Employee earnings records for Crane Company reveal the following gross earnings for four employees through the pay period of December 15. J. Seligman $88,000 L. Marshall $126,500 R. Eby $114,000 T. Olson $130,500 For the pay period ending December 31, each employee’s gross earnings is $4,500. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.20% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Compute the FICA withholdings that should be made for each employee for the December 31 pay period. (Round answers to 2 decimal places, e.g. 52.75.) J. Seligman $enter a dollar amount rounded to 2 decimal places L. Marshall $enter a dollar amount rounded to 2 decimal places R. Eby $enter a dollar amount rounded to 2 decimal places T. Olson $enter a dollar amount rounded to 2 decimal places
Employee earnings records for Crane Company reveal the following gross earnings for four employees through the pay period of December 15. J. Seligman $88,000 L. Marshall $126,500 R. Eby $114,000 T. Olson $130,500 For the pay period ending December 31, each employee’s gross earnings is $4,500. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.20% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Compute the FICA withholdings that should be made for each employee for the December 31 pay period. (Round answers to 2 decimal places, e.g. 52.75.) J. Seligman $enter a dollar amount rounded to 2 decimal places L. Marshall $enter a dollar amount rounded to 2 decimal places R. Eby $enter a dollar amount rounded to 2 decimal places T. Olson $enter a dollar amount rounded to 2 decimal places
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Employee earnings records for Crane Company reveal the following gross earnings for four employees through the pay period of December 15.
J. Seligman
|
$88,000 |
L. Marshall
|
$126,500 | |||
---|---|---|---|---|---|---|
R. Eby
|
$114,000 |
T. Olson
|
$130,500 |
For the pay period ending December 31, each employee’s gross earnings is $4,500. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.20% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages.
Compute the FICA withholdings that should be made for each employee for the December 31 pay period. (Round answers to 2 decimal places, e.g. 52.75.)
J. Seligman
|
$enter a dollar amount rounded to 2 decimal places
|
|
---|---|---|
L. Marshall
|
$enter a dollar amount rounded to 2 decimal places
|
|
R. Eby
|
$enter a dollar amount rounded to 2 decimal places
|
|
T. Olson
|
$enter a dollar amount rounded to 2 decimal places
|
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