Question

Example 3-1 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 "o". a. November 15 Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI Tax Hanks, Timothy, President $152,280 Grath, John, VP Finance 137,400 James, Sally, VP Sales 76,800 Kimmel, Joan, VP Mfg. 56,400 Wie, Pam, VP Personnel 46,800 Grant, Mary, VP Secretary 45,600 b

Answer 1

Name and Title Hanks, Timothy, President Grath, John, VP Finance* James, Sally, VP Sales Kimmel, Joan, VP Manufacturing Wie, Pam, VP Personnel Grant, Mary, VP Secretary Annual Salary $152,280 137,400 76,800 56,400 46,800 45,600 15-Nov OASDI HI Taxable OASDI Taxable Earnings Tax Earnings $0.00 $0.00 $6,345.00 $4,000.00 $248.00 $5,725.00 $3,200.00 $198.40 $3,200.00 $2,350.00 $145.70 $2,350.00 $1,950.00 $120.90 $1,950.00 $1,900.00 $117.80 $1,900.00 HI Tax $92.00 $83.01 $46.40 $34.08 $28.28 $27.55 *[$118,500 - ($5,725 × 20)] Name and Title Hanks, Timothy, President Grath, John, VP Finance** James, Sally, VP Sales Kimmel, Joan, VP Manufacturing Wie, Pam, VP Personnel Grant, Mary, VP Secretary Annual Salary $152,280 $137,400 $76,800 $56,400 $46,800 $45,600 31-Dec OASDI HI Taxable OASDI Taxable Earnings Tax Earnings $0.00 $0.00 $6,345.00 $0.00 $0.00 $5,725.00 $3,200.00 $198.40 $3,200.00 $2,350.00 $145.70 $2,350.00 $1,950.00 $120.90 $1,950.00 $1,900.00 $117.80 $1,900.00 HI Tax $92.00 $83.01 $46.40 $34.08 $28.28 $27.55 **[$118,500 - ($5,725 × 23)]