Homework SourseIn 20 the annual salaries paid each of the officers of Abrew
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.
| November 15 | |||||
| Name and Title | Annual 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 |
Solution
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
Dear Student,
Best effort has been made to give quality and correct answer. But if you find any issues please comment your concern. I will definitely resolve your query.
| 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 | $ 27 |
