erci sherm began working as a oart yime waiter om aoril 1 at yeardville resturant yhr vash tipa of 475 that be recived durung april wer reports of firm 4069 which he submitted to his employer on may 1 during mqy be paid wages of 639 bt the restaurant compute oasdi and hi **Example 3-1**Eric Sherm began working as a part-time waiter on April 1, 20--, at Yardville Restaurant. The cash tips of $475 that he received during April were reported on Form 4070, which he submitted to his employer on May 1. During May, he was paid wages of $630 by the restaurant. Compute OASDI and HI; round your answers to the nearest cent.a. The amount of FICA taxes that the employer should withhold from Sherm's wages during May.- OASDI: $68.51- HI: $16.02b. The amount of the employer's FICA taxes on Sherm's wages and tips during May.[Accounting numeric field]**Graph/Diagram Explanation:** A table is displayed on the right side with two columns titled "OASDI" and "HI". The values corresponding to these columns are $68.51 and $16.02, respectively, indicating the calculations for FICA taxes. ## Example 3.1Eric Sherm began working as a part-time waiter on April 1, 20--, at Yardville Restaurant. The cash tips of $475 that he received during April, he reported on Form 4070, which he submitted to his employer on May 1. During May, he was paid wages of $630 by the restaurant.**Instructions:**- Round your answers to the nearest cent.**a.** Determine the amount of FICA taxes that the employer should withhold from Sherm's wages during May.**b.** Calculate the amount of the employer’s FICA taxes on Sherm's wages and tips during May.### Diagram:- **OASDI (Old-Age, Survivors, and Disability Insurance):** - A box displaying "68.51" next to the label "OASDI."**Interface Elements:**- A list of problems numbered 1 to 10 on the left side, with the current selection highlighted (PR.03.03B).**Buttons:**- A "Check My Work" button at the bottom with a note indicating that there are 5 more attempts available.This exercise is designed to help students practice calculating payroll taxes, specifically the FICA taxes which include Social Security and Medicare taxes.

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еВook Example 3-1 Eric Sherm began working as a part-time waiter on April 1, 20--, at Yardville Restaurant. The cash tips of $475 that he received during April were reported on Form 4070, which he submitted to his employer on May 1. During May, he was paid wages of $630 by the restaurant. Compute OASDI and HI; round your answers to the nearest cent. OASDI HI a. The amount of FICA taxes that the employer should withhold from Sherm's wages during May. 68.51 16.02 b. The amount of the employer's FICA taxes on Sherm's wages and tips during May. Accounting numeric field

еВook Example 3-1 Eric Sherm began working as a part-time waiter on April 1, 20--, at Yardville Restaurant. The cash tips of $475 that he received during April were reported on Form 4070, which he submitted to his employer on May 1. During May, he was paid wages of $630 by the restaurant. Compute OASDI and HI; round your answers to the nearest cent. OASDI HI a. The amount of FICA taxes that the employer should withhold from Sherm's wages during May. 68.51 16.02 b. The amount of the employer's FICA taxes on Sherm's wages and tips during May. Accounting numeric field

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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