Verizon LTE 10:36 AM * 50%. chegg.com View this question on the app GET APP Cheg

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Verizon LTE 10:36 AM * 50%. chegg.com View this question on the app GET APP Chegg 2,500+ five-star reviews Chegg. Study home /study/business/accounting /accounting questions and answers /earthly possessions inc., a... Question: Earthly Possessions... Earthly Possessions Inc., a gardening supply company, employs one salesperson, Tommy Lewis. Tommy's straight-time wage is $30 per hour, with time-and-a half pay for hours above 40. Earthly Possessions Inc. withholds income tax (15%), FICA-OASDI (6.2%), and FICA-Medicare (1.45%) from Tommy's pay. Earthly Possessions Inc. also pays payroll taxes for FICA OASDI (6.2%), FICA-Medicare (1.45%), state unemployment (5.4%), and federal unemployment (0.6%). During the week ending December 26, Tommy worked 50 hours. Prior to this week, he had earned $1,200 Withholding deductions: Employee income tax Employee medicate tax

Explanation / Answer

Gross earnings = (40*30)+(10*30*1.5)= $1650 Employee income tax 247.5 =1650*15% Employee medicare tax 23.93 =1650*1.45%

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