I am using the table of allowance values of two016 (my #two don\'t work on my ke

Question

I am using the table of allowance values of two016
(my #two don't work on my keyboard)

names of the employes of Hogan Thrift Shop are listed on the following payroll register. Employees are paid weekly. The marital status and the are shown on the payroll register, along with each employee's weekly salary, which has remained the same all year. Com- -5A LO 3 See page 4-16 plete the payroll income tax rate is 1.5% of the total gross earnings, and the wage-bracket method is used for federal income taxes register for the payroll period ending December 15, the 51st weekly payday. The state income tax rate is 2% of total earnings, the city HOGAN THRIFT SHOP PAYROLL REGISTER 20 PERIOO DEDUCTIONS TOTAL EARNINGS EMPLOYEE NAME FICA CIT PAY SIT OASD Hi John, Matthew Smith, Jennifer Bullen, Catherine Matthews, Mary Hadt, Bonnie Camp, Sean Wilson, Helen M 3235000 27500 2 5 0 00 3 20 25 M 0 S 14 51000 5 6 0 50 SI4 75 50 M3890 00 Gleason, Josie Totals Compute the employer's FICA taxes for the pay period ending December 15. HI Taxes OASDI Taxes OASDI taxable carnings OASDI taxes HI taxable earnings HI taxes

Explanation / Answer

employee name total earnings oasdi=B*6.2% HI= B*1.45% FIT(from wage bracket tables) SIT CIT Net pay John Mathew 2350 145.7 34.075 239.83 47 35.25 1848.145 Smith jennifer 275 17.05 3.9875 15 5.5 4.125 229.3375 Bullen Catherine 250 15.5 3.625 9 5 3.75 213.125 Matthews Mary 320.25 19.8555 4.643625 13 6.405 4.80375 271.5421 Hadt Bonnie 450 27.9 6.525 41 9 6.75 358.825 Camp Sean 560.5 34.751 8.12725 46 11.21 8.4075 452.0043 Wilson Helen 475.5 29.481 6.89475 44 9.51 7.1325 378.4818 Gleason Josie 890 55.18 12.905 57 17.8 13.35 733.765 Totals 5571.25 345.4175 80.783125 464.83 111.425 83.56875 4485.226

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