In 20-- the annual salaries paid each of the officers of Abrew, Inc., follow. Th
ID: 2517783 • Letter: I
Question
In 20-- the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31.
A. 15-Nov Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI Tax Hanks, Timothy, President $151,200.00 Grath, John VP Finance $132,000.00 James, Sally, VP Sales $69,600.00 Kimmel, Joan VP MFG $54,000.00 Wie, Pam, VP Personnel $51,600.00 Grant, Mary, VP Secretary $49,200.00 B. 31-Dec Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI Tax Hanks, Timothy, President $151,200.00 Grath, John VP Finance $132,000.00 James, Sally, VP Sales $69,600.00 Kimmel, Joan VP MFG $54,000.00 Wie, Pam, VP Personnel $51,600.00 Grant, Mary, VP Secretary $49,200.00Explanation / Answer
15th Nov Name and Title Annual Salary(a) OASDI Taxable Earnings (a/24) OASDI Tax @6.2% HI Taxable Earnings HI Tax @1.45% Hanks, Timothy, President $151,200.00 6300 390.6 6300 91.35 Grath, John VP Finance $132,000.00 5500 341 5500 79.75 James, Sally, VP Sales $69,600.00 2900 179.8 2900 42.05 Kimmel, Joan VP MFG $54,000.00 2250 139.5 2250 32.625 Wie, Pam, VP Personnel $51,600.00 2150 133.3 2150 31.175 Grant, Mary, VP Secretary $49,200.00 2050 127.1 2050 29.725 31st Dec Name and Title Annual Salary(a) OASDI Taxable Earnings (a/24) OASDI Tax @6.2% HI Taxable Earnings HI Tax @1.45% Hanks, Timothy, President $151,200.00 6300 390.6 6300 91.35 Grath, John VP Finance $132,000.00 5500 341 5500 79.75 James, Sally, VP Sales $69,600.00 2900 179.8 2900 42.05 Kimmel, Joan VP MFG $54,000.00 2250 139.5 2250 32.625 Wie, Pam, VP Personnel $51,600.00 2150 133.3 2150 31.175 Grant, Mary, VP Secretary $49,200.00 2050 127.1 2050 29.725
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.