In 20-- the annual salaries paid each of the officers of Abrew, Inc., follow. Th
ID: 2410584 • 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.
Round your answers to the nearest cent. If an amount is zero, enter "0".
a.
b.
Salary OASDI Taxable
Earnings OASDI Tax HI Taxable
Earnings HI Tax Hanks, Timothy, President $146,040 $ $ $ $ Grath, John, VP Finance 131,040 James, Sally, VP Sales 67,200 Kimmel, Joan, VP Mfg. 58,800 Wie, Pam, VP Personnel 45,600 Grant, Mary, VP Secretary 44,400
Explanation / Answer
The OASDI tax rate is 6.2% and OASDI Limit is 127,200 for the Year 2017.
The HI Tax rate is 1.45 %.
a.
b
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Name and Title Annual Salary Semi Monthly Salary OASDI Taxable Exrnings OASDI Tax HI Taxable Earnings HI Tax Hanks, Timothy, President $ 146,040 $ 6,085 $ 5,500 $ 341 $ 6,085 $ 88 Grath, John, VP Finance $ 131,040 $ 5,460 $ 5,460 $ 339 $ 5,460 $ 79 James, Sally, VP Sales $ 67,200 $ 2,800 $ 2,800 $ 174 $ 2,800 $ 41 Kimmel, Joan, VP Mfg. $ 58,800 $ 2,450 $ 2,450 $ 152 $ 2,450 $ 36 Wie, Pam, VP Personnel $ 45,600 $ 1,900 $ 1,900 $ 118 $ 1,900 $ 28 Grant, Mary, VP Secretary $ 44,400 $ 1,850 $ 1,850 $ 115 $ 1,850 $ 27Related Questions
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