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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7f0e9bf9-a04a-4cb0-9147-7d0ac583c23b%2Fcc4bee1b-ea1e-45a6-81ce-cc0e155e32cc%2F0szlr6c_processed.jpeg&w=3840&q=75)
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
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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