Empty Fields Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 20-- follows. Compute the following for the payroll of December 31: OASDI Annual Taxable OASDI HI Taxable HI Employee Utley, Genna Werth, Norm Bass, John Ruiz, Sam Compton, Sue Williams, Mary Salary $ 37,040 48,900 40,000 139,800 36,900 48,500 106,080 56,900 37,850 51,200 2$ Wages Тах Wages Таx Patel, Raymond Carson, Abe Livinsky, Sarah Harper, Mark Totals $ Employer's OASDI Tax 2$ Employer's HI Tax $

Empty Fields Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 20-- follows. Compute the following for the payroll of December 31: OASDI Annual Taxable OASDI HI Taxable HI Employee Utley, Genna Werth, Norm Bass, John Ruiz, Sam Compton, Sue Williams, Mary Salary $ 37,040 48,900 40,000 139,800 36,900 48,500 106,080 56,900 37,850 51,200 2$ Wages Тах Wages Таx Patel, Raymond Carson, Abe Livinsky, Sarah Harper, Mark Totals $ Employer's OASDI Tax 2$ Employer's HI Tax $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the 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". a. November 15 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,520 $ $ $ $ Grath, John, VP Finance 137,760 James, Sally, VP Sales 68,400 Kimmel, Joan, VP Mfg. 58,800 Wie, Pam, VP Personnel 52,800 Grant, Mary, VP Secretary 45,600 b. December 31 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,520 $ $ $ $ Grath, John, VP Finance 137,760 James, Sally, VP Sales 68,400 Kimmel, Joan, VP Mfg. 58,800 Wie, Pam, VP Personnel 52,800…
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Subject:
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