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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

PAYROLL ACCT.,2019 ED.(LL)-TEXT
PAYROLL ACCT.,2019 ED.(LL)-TEXT
19th Edition
ISBN:9781337619783
Author:BIEG
Publisher:BIEG
Chapter4: Income Tax Withholding
Section: Chapter Questions
Problem 8PB
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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
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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