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Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI tax withheld from each employee's paycheck each week: $32.57 (6.2% x $525.25) Total tax withheld from the 100 employees' wages: $3,257.00 ($32.57 x 100) Tax on employer: $3,256.55 [6.2% x ($525.25 x 100)] HI Amount of HI tax withheld from each employee's paycheck each week: $7.62 (1.45% x $525.25) Total tax withheld from the 100 employees' wages is: $762.00 ($7.62 x 100) Tax on employer: $761.61 [1.45% x ($525.25x 100)] The biweekly taxable wages for the employees of Rite-Shop follow. Compute the FICA taxes for each employee and the employer's FICA taxes Round your answers to the nearest cent. FICA Taxes Employee OASDI HI Employee Name Biweekly Taxable Wages No. 711 Castro, Manny $4,000.00 Corrales, Pat 978.00 S17

Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI tax withheld from each employee's paycheck each week: $32.57 (6.2% x $525.25) Total tax withheld from the 100 employees' wages: $3,257.00 ($32.57 x 100) Tax on employer: $3,256.55 [6.2% x ($525.25 x 100)] HI Amount of HI tax withheld from each employee's paycheck each week: $7.62 (1.45% x $525.25) Total tax withheld from the 100 employees' wages is: $762.00 ($7.62 x 100) Tax on employer: $761.61 [1.45% x ($525.25x 100)] The biweekly taxable wages for the employees of Rite-Shop follow. Compute the FICA taxes for each employee and the employer's FICA taxes Round your answers to the nearest cent. FICA Taxes Employee OASDI HI Employee Name Biweekly Taxable Wages No. 711 Castro, Manny $4,000.00 Corrales, Pat 978.00 S17

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Example 3-2 Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI tax withheld from each employee's paycheck each week: $32.57 (6.2% x $525.25) Total tax withheld from the 100 employees' wages: $3,257.00 ($32.57 x 100) Tax on employer: $3,256.55 [6.2% x ($525.25 x 100)] HI Amount of HI tax withheld from each employee's paycheck each week: $7.62 (1.45% x $525.25) Total tax withheld from the 100 employees' wages is: $762.00 ($7.62 x 100) Tax on employer: $761.61 [1.45% x ($525.25x 100)] The biweekly taxable wages for the employees of Rite-Shop follow. Compute the FICA taxes for each employee and the employer's FICA taxes. Round your answers to the nearest cent. FICA Taxes Employee Biweekly Taxable Wages OASDI HI Employee Name No. 711 Castro, Manny $4,000.00 512 Corrales, Pat 978.00 %24 %24
Transcribed Image Text:Example 3-2 Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI tax withheld from each employee's paycheck each week: $32.57 (6.2% x $525.25) Total tax withheld from the 100 employees' wages: $3,257.00 ($32.57 x 100) Tax on employer: $3,256.55 [6.2% x ($525.25 x 100)] HI Amount of HI tax withheld from each employee's paycheck each week: $7.62 (1.45% x $525.25) Total tax withheld from the 100 employees' wages is: $762.00 ($7.62 x 100) Tax on employer: $761.61 [1.45% x ($525.25x 100)] The biweekly taxable wages for the employees of Rite-Shop follow. Compute the FICA taxes for each employee and the employer's FICA taxes. Round your answers to the nearest cent. FICA Taxes Employee Biweekly Taxable Wages OASDI HI Employee Name No. 711 Castro, Manny $4,000.00 512 Corrales, Pat 978.00 %24 %24
Round your answers to the nearest cent. FICA Taxes Employee Biweekly Taxable Wages OASDI HI Employee Name No. 711 Castro, Manny $4,000.00 512 Corrales, Pat 978.00 624 Guitar, Joseph 1,018.00 325 Moore, Connie 1,043.40 422 Morrison, Harry 2,200.00 Robertson, 210 1,284.80 Catherine 111 Swarez, Joseph 1,212.00 Totals Employer's OASDI Total Taxable Wages Employer's OASDI Tax $4 Employer's HI Tax Total Taxable Wages Employer's HI Tax %24 %24 %24
Transcribed Image Text:Round your answers to the nearest cent. FICA Taxes Employee Biweekly Taxable Wages OASDI HI Employee Name No. 711 Castro, Manny $4,000.00 512 Corrales, Pat 978.00 624 Guitar, Joseph 1,018.00 325 Moore, Connie 1,043.40 422 Morrison, Harry 2,200.00 Robertson, 210 1,284.80 Catherine 111 Swarez, Joseph 1,212.00 Totals Employer's OASDI Total Taxable Wages Employer's OASDI Tax $4 Employer's HI Tax Total Taxable Wages Employer's HI Tax %24 %24 %24
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