Employee earnings records for Swifty Company reveal the following gross earnings for four employees through the pay period of December 15. J. Seligman $91,200 L. Marshall $124,600 R. Eby $114,500 T. Olson $131,700 For the pay period ending December 31, each employee's gross earnings is $4,500. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.20% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Compute the FICA withholdings that should be made for each employee for the December 31 pay period. (Round answers to 2 decimal places, eg. 52.75.)
Employee earnings records for Swifty Company reveal the following gross earnings for four employees through the pay period of December 15. J. Seligman $91,200 L. Marshall $124,600 R. Eby $114,500 T. Olson $131,700 For the pay period ending December 31, each employee's gross earnings is $4,500. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.20% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Compute the FICA withholdings that should be made for each employee for the December 31 pay period. (Round answers to 2 decimal places, eg. 52.75.)
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 4E
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Transcribed Image Text:Employee earnings records for Swifty Company reveal the following gross earnings for four employees through the pay period of
December 15.
J. Seligman
$91,200
L. Marshall
$124,600
R. Eby
$114,500
T. Olson
$131,700
For the pay period ending December 31, each employee's gross earnings is $4,500. The 7.65% FICA tax rate consists of the Social
Security tax rate of 6.20% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages.
Compute the FICA withholdings that should be made for each employee for the December 31 pay period. (Round answers to 2 decimal
places, eg. 52.75.)
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