Question
Volpe Corporation has only five employees who are all paid $850 per week. Compute the total FICA taxes that the employer would withhold from the
Volpe Corporation has only five employees who are all paid $850 per week. Compute the total FICA taxes that the employer would withhold from the five employees each week and the amount the company would pay as its own liability for the employer?s share of FICA taxes on the weekly wages for the five employees. Compute: a. Employees? total OASDI: b. Employees? total HI: c. Employer?s total OASDI: d. Employer?s total HI: 2.Assignment 3B ? Practical Problem 3-8a, page 3-37 Ralph Henwood was paid a salary of $64,600 during 2010 by Odesto Company. In addition, during the year Henwood started his own business as a public accountant and reported a net business income of $48,000 on his income tax return for 2009. Compute the following: a. The amount of FICA taxes that was withheld from his earnings during 2010 by Odesto Company: OASDI: $_______________ HI: $_________________ b. Henwood?s self-employment taxes on the income derived from the public accounting business for 2010: OASDI: $_______________ HI: $__________________
Employee Utley, Genna Werth, Norm Bass, John Ruiz, Sam Compton, Sue Williams, Mary Patel, Raymond Carson, Abe Livinsky, Sarah Harper, Mark Totals Employer's OASDI Tax Employer's HI Tax Annual Salary $22,150 $ 48,900 24,000 107,280 20,900 19,500 106,080 56,900 37,850 51,200 $ $ $ Taxable Wages OASDI $ $ Remember: OASDI wages Tax only taxable to $106,800. $ $ HI TaxStep by Step Solution
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