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 $156,000 $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 Grath, John, VP Finance 138,000 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 James, Sally, VP Sales 69,600 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 Kimmel, Joan, VP Mfg. 54,000 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 Wie, Pam, VP Personnel 51,600 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 Grant, Mary, VP Secretary 49,200 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 $156,000 $fill in the blank 25 $fill in the blank 26 $fill in the blank 27 $fill in the blank 28 Grath, John, VP Finance 138,000 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32 James, Sally, VP Sales 69,600 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 Kimmel, Joan, VP Mfg. 54,000 fill in the blank 37 fill in the blank 38 fill in the blank 39 fill in the blank 40 Wie, Pam, VP Personnel 51,600 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 Grant, Mary, VP Secretary 49,200 fill in the blank 45 fill in the blank 46 fill in the blank 47 fill in the blank 48

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
Annual
Salary
OASDI Taxable
Earnings

OASDI Tax
HI Taxable
Earnings

HI Tax
Hanks, Timothy, President $156,000 $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4
Grath, John, VP Finance 138,000 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8
James, Sally, VP Sales 69,600 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12
Kimmel, Joan, VP Mfg. 54,000 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16
Wie, Pam, VP Personnel 51,600 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20
Grant, Mary, VP Secretary 49,200 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 $156,000 $fill in the blank 25 $fill in the blank 26 $fill in the blank 27 $fill in the blank 28
Grath, John, VP Finance 138,000 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32
James, Sally, VP Sales 69,600 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36
Kimmel, Joan, VP Mfg. 54,000 fill in the blank 37 fill in the blank 38 fill in the blank 39 fill in the blank 40
Wie, Pam, VP Personnel 51,600 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44
Grant, Mary, VP Secretary 49,200 fill in the blank 45 fill in the blank 46 fill in the blank 47 fill in the blank 48
Expert Solution
Step 1

OASDI taxable wage limit in 2020 = $137,700

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