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 Grant, Mary, VP Secretary 45,600
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 Grant, Mary, VP Secretary 45,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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 | $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 | Annual Salary |
OASDI Taxable Earnings |
OASDI Tax | HI Taxable Earnings |
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 |
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