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

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 $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


b.

December 31
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

Solutions

Expert 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.

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

b

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 $                       -   $              -   $          6,085 $            88
Grath, John, VP Finance $         131,040 $                 5,460 $                1,620 $          100 $          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


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