Payroll Accounting - Chapter 3: Problem set 3.5A

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3-8g Problem Set. B . Note- In this chapter and in all succeeding work throughout the course, unless instructed otherwise use the following rates, ceiling and maximum taxes. Employee and Employer OASDI: 6.20% $137,700 $8,537,40 Employee and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.496 $137.700 $17,074.800 Self-employed HI: 2.99 No limit No maximum For rounding rules, refer to Kay Points Summary 3-5B LO 3 See Example 3-1 In 20.-- the annual salaries paid each of the officers of Perez, 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 () December 31. a. November 15 Name and Title Annual OASDI OASDI Tax HI Taxable HI Tax Salary Taxable Earnings Earnings Perez, Paul, President $160,800 Donald, Donna, VP Finance 141,600 Funke, Jack, VP Sales 76,800 Weis, Al, VP Mfg 92.400 Lang, Hope, VP Personnel 78,000 Lee, Amy, VP Secretary 52,800 b. December 31 Name and Title Annual OASDI OASDI Tax HI Taxable HI Tax Salary Taxable Earnings Earings Perez, Paul, President $160,000 Donald. Donna, VP Finance 141,600 Funke, Jack. VP Sales 76,800 Weis, AI, VP Mfg. 92,400 Lang, Hope, VP Personnel 78,000 Lee, Amy VP Secretary 52,800