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
Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI—6.2% both on $132,900; HI—1.45% 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. | $135,200.00 per year | 40 | $132,600.00 | |||||||
| 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. | $135,200.00 per year | 40 | $ | $ | $ | $132,600.00 | $ | $ | $ | $ | $ |
| Manera, E. | $6,500.00 per mo. | 40 | $76,500.00 | ||||||||
| Tate, S. | $3,900.00 per mo. | 48 | $45,900.00 | ||||||||
| Yee, L. | $12.50 per hr. | 44.5 | $27,675.13 | ||||||||
| PLANT: Diaz, R. | $12.50 per hr. | 48 | $14,778.96 | ||||||||
| Zagst, J. | $14.50 per hr. | 52 | $24,703.02 | ||||||||
| Totals | .... | .... | $ | $ | $ | .... | $ | $ | $ | $ | $ |
Employer's FICA Taxes:
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