erci sherm began working as a oart yime waiter om aoril 1 at yeardville resturant yhr vash tipa of 475 that be recived durung april wer reports of firm 4069 which he submitted to his employer on may 1 during mqy be paid wages of 639 bt the restaurant compute oasdi and hi еВookExample 3-1Eric Sherm began working as a part-time waiter on April 1, 20--, at Yardville Restaurant. The cash tips of $475 that he received during April werereported on Form 4070, which he submitted to his employer on May 1. During May, he was paid wages of $630 by the restaurant. Compute OASDI andHI; round your answers to the nearest cent.OASDIHIa. The amount of FICA taxes that the employer should withhold from Sherm's wages during May.68.5116.02b. The amount of the employer's FICA taxes on Sherm's wages and tips during May.Accounting numeric field

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Answered: еВook Example 3-1 Eric Sherm began…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 40E: Exercise 3-40 Revenue and Expense Recognition Electronic Repair Company repaired a high-definition...

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erci sherm began working as a oart yime waiter om aoril 1 at yeardville resturant yhr vash tipa of 475 that be recived durung april wer reports of firm 4069 which he submitted to his employer on may 1 during mqy be paid wages of 639 bt the restaurant compute oasdi and hi

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Example 3-1
Eric Sherm began working as a part-time waiter on April 1, 20--, at Yardville Restaurant. The cash tips of $475 that he received during April were
reported on Form 4070, which he submitted to his employer on May 1. During May, he was paid wages of $630 by the restaurant. Compute OASDI and
HI; round your answers to the nearest cent.
OASDI
HI
a. The amount of FICA taxes that the employer should withhold from Sherm's wages during May.
68.51
16.02
b. The amount of the employer's FICA taxes on Sherm's wages and tips during May.
Accounting numeric field

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