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 Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI Tax Hanks, Timothy, President $158,160 $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 Grath, John, VP Finance 138,240 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 James, Sally, VP Sales 74,400 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 Kimmel, Joan, VP Mfg. 52,800 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 Wie, Pam, VP Personnel 44,400 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 Grant, Mary, VP Secretary 46,800 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in the blank 24 b. December 31 Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI Tax Hanks, Timothy, President $158,160 $fill in the blank 25 $fill in the blank 26 $fill in the blank 27 $fill in the blank 28 Grath, John, VP Finance 138,240 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32 James, Sally, VP Sales 74,400 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 Kimmel, Joan, VP Mfg. 52,800 fill in the blank 37 fill in the blank 38 fill in the blank 39 fill in the blank 40 Wie, Pam, VP Personnel 44,400 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 Grant, Mary, VP Secretary 46,800 fill in the blank 45

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".

		November 15
Name and Title	Annual Salary	OASDI Taxable Earnings	OASDI Tax	HI Taxable Earnings	HI Tax
Hanks, Timothy, President	$158,160	$fill in the blank 1	$fill in the blank 2	$fill in the blank 3	$fill in the blank 4
Grath, John, VP Finance	138,240	fill in the blank 5	fill in the blank 6	fill in the blank 7	fill in the blank 8
James, Sally, VP Sales	74,400	fill in the blank 9	fill in the blank 10	fill in the blank 11	fill in the blank 12
Kimmel, Joan, VP Mfg.	52,800	fill in the blank 13	fill in the blank 14	fill in the blank 15	fill in the blank 16
Wie, Pam, VP Personnel	44,400	fill in the blank 17	fill in the blank 18	fill in the blank 19	fill in the blank 20
Grant, Mary, VP Secretary	46,800	fill in the blank 21	fill in the blank 22	fill in the blank 23	fill in the blank 24

		December 31
Name and Title	Annual Salary	OASDI Taxable Earnings	OASDI Tax	HI Taxable Earnings	HI Tax
Hanks, Timothy, President	$158,160	$fill in the blank 25	$fill in the blank 26	$fill in the blank 27	$fill in the blank 28
Grath, John, VP Finance	138,240	fill in the blank 29	fill in the blank 30	fill in the blank 31	fill in the blank 32
James, Sally, VP Sales	74,400	fill in the blank 33	fill in the blank 34	fill in the blank 35	fill in the blank 36
Kimmel, Joan, VP Mfg.	52,800	fill in the blank 37	fill in the blank 38	fill in the blank 39	fill in the blank 40
Wie, Pam, VP Personnel	44,400	fill in the blank 41	fill in the blank 42	fill in the blank 43	fill in the blank 44
Grant, Mary, VP Secretary	46,800	fill in the blank 45

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