Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the following rates, ceiling, and maximum taxes in your assignments, unless otherwise instructed. Employee and Employer OASDI: 6.20% $127,200 $7,886.40 Employee and Employer HI:
| Use the following rates, ceiling, and maximum taxes in your assignments, unless otherwise instructed. | |||||||||
| Employee and Employer OASDI: | 6.20% | $127,200 | $7,886.40 | ||||||
| Employee and Employer HI: | 1.45% | no limit | no maximum | ||||||
| Self-employed OASDI: | 12.40% | $127,200 | $15,772.80 | ||||||
| Self-employed HI: | 2.90% | no limit | no maximum | ||||||
| For rounding rules, refer to page 2-35 in your text. | |||||||||
| -1 pt. for each response incorrect. | |||||||||
| 1 | The biweekly taxable wages for the emplyees of Wee-Ones Foods follow. | ||||||||
| Compute the FICA taxes for each employee and the employer's FICA taxes. | |||||||||
| FICA Taxes | |||||||||
| Employee # | Employee name | Biweekly taxable wages | OASDI | HI | |||||
| 711 | Adams, Jane | $1,100.00 | |||||||
| 512 | Candy, James | 1,000.00 | |||||||
| 624 | Guiterrez, Roberta | 1,050.00 | |||||||
| 325 | Harrison, Ken | 1,250.00 | |||||||
| 422 | Lowland, Harriet | 1,600.00 | |||||||
| 210 | Ranger, Ralph | 1,310.50 | |||||||
| 111 | Sweat, Rudy | 1,419.45 | |||||||
| Totals | |||||||||
| Employer'S OASDI | |||||||||
| Total taxable wages | Employer's OASDI Tax | ||||||||
| Employer's HI Tax | |||||||||
| Total taxable wages | Employer's OASDI Tax | ||||||||
| 2 | In 20xx the annual salaries paid each f the officrs of Perez, Inc. follow. The officers are paid | ||||||||
| semimonthly on the 15th and last day of the month. Compute the FICA taxes to be withheld | |||||||||
| from each officer's pay on (a) November 15 and (b) | |||||||||
| a: | November 15 | ||||||||
| Name and Title | Annual Salary | OASDI Taxable Earnings | OASDI Tax | HI Taxable Earnings | HI Tax | ||||
| Perz, Paul, President | $150,000.00 | ||||||||
| Donald, Donna, VP Finance | 129,000.00 | ||||||||
| Funke, Jack, VP Sales | 76,800.00 | ||||||||
| Weis, Al, VP Mfg. | 92,400.00 | ||||||||
| Lang, Hope, VP Personnel | 78,000.00 | ||||||||
| Lee, Amy, VP Secretary | 52,800.00 | ||||||||
| b: | December 31 | ||||||||
| Name and Title | Annual Salary | OASDI Taxable Earnings | OASDI Tax | HI Taxable Earnings | HI Tax | ||||
| Perz, Paul, President | $150,000.00 | ||||||||
| Donald, Donna, VP Finance | 129,000.00 | ||||||||
| Funke, Jack, VP Sales | 76,800.00 | ||||||||
| Weis, Al, VP Mfg. | 92,400.00 | ||||||||
| Lang, Hope, VP Personnel | 78,000.00 | ||||||||
| Lee, Amy, VP Secretary | 52,800.00 | ||||||||
| 3 | Amanda Autry and Carley Wilson are partners in A & W Gift Shopp, which employe the individuals based below. | ||||||||
| Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts | |||||||||
| listed below for a weekly payroll period. | |||||||||
| Name and Title | Salary | OASDI Taxable Earnings | OASDI Tax | HI Taxable Earnings | HI Tax | ||||
| Kelly Simon, Office | $750 per wk. | ||||||||
| Jim Tress, Sales | 3,450 per mo. | ||||||||
| May Aha, Delivery | 520 per wk. | ||||||||
| Amand Autry, Partner | 1,900 per wk. | ||||||||
| Carley Wilson, Partner | 1,900 per wk. | ||||||||
| Totals | |||||||||
| Employer'S OASDI | |||||||||
| Employer's HI Tax | |||||||||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started