. In 20-- the annual salaries paid each of the officers of Abrew, Inc., follow. The officers arepaid semi-monthly on the 15th and the last day of the month. Compute the FICA taxes to bewithheld from each officer's pay on (a) November 15 and (b) December 31.Round your answers to the nearest cent. If an amount is zero, enter "0".November 15Name and TitleHanks, Timothy, PresidentGrath, John, VP FinanceJames, Sally, VP SalesKimmel, Joan, VP Mfg.Wie, Pam, VP PersonnelGrant, Mary, VP SecretaryAnnualSalaryOASDITaxableEarnings$151,200 $132,00069,60054,00051,60049,200OASDITax$HI taxableEarnings$HI Tax$

Introduction: If you earn a wage or a salary, you are most certainly subject to Federal Insurance…

Answered: In 20-- the annual salaries paid each…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 32E

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During the third calendar quarter of 20--, the Beechtree Inn, owned by Dawn Smedley, employed the persons listed below. Also given are the employees salaries or wages and the amount of tips reported to the owner. The tips were reported by the 10th of each month. The federal income tax and FICA tax to be withheld from the tips were estimated by the owner and withheld equally over the 13 weekly pay periods. The employers portion of FICA tax on the tips was estimated as the same amount. Employees are paid weekly on Friday. The following paydays occurred during this quarter: Taxes withheld for the 13 paydays in the third quarter follow: Based on the information given, complete Form 941 on the following pages for Dawn Smedley. Phone number: (901) 555-7959 Date filed: October 31, 20--
During the third calendar quarter of 20--, Bayview Inn, owned by Diane R. Peters, employed the persons listed below. Also given are the employees salaries or wages and the amount of tips reported to the owner. The tips were reported by the 10th of each month. The federal income tax and FICA tax to be withheld from the tips were estimated by the owner and withheld equally over the 13 weekly pay periods. The employers portion of FICA tax on the tips was estimated as the same amount. Employees are paid weekly on Friday. The following paydays occurred during this quarter: Taxes withheld for the 13 paydays in the third quarter follow: Based on the information given, complete Form 941 on the following pages for Diane R. Peters. Phone number: (901) 555-7959 Date filed: October 31, 20--
Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that it will owe 17,400 in property taxes for the year. On June 1, its property taxes are assessed at 17,000, which it pays immediately. Prepare the related journal entries for April 1, May 1, and June 1. Then compute the monthly property tax expense that Cee Co. would record during June through March.

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