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FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Practice work not graded. Can you show work if able. Thanks

At Vision Club Company, office workers are employed for a 40-hour workweek and are quoted either a monthly or an annual salary (as indicated).
Given on the form below are the current annual and monthly salary rates for five office workers for the week ended December 13, 20-- (50th payday of the year). In addition, with this pay, these employees are paid their sliding-scale annual bonuses. The bonuses are listed on
the register.
For each worker, compute the following. Round your answers to the nearest cent.
1. Regular eamings for the weekly payroll ended December 13, 20-.
2. Overtime eamings (if applicable).
3. Total regular, overtime earnings, and bonus.
4. FICA taxable wages for this pay period.
5. FICA taxes to be withheld for this pay period.
VISION CLUB COMPANY
Weekly Payroll for Period Ending December 13, 20-
FICA Taxable Wages
FICA Taxes
This Pay Period
to Be Withheld
Cumulative
Hours
Annual
Regular
Overtime
Earnings
Employee
Salary
Total Earnings
OASDI
HI
OASDI
HI
Worked
Bonus
Earnings
Earnings
as of Last Pay
Period
Marx, A.
$114,400/yr.
40
$57,600
$107,800
Вохег, С.
72,280/yr.
40
21,000
68,110
Lundy, R.
5,876/mo.
40
19,600
66,444
Ruth, B.
3,744/mo.
40
12,200
42,336
Gehng, L
4,524/mo.
48
5,800
51,156
Totals
Employer's FICA taxes for week ended December 13, 20--:
OASDI
HI
Transcribed Image Text:At Vision Club Company, office workers are employed for a 40-hour workweek and are quoted either a monthly or an annual salary (as indicated). Given on the form below are the current annual and monthly salary rates for five office workers for the week ended December 13, 20-- (50th payday of the year). In addition, with this pay, these employees are paid their sliding-scale annual bonuses. The bonuses are listed on the register. For each worker, compute the following. Round your answers to the nearest cent. 1. Regular eamings for the weekly payroll ended December 13, 20-. 2. Overtime eamings (if applicable). 3. Total regular, overtime earnings, and bonus. 4. FICA taxable wages for this pay period. 5. FICA taxes to be withheld for this pay period. VISION CLUB COMPANY Weekly Payroll for Period Ending December 13, 20- FICA Taxable Wages FICA Taxes This Pay Period to Be Withheld Cumulative Hours Annual Regular Overtime Earnings Employee Salary Total Earnings OASDI HI OASDI HI Worked Bonus Earnings Earnings as of Last Pay Period Marx, A. $114,400/yr. 40 $57,600 $107,800 Вохег, С. 72,280/yr. 40 21,000 68,110 Lundy, R. 5,876/mo. 40 19,600 66,444 Ruth, B. 3,744/mo. 40 12,200 42,336 Gehng, L 4,524/mo. 48 5,800 51,156 Totals Employer's FICA taxes for week ended December 13, 20--: OASDI HI
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