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In: Accounting

At Vision Club Company, office workers are employed for a 40-hour workweek on either an annual...

At Vision Club Company, office workers are employed for a 40-hour workweek on either an annual or a monthly salary basis.

Given on the form below are the current annual and monthly salary rates for five office workers for the week ended December 14, 2018 (50th payday of the year). In addition, with this pay, these employees are paid their sliding-scale annual bonuses. The bonuses are listed on the register.

For each worker, compute the following. Round your answers to the nearest cent.

Regular earnings for the weekly payroll ended December 14, 2018.

Overtime earnings (if applicable).

Total regular, overtime earnings, and bonus.

FICA taxable wages for this pay period.

FICA taxes to be withheld for this pay period.

VISION CLUB COMPANY
Weekly Payroll for Period Ending December 14, 2018

FICA Taxable Wages
This Pay Period

FICA Taxes
to Be Withheld
Employee Salary Hours
Worked		 Annual
Bonus		 Regular
Earnings		 Overtime
Earnings		 Total Earnings Cumulative Earnings
as of Last Pay Period		 OASDI HI OASDI HI
Marx, A. $110,760/yr. 40 $48,200          $ $ $104,370
Boxer, C. 76,440/yr. 40 23,400          72,030
Lundy, R. 5,356/mo. 40 18,200          60,564
Ruth, B. 4,576/mo. 40 11,800          51,744
Gehrig, L. 4,160/mo. 48 6,200          $ 47,040
    Totals $ $ $ $ $ $ $ $

Employer's FICA taxes for week ended December 14, 2018:

$ $
OASDI HI

Solutions

Expert Solution

VISION CLUB COMPANY
PAYROLL REGISTER FOR THE WEEK ENDED DECEMBER 14 , 2018
Employee Name Hourly rate Hours worked Salary Annual bonus Total earnings Cumulative earnings as of last pay period FICA taxable wages this period
Regular Overtime Total
OASDI HI
Marx, A. 53.25 40 2130 2130 48200 50330 104370 24330 50330
Boxer, C. 36.75 40 1470 1470 23400 24870 72030 24870 24870
Lundy, R. 33.48 40 1339 1339 18200 19539 60564 19539 19539
Ruth, b. 28.60 40 1144 1144 11800 12944 51744 12944 12944
Jehrig, L. 26.00 48 1248 208 1456 6200 7656 47040 7656 7656
Emploer's FICA taxes for the week ended December 14, 2018
FICA 6.20% 5539.02
HI 1.45% 1669.40

Working:

Cumulative earnings as of last pay period Current wages Cumulative wages OASDI limit * Taxable for OASDI
Marx, A. 104370 50330 154700 128700 24330
Boxer, C. 72030 24870 96900 128700 24870
Lundy, R. 60564 19539 80103 128700 19539
Ruth, b. 51744 12944 64688 128700 12944
Jehrig, L. 47040 7448 54488 128700 7448

ekkarill92 answered 1 year ago
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