3 In 20--, the annual salaries paid to each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the l month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter "0". November 15 Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI Tax Hanks, Timothy, President $189,600 189,600 X $ 9,932.40 X $ 189,600 X $ 2,748.20 X Grath, John, VP Finance 165,600 $ 160,200 X $ $ 9,932.40 X $ 165,600 X $ 2,399.20 X James, Sally, VP Sales 69,600 $ Kimmel, Joan, VP Mfg. Wie, Pam, VP Personnel Grant, Mary, VP Secretary 54,000 $ 69,600 X $ 54,000 X $ 4,313.20 X $ 69,600 X $ 1,008.20 X 3,348.00 $ X 54,000 X $ 783.00 X 51,600 $ 49,200 $ 51,600 X $ 3,201.20 X $ 51,600 X $ 748.20 X 49,200 X 3,054.40 $ X 49,200 X $ 713.40 X b. December 31 Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI Tax Hanks, Timothy, President $189,600 $ 0 $ 189,600 X $ 2,748.20 X Grath, John, VP Finance James, Sally, VP Sales 165,600 $ 0 X $ 0 X $ 165,600 2,399.20 X 69,600 $ 69,600 X $ 4,313.20 X $ 69,600 X $ 1,008.20 X Kimmel, Joan, VP Mfg. Wie, Pam, VP Personnel 54,000 $ 51,600 $ Grant, Mary, VP Secretary 49,200 $ 54,000 X $ 51,600 X $ 49,200 X $ 3,348.00 X $ 3,201.20 X $ 3,054.40 X $ 54,000 X $ 51,600 X $ 49,200 X $ 783.00 X 748.20 X 713.40 X Feedback Check My Work a. & b. Calculate OASDI and HI taxable earnings considering OASDI ceiling. Calculate OASDI and HI tax based on taxable earnings: for any employee earning over the OASDI ceiling consider year-to-date earnings prior to current pay period. Multiply OASDI Taxable Wages by OASDI rate. Multiply HI taxable earnings by HI rate. G acer S W F T
3 In 20--, the annual salaries paid to each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the l month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter "0". November 15 Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI Tax Hanks, Timothy, President $189,600 189,600 X $ 9,932.40 X $ 189,600 X $ 2,748.20 X Grath, John, VP Finance 165,600 $ 160,200 X $ $ 9,932.40 X $ 165,600 X $ 2,399.20 X James, Sally, VP Sales 69,600 $ Kimmel, Joan, VP Mfg. Wie, Pam, VP Personnel Grant, Mary, VP Secretary 54,000 $ 69,600 X $ 54,000 X $ 4,313.20 X $ 69,600 X $ 1,008.20 X 3,348.00 $ X 54,000 X $ 783.00 X 51,600 $ 49,200 $ 51,600 X $ 3,201.20 X $ 51,600 X $ 748.20 X 49,200 X 3,054.40 $ X 49,200 X $ 713.40 X b. December 31 Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI Tax Hanks, Timothy, President $189,600 $ 0 $ 189,600 X $ 2,748.20 X Grath, John, VP Finance James, Sally, VP Sales 165,600 $ 0 X $ 0 X $ 165,600 2,399.20 X 69,600 $ 69,600 X $ 4,313.20 X $ 69,600 X $ 1,008.20 X Kimmel, Joan, VP Mfg. Wie, Pam, VP Personnel 54,000 $ 51,600 $ Grant, Mary, VP Secretary 49,200 $ 54,000 X $ 51,600 X $ 49,200 X $ 3,348.00 X $ 3,201.20 X $ 3,054.40 X $ 54,000 X $ 51,600 X $ 49,200 X $ 783.00 X 748.20 X 713.40 X Feedback Check My Work a. & b. Calculate OASDI and HI taxable earnings considering OASDI ceiling. Calculate OASDI and HI tax based on taxable earnings: for any employee earning over the OASDI ceiling consider year-to-date earnings prior to current pay period. Multiply OASDI Taxable Wages by OASDI rate. Multiply HI taxable earnings by HI rate. G acer S W F T
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 1E
Related questions
Question
Transcribed Image Text:3
In 20--, the annual salaries paid to each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the l
month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31.
Round your answers to the nearest cent. If an amount is zero, enter "0".
November 15
Name and Title
Annual
Salary
OASDI Taxable
Earnings
OASDI Tax
HI Taxable
Earnings
HI Tax
Hanks, Timothy, President $189,600
189,600 X
$
9,932.40 X $
189,600 X $
2,748.20 X
Grath, John, VP Finance
165,600 $
160,200 X $
$
9,932.40 X $
165,600 X $
2,399.20 X
James, Sally, VP Sales
69,600 $
Kimmel, Joan, VP Mfg.
Wie, Pam, VP Personnel
Grant, Mary, VP Secretary
54,000 $
69,600 X $
54,000 X $
4,313.20 X $
69,600 X $
1,008.20 X
3,348.00
$ X
54,000 X $
783.00 X
51,600 $
49,200 $
51,600 X $
3,201.20
X $
51,600 X $
748.20 X
49,200 X
3,054.40
$ X
49,200
X $
713.40 X
b.
December 31
Name and Title
Annual
Salary
OASDI Taxable
Earnings
OASDI Tax
HI Taxable
Earnings
HI Tax
Hanks, Timothy, President $189,600 $
0 $
189,600 X $
2,748.20 X
Grath, John, VP Finance
James, Sally, VP Sales
165,600 $
0
X $
0 X $
165,600
2,399.20 X
69,600 $
69,600 X $
4,313.20
X $
69,600 X $
1,008.20 X
Kimmel, Joan, VP Mfg.
Wie, Pam, VP Personnel
54,000 $
51,600 $
Grant, Mary, VP Secretary
49,200 $
54,000 X $
51,600 X $
49,200 X $
3,348.00
X $
3,201.20 X $
3,054.40 X $
54,000 X $
51,600 X $
49,200 X $
783.00 X
748.20 X
713.40 X
Feedback
Check My Work
a. & b. Calculate OASDI and HI taxable earnings considering OASDI ceiling. Calculate OASDI and HI tax based on taxable earnings: for any
employee earning over the OASDI ceiling consider year-to-date earnings prior to current pay period. Multiply OASDI Taxable Wages by OASDI
rate. Multiply HI taxable earnings by HI rate.
G
acer
S W
F T
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