4-5A HOGAN THRIFT SHOP PAYROLL REGISTER FOR PERIOD ENDING December 19, 20 - - MA

Question

4-5A HOGAN THRIFT SHOP PAYROLL REGISTER     FOR PERIOD ENDING December 19, 20 - - MARITAL STATUS NO. OF W/H ALLOW. DEDUCTIONS ( a ) ( b ) ( c ) ( d ) ( e ) TOTAL FICA NET EMPLOYEE NAME EARNINGS OASDI HI FIT CIT PAY John, Matthew M 3      2,272.00                Smith, Jennifer S 1         275.00                Bullen, Catherine M 0         250.00                Matthews, Mary S 3         320.25                Hadt, Bonnie S 1         450.00                Camp, Sean S 2         560.50                Wilson, Helen S 1         475.50                Gleason, Jose M 3         890.00                   Totals      5,493.25                Compute the employer's FICA taxes for the pay period ending December 19. OASDI Taxes HI Taxes    OASDI taxable earnings    HI taxable earnings    OASDI taxes    HI taxes 4-5A HOGAN THRIFT SHOP PAYROLL REGISTER     FOR PERIOD ENDING December 19, 20 - - MARITAL STATUS NO. OF W/H ALLOW. DEDUCTIONS ( a ) ( b ) ( c ) ( d ) ( e ) TOTAL FICA NET EMPLOYEE NAME EARNINGS OASDI HI FIT CIT PAY John, Matthew M 3      2,272.00                Smith, Jennifer S 1         275.00                Bullen, Catherine M 0         250.00                Matthews, Mary S 3         320.25                Hadt, Bonnie S 1         450.00                Camp, Sean S 2         560.50                Wilson, Helen S 1         475.50                Gleason, Jose M 3         890.00                   Totals      5,493.25                Compute the employer's FICA taxes for the pay period ending December 19. OASDI Taxes HI Taxes    OASDI taxable earnings    HI taxable earnings    OASDI taxes    HI taxes

Explanation / Answer

272*50=113600 OASDI: subtract 2172 113,700-113600=100 from the total to reach 100*6.2%=6.20

Solution: HOGAN THRIFT SHOP PAYROLL REGISTER FOR PERIOD ENDING December 19, 20 - - EMPLOYEE NAME MARITAL STATUS NO. OF W/H ALLOW. DEDUCTIONS ( a ) ( b ) ( c ) ( d ) ( e ) TOTAL FICA NET EARNINGS OASDI HI FIT CIT PAY John, Matthew M 3      2,272.00 $     6.20    $   32.94    $315.20    $45.44    $34.08    $1,838.14 Smith, Jennifer S 1         275.00 17.05    3.99    16.00    5.50    4.13    228.33 Bullen, Catherine M 0         250.00 15.50    3.63    10.00    5.00    3.75    212.12 Matthews, Mary S 3         320.25 19.86    4.64    6.00    6.41    4.80    278.54 Hadt, Bonnie S 1         450.00 27.90    6.53    42.00    9.00    6.75    357.82 Camp, Sean S 2         560.50 34.75    8.13    47.00    11.21    8.41    451.00 Wilson, Helen S 1         475.50 29.48    6.89    45.00    9.51    7.13    377.49 Gleason, Jose M 3         890.00 55.18    12.91    59.00    17.80    13.35    731.76    Totals      5,493.25 $ 205.92    $   79.66    $540.20    $109.87    $82.40    $4,475.20 Compute the employer's FICA taxes for the pay period ending December 19. OASDI Taxes HI Taxes    OASDI taxable earnings $3,321.25    HI taxable earnings    $ 5,493.25    OASDI taxes $205.92    HI taxes $        79.65 Workings shown below: * Passed FICA–OASDI limit:           

272*50=113600 OASDI: subtract 2172 113,700-113600=100 from the total to reach 100*6.2%=6.20

The taxable earnings FIT: Gross Pay $2272 Allowances: 225 ** Must use percentage method John, Matthew: FIT è must use percentage method to calculate è Excess: 2047 25%(2047-1554)+191.95 25% of 493=123.25 123.25+191.95=315.20 MARITAL STATUS NO. OF W/H ALLOW.

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