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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

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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 ago
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