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Example 3-1 The monthly and hourly wage schedule for the employees of Quirk, Inc., follows. No employees are due overtime рay. Compute the following for the last monthly pay of the year, rounded to the nearest cent: a. The total wages of each part-time employee for December 20--. b. The OASDI and HI taxable wages for each employee. c. The FICA taxes withheld from each employee's wages for December. d. Totals of columns. (Totals should include both full-time and part-time employees.) e. The employer's FICA taxes for the month. Total Monthly OASDI Taxable OASDI HI Taxable Employees HI Tax Рayroll Wages Тах Wages Full-Time Office: $ Adaiar, Gene $2,450.00 Crup, Jason 2,300.00 Essex, Joan 2,975.00 Garza, Irma 2,985.00 Leason, Mel 2,900.00 Pruit, Marne 7,000.00 Rubble, Deanne 2,400.00 Simpson, Dick 3,985.00 Truap, Ann 5,000.00 Wilson, Trudy 2,440.00 Hours Hourly Total Monthly OASDI Taxable OASDI HI Taxable HI Tax Worked Rate Payroll Wages Таx Wages Part-Time Office: Kyle, Judy 170 $12.50 $ 2$ Laird, Sharon 170 12.60 Maxwell, Sara 140 14.00 Nelson, Donna 145 14.20 Scott, Kim 162 15.65 Totals for all employees $ $ OASDI HI Employer's FICA taxes 2$ $

Example 3-1 The monthly and hourly wage schedule for the employees of Quirk, Inc., follows. No employees are due overtime рay. Compute the following for the last monthly pay of the year, rounded to the nearest cent: a. The total wages of each part-time employee for December 20--. b. The OASDI and HI taxable wages for each employee. c. The FICA taxes withheld from each employee's wages for December. d. Totals of columns. (Totals should include both full-time and part-time employees.) e. The employer's FICA taxes for the month. Total Monthly OASDI Taxable OASDI HI Taxable Employees HI Tax Рayroll Wages Тах Wages Full-Time Office: $ Adaiar, Gene $2,450.00 Crup, Jason 2,300.00 Essex, Joan 2,975.00 Garza, Irma 2,985.00 Leason, Mel 2,900.00 Pruit, Marne 7,000.00 Rubble, Deanne 2,400.00 Simpson, Dick 3,985.00 Truap, Ann 5,000.00 Wilson, Trudy 2,440.00 Hours Hourly Total Monthly OASDI Taxable OASDI HI Taxable HI Tax Worked Rate Payroll Wages Таx Wages Part-Time Office: Kyle, Judy 170 $12.50 $ 2$ Laird, Sharon 170 12.60 Maxwell, Sara 140 14.00 Nelson, Donna 145 14.20 Scott, Kim 162 15.65 Totals for all employees $ $ OASDI HI Employer's FICA taxes 2$ $

PAYROLL ACCT.,2019 ED.(LL)-TEXT
PAYROLL ACCT.,2019 ED.(LL)-TEXT
19th Edition
ISBN:9781337619783
Author:BIEG
Publisher:BIEG
Chapter3: Social Security Taxes
Section: Chapter Questions
Problem 10PA: The monthly and hourly wage schedule for the employees of Quirk, Inc., follows. No employees are due...
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Example 3-1 The monthly and hourly wage schedule for the employees of Quirk, Inc., follows. No employees are due overtime рay. Compute the following for the last monthly pay of the year, rounded to the nearest cent: a. The total wages of each part-time employee for December 20--. b. The OASDI and HI taxable wages for each employee. c. The FICA taxes withheld from each employee's wages for December. d. Totals of columns. (Totals should include both full-time and part-time employees.) e. The employer's FICA taxes for the month. Total Monthly OASDI Taxable OASDI HI Taxable Employees НI Тах Payroll Wages Таx Wages Full-Time Office: Adaiar, Gene $2,450.00 Crup, Jason 2,300.00 Essex, Joan 2,975.00 Garza, Irma 2,985.00 Leason, Mel 2,900.00 Pruit, Marne 7,000.00 Rubble, Deanne 2,400.00 Simpson, Dick 3,985.00 Truap, Ann 5,000.00 Wilson, Trudy 2,440.00 Hours Hourly Total Monthly OASDI Taxable OASDI HI Taxable HI Tax Worked Rate Раyroll Wages Таx Wages Part-Time Office: Kyle, Judy 170 $12.50 Laird, Sharon 170 12.60 Maxwell, Sara 140 14.00 Nelson, Donna 145 14.20 Scott, Kim 162 15.65 Totals for all employees OASDI HI Employer's FICA taxes %24 %24 %24 %24
Transcribed Image Text:Example 3-1 The monthly and hourly wage schedule for the employees of Quirk, Inc., follows. No employees are due overtime рay. Compute the following for the last monthly pay of the year, rounded to the nearest cent: a. The total wages of each part-time employee for December 20--. b. The OASDI and HI taxable wages for each employee. c. The FICA taxes withheld from each employee's wages for December. d. Totals of columns. (Totals should include both full-time and part-time employees.) e. The employer's FICA taxes for the month. Total Monthly OASDI Taxable OASDI HI Taxable Employees НI Тах Payroll Wages Таx Wages Full-Time Office: Adaiar, Gene $2,450.00 Crup, Jason 2,300.00 Essex, Joan 2,975.00 Garza, Irma 2,985.00 Leason, Mel 2,900.00 Pruit, Marne 7,000.00 Rubble, Deanne 2,400.00 Simpson, Dick 3,985.00 Truap, Ann 5,000.00 Wilson, Trudy 2,440.00 Hours Hourly Total Monthly OASDI Taxable OASDI HI Taxable HI Tax Worked Rate Раyroll Wages Таx Wages Part-Time Office: Kyle, Judy 170 $12.50 Laird, Sharon 170 12.60 Maxwell, Sara 140 14.00 Nelson, Donna 145 14.20 Scott, Kim 162 15.65 Totals for all employees OASDI HI Employer's FICA taxes %24 %24 %24 %24
Expert Solution
Introduction:

OASDI Tax:

The OASDI (Old Age, Survivors, and Disability Insurance program) tax, often referred as the social security tax is created by the government to withhold taxes from employees to safeguard their social security benefits. This tax is withheld by the employer at 6.2% on the wages of employee.

HI Tax:

The Hospital Insurance (HI) tax, often referred as the medicare tax is created by the government to withhold taxes from the employees to fund the portion of medical insurance programme. This tax is withheld by the employer at 1.45% on the wages of employee.

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Cruz Company has gathered the information needed to complete its Form 941 for the quarter ended September 30, 20--. They are a monthly depositor with the following monthly tax liabilities for this quarter:

July $7,193.10
August 7,000.95
September 7,577.78

The company does not use a third-party designee, the tax returns are signed by the president, Carlos Cruz (Phone: 916-555-9739), and the date filed is October 31, 20--.

Complete Parts 2, 4, and 5 of Form 941 for Cruz Company for the third quarter of 20--.

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