Olney Company is a small manufacturing firm located in Allentown, Pennsylvania The company has a workforce of both hourly and salaried employees Each employee is paid for hours actually worked during each week, with the time worked being recorded in quarter hour increments The standard workweek con...

Olney Company is a small manufacturing firm located in Allentown, Pennsylvania. The company has a workforce of

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Olney Company is a small manufacturing firm located in Allentown, Pennsylvania. The company has a workforce of both hourly and salaried employees. Each employee is paid for hours actually worked during each week, with the time worked being recorded in quarter-hour increments. The standard workweek consists of 40 hours, with all employees being paid time and one-half for any hours worked beyond the 40 regular hours. Wages are paid every Friday, with one week’s pay being held back by the company. Thus, the first payday for Olney Company is January 14 for the workweek ending January 8 (Saturday). The information below will be used in preparing the payroll for the pay period ending January 8, 20--. *All employees, except for Marshal Olney, are paid for hours worked beyond 40 at one and one-half times their regular hourly rate of pay. Using the payroll register for Olney Company to answer the following questions: In the Taxable Earnings columns, record the amount of each employee’s weekly earnings that is subject to FICA taxes. Using the amount recorded in step 1, compute the taxes for each employee and record in the appropriate column. If required, round your answers to nearest cent and use the rounded answers in subsequent computations. Round your final answers to the nearest cent.