In 20-- the annual salaries paid each of the officers of Perez, 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.If an amount is zero, enter "0". Enter all earnings and taxes to two decimal places.a.November 15OASDI TaxableHI TaxableName and TitleAnnual SalaryOASDI TaxHI ТахEarningsEarningsPerez, Paul, President$153,600$%24Donald, Donna, VP Finance134,400Funke, Jack, VP Sales76,800Weis, Al, VP Mfg.92,400Lang, Hope, VP Personnel78,000Lee, Amy, VP Secretary52,800b.December 31OASDI TaxableHI ТаxableName and TitleAnnual SalaryOASDI TaxHI TaxEarningsEarningsPerez, Paul, President$153,600Donald, Donna, VP Finance134,400Funke, Jack, VP Sales76,800Weis, Al, VP Mfg.92,400Lang, Hope, VP Personnel78,000Lee, Amy, VP Secretary52,800

FICA tax: FICA tax refers to the Federal Insurance Contribution Act tax which is Country U law that creates the payroll tax requiring deductions. FICA imposes two taxes on the employer and the employee. In this, one tax would finance the federal old age, survivors and disability insurance programs which would be called as the OASDI. The other tax would finance the hospital insurance (HI) or the Medicare program.a. Calculate the amount of FICA taxes to be withheld from each officer’s pay on November 15. b. Calculate the amount of FICA taxes to be withheld from each officer’s pay on December 31. Working note:

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In 20-- the annual salaries paid each of the officers of Perez, 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. If an amount is zero, enter "o". Enter all earnings and taxes to two decimal places.

In 20-- the annual salaries paid each of the officers of Perez, 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. If an amount is zero, enter "o". Enter all earnings and taxes to two decimal places.

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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