In 20-- the annual salaries paid each of the officers of Abrew, Inc., follow. The officers...

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Accounting

In 20-- the annual salaries paid each of the officers of Abrew,Inc., follow. The officers are paid semimonthly on the 15th and thelast day of the month. Compute the FICA taxes to be withheld fromeach officer's pay on (a) November 15 and (b) December 31.
Round your answers to the nearest cent. If an amount iszero, enter "0".
a.
November 15

Name and Title Annual
Salary OASDI Taxable
Earnings
OASDI Tax HI Taxable
Earnings
HI Tax
Hanks, Timothy, President $151,200 $ $ $ $
Grath, John, VP Finance 132,000
James, Sally, VP Sales 69,600
Kimmel, Joan, VP Mfg. 54,000
Wie, Pam, VP Personnel 51,600
Grant, Mary, VP Secretary 49,200

b.
December 31

Name and Title Annual
Salary OASDI Taxable
Earnings
OASDI Tax HI Taxable
Earnings
HI Tax
Hanks, Timothy, President $151,200 $ $ $ $
Grath, John, VP Finance 132,000
James, Sally, VP Sales 69,600
Kimmel, Joan, VP Mfg. 54,000
Wie, Pam, VP Personnel 51,600
Grant, Mary, VP Secretary 49,200

Answer & Explanation Solved by verified expert

3.6 Ratings (464 Votes)

Base Year 2017 OASDI Limit 127200 15Nov Name and Title Annual Salary Up to Oct 31 Salary2420 months Semimonthly salary Salary24 OASDI Taxable O OASDI Tax HI Taxable HI Tax Salary Earnings O62 See Answer

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		November 15
Name and Title	Annual Salary	OASDI Taxable Earnings	OASDI Tax	HI Taxable Earnings	HI Tax
Hanks, Timothy, President	$151,200	$	$	$	$
Grath, John, VP Finance	132,000
James, Sally, VP Sales	69,600
Kimmel, Joan, VP Mfg.	54,000
Wie, Pam, VP Personnel	51,600
Grant, Mary, VP Secretary	49,200

		December 31
Name and Title	Annual Salary	OASDI Taxable Earnings	OASDI Tax	HI Taxable Earnings	HI Tax
Hanks, Timothy, President	$151,200	$	$	$	$
Grath, John, VP Finance	132,000
James, Sally, VP Sales	69,600
Kimmel, Joan, VP Mfg.	54,000
Wie, Pam, VP Personnel	51,600
Grant, Mary, VP Secretary	49,200