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In: Accounting

Example 3-1 In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow....

Example 3-1

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.

November 15

Name and Title
Annual
Salary
OASDI Taxable
Earnings

OASDI Tax
HI Taxable
Earnings

HI Tax
Hanks, Timothy, President $156,000 $ $ $ $
Grath, John, VP Finance 138,000
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 $156,000 $ $ $ $
Grath, John, VP Finance 138,000
James, Sally, VP Sales 69,600
Kimmel, Joan, VP Mfg. 54,000
Wie, Pam, VP Personnel 51,600
Grant, Mary, VP Secretary 49,200

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