PROBLEM SET A Note: In this chapter and in all succeeding work throughout the co

Question

PROBLEM SET A Note: In this chapter and in all succeeding work throughout the courve following rates, ceiling, and maximum taxes. unless instructed othervise, use the Employee and Employer OASDI Employee and Employer Hl: Self-employed OASDI Self-employed Hl: For rounding rules refer to page 2-33. "Employee Hl: Plus an additional O9% on w.grs owr S200,00. Aho applicable 'o self-empli.yed. 6.20% 1.45% 12.4% 2.9% $118,500 No limit $118,500 No limit $7,347 No inaximum $14,694 No maximum 3-1A. LO 3 simillar to Example 3-1 on pages 3-10 and 3-11 The biweekly taxable wages for the employees of Rite-Shop follow. Compute the FICA taxes the employer's FICA taxes. nd for each employee a FICA Taxes Biweekly Taxable HI Wages OASDI Employce Name Castro, Manny Corrales, Pat Guitar, Joseph Moore, Connie Morrison, Harry Robertson, Catherine Swarez, Joseph Employee No. 512 624 325 422 210 $1,000.00 968.00 1,004.00 1,046.40 1,200,00 1,044.80 1,122.00 Totals otal Taxable Wages Employer's OASD Total Taxable Wages Employer's OASDI Employer's HI' Employer's HI Tax

Explanation / Answer

As the gross earnings to date are not provided, we consider the wages to be within the ceiling limits.

Employee No. Employe Name Biweekly taxable wages FICA Taxes OASDI HI 711 Castro, Manny $1,000.00 $62.00 $14.50 512 Corrales, Pat $968.00 $60.02 $14.04 624 Guitar, Joseph $1,004.00 $62.25 $14.56 325 Moore, Connie $1,046.40 $64.88 $15.17 422 Morrison, Harry $1,200.00 $74.40 $17.40 210 Robertson, Catherine $1,044.80 $64.78 $15.15 111 Swarez, Joseph $1,122.00 $69.56 $16.27 Totals $7,385.20 $457.88 $107.09 Employer's OASDI Tax $7,385.20 $457.88 Total Taxable Wages Employer's OASDI Tax Employer's HI Tax $7,385.20 $107.09 Total Taxable Wages Employer's OASDI Tax

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