Question
In: Accounting
The Adams Co. pays their employees monthly on the last day of the month. Use the...
The Adams Co. pays their employees monthly on the last day of the month. Use the following information to compute the total FICA tax for the December 30 payroll for the employees and the employer. Employee Annual Salary
Smith, J. $42,150
Jones, T. $30,500
Bass, J. $36,000
Carson, A. $161,280
Williams, M. $40,800
Jones, A. $29,600
Mullins, F. $106,800
Smith, E. $76,800
Evans, R. $24,000
Turner, R. $68,960
Solutions
Expert Solution
| Earnings | Withholding | ||||
| Beginning cumu earnings | Current Month earnings | Ending cumu earnings | OASDI | Medicare | Total FICA |
| $ 38,637.50 | $ 3,512.50 | $ 42,150.00 | $ 217.78 | $ 50.93 | $ 268.71 |
| $ 27,958.33 | $ 2,541.67 | $ 30,500.00 | $ 157.58 | $ 36.85 | $ 194.44 |
| $ 33,000.00 | $ 3,000.00 | $ 36,000.00 | $ 186.00 | $ 43.50 | $ 229.50 |
| $ 147,840.00 | $ 13,440.00 | $ 161,280.00 | $ - | $ 194.88 | $ 194.88 |
| $ 37,400.00 | $ 3,400.00 | $ 40,800.00 | $ 210.80 | $ 49.30 | $ 260.10 |
| $ 27,133.33 | $ 2,466.67 | $ 29,600.00 | $ 152.93 | $ 35.77 | $ 188.70 |
| $ 97,900.00 | $ 8,900.00 | $ 106,800.00 | $ 551.80 | $ 129.05 | $ 680.85 |
| $ 70,400.00 | $ 6,400.00 | $ 76,800.00 | $ 396.80 | $ 92.80 | $ 489.60 |
| $ 22,000.00 | $ 2,000.00 | $ 24,000.00 | $ 124.00 | $ 29.00 | $ 153.00 |
| $ 63,213.33 | $ 5,746.67 | $ 68,960.00 | $ 356.29 | $ 83.33 | $ 439.62 |
| $ 565,482.50 | $ 51,407.50 | $ 616,890.00 | $ 2,353.99 | $ 745.41 | $ 3,099.39 |
Total fica tax is $3,099.39
Please rate.
ekkarill92 answered 1 year agoRelated Solutions
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