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. Round your answers to the nearest cent. If an amount is zero, enter "0". a. November 15 Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI Tax Hanks, Timothy, President $152,520 $ $ $ $ Grath, John, VP Finance 137,760 James, Sally, VP Sales 68,400 Kimmel, Joan, VP Mfg. 58,800 Wie, Pam, VP Personnel 52,800 Grant, Mary, VP Secretary 45,600

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Answer 1

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Tax year is not given e.g. 2018 or 2019: As per Tax year 2018. OASDI limit - 128400 as given: Solution: As per Tax year 2019. OASDI limit - 132,900 as given: Answer will be different for yellows if different tax year: Annual Employee Name and title Hanks, Timothy, President Grath, John, VP Finance James, Sally, VP Sales Kimmel, Joan, VP Mfg. Wie, Pam, VP Personnel Grant, Mary, VP Secretary (Annual/24) 6.20% 1.45% Semi- Nov-15 Salary monthly OASDI Taxable OASDI Tax HI taxable 1525201 6355 $ 5,800 $ 359.60 $ 6,355 $ 137760 5740 $ 5,740 $ 355.88 $ 5,740 $ 68400 2850 $ 2,850 $ 176.70 $ 2,850 $ 58800 2450 $ 2,450 $ 151.90 $ 2,450 $ 52800 2200 $ 2,200 $ 136.40 $ 2,200 $ 45600 1900 $ 1,900 $ 117.80 $ 1,900 $ HI Tax 92.15 83.23 41.33 35.53 31.90 27.55 Year: 2018: Year: 2019: $1300 = $5800 = (128400)-(6355*20 months) (132900)-(6355*20 months) b) Annual Employee Name and title Hanks, Timothy, President Grath, John, VP Finance James, Sally, VP Sales Kimmel, Joan, VP Mfg. Wie, Pam, VP Personnel Grant, Mary, VP Secretary (Annual/24) 6.20% 1.45% Semi- Dec.31 Salaryl monthly OASDI Taxable OASDI Tax HI taxable 1525201 6355 $ - $ - $ 6,355 $ 137760 5740 $ 880 $ 54.56 $ 5,740 $ 68400 2850 $ 2,850 $ 176.70 $ 2,850 $ 58800 2450 $ 2,450 $ 151.90 $ 2,450 $ 52800 2200 $ 2,200 $ 136.40 $ 2,200 $ 45600 1900 $ 1,900 $ 117.80 $ 1,900 $ HI Tax 92.15 83.23 41.33 35.53 31.90 27.55 Year 2019: (132900)-(5740*23) = 880