Question
Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI6.2% both on $137,700; HI1.45% for employees and employers on the total wages
Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI6.2% both on $137,700; HI1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9% on wages in excess of $200,000 was not applicable.
At Haddon, Inc., the office workers are employed for a 40-hour workweek and are paid on either an annual, monthly, or hourly basis. All office workers are entitled to overtime pay for all hours worked beyond 40 each workweek at 1.5 times the regular hourly rates.
Company records show the following information for the week ended December 26, 20--.
Employee | Salary | Hrs. Worked | Cumulative Taxable Wages as of Last Pay Period (12/19/--) | ||||||||
OFFICE | King, M. | $137,800.00 per year | 40 | $135,150.00 | |||||||
Manera, E. | $6,500.00 per month | 40 | $76,500.00 | ||||||||
Tate, S. | $3,900.00 per month | 48 | $45,900.00 | ||||||||
Yee, L. | $12.50 per hour | 44.5 | $27,675.13 | ||||||||
PLANT | Diaz, R. | $12.50 per hour | 48 | $14,778.96 | |||||||
Zagst, J. | $14.50 per hour | 52 | $24,703.02 |
On the form below, calculate for each worker: (a) regular earnings, (b) overtime earnings, (c) total regular and overtime earnings, (d) FICA taxable wages, (e) FICA taxes to be withheld, and (f) net pay for the week ended December 26, 20--. Assume that there are 52 weekly payrolls in 20--. Also, determine the total where indicated. Round your answers to the nearest cent and use those rounded amounts in subsequent calculations. If an amount box does not require an entry, leave it blank.
Weekly Payroll for Period Ending December 26, 20-- | |||||||||||
Employee | Salary | Hrs. Worked | Regular Earnings (A) | Overtime Earnings (B) | Total Reg. and O/T Earnings (C) | Cum. Taxable Wages as of Last Pay Period (12/19/--) | FICA Taxable Wages This Pay Period (D) | FICA Taxes to be Withheld (E) | Net Pay (F) | ||
OASDI | HI | OASDI | HI | ||||||||
OFFICE: King, M. | $137,800.00 per year | 40 | $fill in the blank 1 | $fill in the blank 2 | $fill in the blank 3 | $135,150.00 | $fill in the blank 4 | $fill in the blank 5 | $fill in the blank 6 | $fill in the blank 7 | $fill in the blank 8 |
Manera, E. | $6,500.00 per mo. | 40 | fill in the blank 9 | fill in the blank 10 | fill in the blank 11 | $76,500.00 | fill in the blank 12 | fill in the blank 13 | fill in the blank 14 | fill in the blank 15 | fill in the blank 16 |
Tate, S. | $3,900.00 per mo. | 48 | fill in the blank 17 | fill in the blank 18 | fill in the blank 19 | $45,900.00 | fill in the blank 20 | fill in the blank 21 | fill in the blank 22 | fill in the blank 23 | fill in the blank 24 |
Yee, L. | $12.50 per hr. | 44.5 | fill in the blank 25 | fill in the blank 26 | fill in the blank 27 | $27,675.13 | fill in the blank 28 | fill in the blank 29 | fill in the blank 30 | fill in the blank 31 | fill in the blank 32 |
PLANT: Diaz, R. | $12.50 per hr. | 48 | fill in the blank 33 | fill in the blank 34 | fill in the blank 35 | $14,778.96 | fill in the blank 36 | fill in the blank 37 | fill in the blank 38 | fill in the blank 39 | fill in the blank 40 |
Zagst, J. | $14.50 per hr. | 52 | fill in the blank 41 | fill in the blank 42 | fill in the blank 43 | $24,703.02 | fill in the blank 44 | fill in the blank 45 | fill in the blank 46 | fill in the blank 47 | fill in the blank 48 |
Totals | .... | .... | $fill in the blank 49 | $fill in the blank 50 | $fill in the blank 51 | .... | $fill in the blank 52 | $fill in the blank 53 | $fill in the blank 54 | $fill in the blank 55 | $fill in the blank 56 |
Employer's FICA Taxes:
OASDI: | $fill in the blank 57 |
HI: | $fill in the blank 58 |
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