At Vision Club Company, office workers are employed for a 40-hour workweek on either an annual or a monthly salary basis. Given on the form below are the current annual and monthly salary rates for five office workers for the week ended December 13, 20- (50th payday of the year). In addition, with this pay, these employees are paid their sliding- scale annual bonuses. The bonuses are listed on the register. For each worker, compute: 1. Regular earnings for the weekly payroll ended December 13, 20-. 2. Overtime earnings (if applicable). 3. Total regular, overtime earnings, and bonus. 4. FICA taxable wages for this pay period. 5. FICA taxes to be withheld for this pay period. VISION CLUB COMPANY Regular Earnings Hours Annual Overtime Employee Salary Worked Bonus Earnings Total Earnings $97,240/yr. 91,000/yr. 6,240/mo. 4,680/mo. 4,900/mo. Marx, A. Вохer, C. $50,000 25,000 20,000 15,000 8,000 40 40 Lundy, R. Ruth, B. Gehrig, L. Totals 40 40 48 (left side) VISION CLUB COMPANY Cumulative Earnings as of Last Pay Period FICA Taxable Wages This Pay Period FICA Taxes to Be Withheld Employee OASDI HI OASDI HI $91,630.00 85,750.00 70,560.00 52,920.00 34,890.00 Marx, A. Вохеr, С. Lundy, R. Ruth, B. Gehrig, L. Totals (right side) Employer's FICA taxes for week ended December 13, 20-: $ OASDI HI
At Vision Club Company, office workers are employed for a 40-hour workweek on either an annual or a monthly salary basis. Given on the form below are the current annual and monthly salary rates for five office workers for the week ended December 13, 20- (50th payday of the year). In addition, with this pay, these employees are paid their sliding- scale annual bonuses. The bonuses are listed on the register. For each worker, compute: 1. Regular earnings for the weekly payroll ended December 13, 20-. 2. Overtime earnings (if applicable). 3. Total regular, overtime earnings, and bonus. 4. FICA taxable wages for this pay period. 5. FICA taxes to be withheld for this pay period. VISION CLUB COMPANY Regular Earnings Hours Annual Overtime Employee Salary Worked Bonus Earnings Total Earnings $97,240/yr. 91,000/yr. 6,240/mo. 4,680/mo. 4,900/mo. Marx, A. Вохer, C. $50,000 25,000 20,000 15,000 8,000 40 40 Lundy, R. Ruth, B. Gehrig, L. Totals 40 40 48 (left side) VISION CLUB COMPANY Cumulative Earnings as of Last Pay Period FICA Taxable Wages This Pay Period FICA Taxes to Be Withheld Employee OASDI HI OASDI HI $91,630.00 85,750.00 70,560.00 52,920.00 34,890.00 Marx, A. Вохеr, С. Lundy, R. Ruth, B. Gehrig, L. Totals (right side) Employer's FICA taxes for week ended December 13, 20-: $ OASDI HI
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:3-17A • LO 2, 3
See Example 3-1 on page 3-11
At Vision Club Company, office workers are employed for a 40-hour workweek on either an annual or a monthly
salary basis.
Given on the form below are the current annual and monthly salary rates for five office workers for the week
ended December 13, 20- (50th payday of the year). In addition, with this pay, these employees are paid their sliding-
scale annual bonuses. The bonuses are listed on the register.
For each worker, compute:
1. Regular earnings for the weekly payroll ended December 13, 20--.
2. Overtime earnings (if applicable).
3. Total regular, overtime earnings, and bonus.
4. FICA taxable wages for this pay period.
5. FICA taxes to be withheld for this pay period.
VISION CLUB COMPANY
Regular
Earnings
Hours
Annual
Overtime
Employee
Salary
Worked
Bonus
Earnings
Total Earnings
Marx, A.
Вохеr, C.
Lundy, R.
Ruth, B.
Gehrig, L.
Totals
$97,240/yr.
91,000/yr.
6,240/mo.
4,680/mo.
4,900/mo.
$50,000
25,000
20,000
15,000
8,000
40
40
40
40
48
(left side)
VISION CLUB COMPANY
Cumulative Earnings
as of Last Pay Period
FICA Taxable Wages
This Pay Period
FICA Taxes
to Be Withheld
Employee
OASDI
HI
OASDI
HI
$91,630.00
85,750.00
70,560.00
52,920.00
34,890.00
Marx, A.
Вохег, С.
Lundy, R.
Ruth, B.
Gehrig, L.
Totals
(right side)
Employer's FICA taxes for week ended December 13, 20-:
OASDI
HI
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