Employee earnings records for Slaymaker Company reveal the following gross earnings for four employees through the pay

Question:

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

J. Seligman R. Eby $93,500 L. Marshall $115,100 $113,600 T. Olson $140,000


For the pay period ending December 31, each employee’s gross earnings is $4,500. The FICA tax rate is 7.65% on gross earnings of $127,200.


Instructions

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

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Accounting Principles

ISBN: 978-1119411482

13th edition

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

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