.00 $ 51,750.00 $ $ 51,600.00 $ 49,450.00 $ $ 49,200.00 $ 47,150.00 $ Dec 31st SS Tax Earn 6,800.00 $ $ 5,750.00 $ 5,450.00 $ 2,900.00 $ 2,900.00 $ 2,250.00 $ 2,250.00 $ 2,150.00 $ 2,150.00 $ 2,050.00 $ 2,050.00 $ 6.20% 1.45% SS Tax Med Tax Earn Med Tax $ 6,800.00 $ 98.60 337.90 $ 5,750.00 $ 83.38 179.80 $ 2,900.00 $ 42.05 139.50 $ 2,250.00 $ 32.63 133.30 $ 2,150.00 $ 31.18 127.10 $ 2,050.00 $ 29.73 91 92 93
