Question: Example 3-1 Example 3-2 Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI tax withheld from each employee's paycheck each

Example 3-1 Example 3-2 Wallington Company has
Example 3-1 Example 3-2 Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI tax withheld from each employee's paycheck each week: $32.57 (6.2% x $525.25) Total tax withheld from the 100 employees' wages: $3,257.00 ($32.57 x 100) Tax on employer: $3,256.55 [6.2% x ($525.25 x 100)] HI Amount of HI tax withheld from each employee's paycheck each week: $7.62 (1.45% x $525.25) Total tax withheld from the 100 employees' wages is: $762.00 ($7.62 x 100) Tax on employer: $761.61 [1.45% x ($525.25 x 100)] Empty Fields Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 20-- follows. Compute the following for the payroll of December 31; round your answer HI OASDI Taxable Employee Annual Salary OASDI Tax Taxable HI Tax Wages Wages Utley, Genna $37,040 Werth, Norm 48,900 Bass, John 40,000 Ruiz, Sam 150,000 Compton, Sue 36,900 Williams, Mary 48,500 Patel, Raymond 106,080 Carson, Abe 56,900 Livinsky, Sarah 37,850 Harper, Mark 51,200 Totals Employer's OASDI Tax Employer's HI Tax

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!