Example 3-2 Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI...

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Example 3-2 Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI...

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% × $525.25)
Total tax withheld from the 100 employees' wages:	$3,257.00	($32.57 × 100)
Tax on employer:	$3,256.55	[6.2% × ($525.25 × 100)]
HI
Amount of HI tax withheld from each employee's paycheck each week:	$7.62	(1.45% × $525.25)
Total tax withheld from the 100 employees' wages is:	$762.00	($7.62 × 100)
Tax on employer:	$761.61	[1.45% × ($525.25 × 100)]

Empty Fields Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 20-- follows. Compute the following for the payroll of December 31; round your answers to the nearest cent.

Employee	Annual Salary	OASDI Taxable Wages	OASDI Tax	HI Taxable Wages	HI Tax
Utley, Genna	$20,400	$	$	$	$
Werth, Norm	43,200
Bass, John	22,800
Ruiz, Sam	133,700
Compton, Sue	20,400
Williams, Mary	22,800
Patel, Raymond	98,400
Carson, Abe	54,000
Livinsky, Sarah	33,600
Harper, Mark	56,400
Totals		$	$	$	$

Employer's OASDI Tax	$
Employer's HI Tax	$

business accounting

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Answer 1

Answer #1

Employee | Annual HI OASOT ܚܟܩܘܠ CASDI Tarable wages Tax Tax Taxable Wages utley, Genna 20,400 Weath Norm 43,200 Bass, John 2

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