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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.

A. 15-Nov
Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI Tax
Hanks, Timothy, President $151,200.00
Grath, John VP Finance $132,000.00
James, Sally, VP Sales $69,600.00
Kimmel, Joan VP MFG $54,000.00
Wie, Pam, VP Personnel $51,600.00
Grant, Mary, VP Secretary $49,200.00
B. 31-Dec
Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI Tax
Hanks, Timothy, President $151,200.00
Grath, John VP Finance $132,000.00
James, Sally, VP Sales $69,600.00
Kimmel, Joan VP MFG $54,000.00
Wie, Pam, VP Personnel $51,600.00
Grant, Mary, VP Secretary $49,200.00

Solutions

Expert Solution

15th Nov
Name and Title Annual Salary(a) OASDI Taxable Earnings (a/24) OASDI Tax @6.2% HI Taxable Earnings HI Tax @1.45%
Hanks, Timothy, President $151,200.00 6300 390.6 6300 91.35
Grath, John VP Finance $132,000.00 5500 341 5500 79.75
James, Sally, VP Sales $69,600.00 2900 179.8 2900 42.05
Kimmel, Joan VP MFG $54,000.00 2250 139.5 2250 32.625
Wie, Pam, VP Personnel $51,600.00 2150 133.3 2150 31.175
Grant, Mary, VP Secretary $49,200.00 2050 127.1 2050 29.725
31st Dec
Name and Title Annual Salary(a) OASDI Taxable Earnings (a/24) OASDI Tax @6.2% HI Taxable Earnings HI Tax @1.45%
Hanks, Timothy, President $151,200.00 6300 390.6 6300 91.35
Grath, John VP Finance $132,000.00 5500 341 5500 79.75
James, Sally, VP Sales $69,600.00 2900 179.8 2900 42.05
Kimmel, Joan VP MFG $54,000.00 2250 139.5 2250 32.625
Wie, Pam, VP Personnel $51,600.00 2150 133.3 2150 31.175
Grant, Mary, VP Secretary $49,200.00 2050 127.1 2050 29.725

ekkarill92 answered 1 year ago
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