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Employee earnings records for Redding Company reveal the following gross earnings for four employees through the pay period of December

Question:

Employee earnings records for Redding Company reveal the following gross earnings for four employees through the pay period of December 15.

D. Edwards ........... $83,500

A. Seligman .........$104,500

M. Ihrke ...............$105,600

P. Paik .................$106,800

For the pay period ending December 31, each employee’s gross earnings is $4,200. Employees are required to pay a FICA tax rate of 7.65% on gross earnings up to $106,800 and 1.45% over $106,800.


Instructions

Compute the FICA withholdings that should be made for each employee for the December 31 pay period. (Show computations.)

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Answer rating: 85% (7 reviews)

D Edwards 4 200 X 7 65 321 30 Edwards s total gross earnings for the year are 87 70…View the full answer


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Related Book For  answer-question
Financial and managerial accounting

Financial and managerial accounting

ISBN: 978-1118016114

1st edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Details
Chapter # 28
Section: Exercises
Problem: 2
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Question Posted: December 29, 2012 03:22:10
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