In 20--, the annual salaries paid each of the officers of Abrew, 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 (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter "0". a.     November 15 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,280 $ $ $ $ Grath, John, VP Finance 137,400         James, Sally, VP Sales 68,400         Kimmel, Joan, VP Mfg. 55,200         Wie, Pam, VP Personnel 45,600         Grant, Mary, VP Secretary 37,200         b.     December 31 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,280 $ $ $ $ Grath, John, VP Finance 137,400         James, Sally, VP Sales 68,400         Kimmel, Joan, VP Mfg. 55,200         Wie, Pam, VP Personnel 45,600         Grant, Mary, VP Secretary 37,200

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Q: An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of…

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Q: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…

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Q: The annual accounting period ends December 31. On December 31, calculated the payroll, which…

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Q: The names of the employees of Cox Security Systems and their regular salaries are shown in the…

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Q: Compute payroll An employee earns $28 per hour and 1.5 times that rate for all hours in excess of…

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Q: On January 15, the end of the first pay period of the year, North Company's employees earned $32,000…

A: Payroll: The act of paying workers of a firm is referred to as payroll. This process involves…

Q: In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid…

A: Social Security(OASDI) program limits the wage amounts of earnings subject to taxation for a given…

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A: Accrued salaries payable means salaries expenses that are related with the particular period but…

Q: In 20-- the annual salaries paid each of the officers of Perez, Inc., follow. The officers are paid…

A: FICA tax:   FICA tax refers to the Federal Insurance Contribution Act tax which is Country U law…

Q: In 20-, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid…

A: FICA taxes: This is the  taxes which are charged  on employers and employees by federal government…

Q: On January 15, the end of the first biweekly pay period of the year, North Company's payroll…

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Q: 14. CHESTNUT Company pays all salaried employees on a bi-weekly period (twice a month). CHESTNUT…

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Q: An employee earns $44 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A:

Q: In 20-- the annual salaries paid each of the officers of Perez, Inc., follow. The officers are paid…

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A: The answer is as fallows

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A: Salary means the award an employee gets from employer for working in its business enterprises. Any…

Q: In 20-, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid…

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Q: An employee receives an hourly rate of $23.00, with time and a half for all hours worked in excess…

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A: “Since you have asked multiple questions, we will solve the first table for you.  If you want a…

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Q: Empty Fields Company pays its salaried employees monthly on the last day of each month. The annual…

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Q: November 15 Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI…

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Q: OASDI              HI  a. 9th paycheck

A:

Q: On January 13, at the end of the second weekly pay period of the year, a company's payroll register…

A: Payroll includes all employee expenses and taxes and insurance related to employees

Q: On January 15, the end of the first pay period of the year, North Company’s employees earned $35,000…

A:

Q: Kakarot Co. began business on January 2. Salaries were paid to employees on the last day of each…

A: Federal income tax withheld: It is the amount withheld from the employees’ earnings by way of…

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…

A: Journal Entry - It is record of business transaction whether it is economic or non economic activity…

Q: 14. CHESTNUT Company pays all salaried employees on a bi-weekly period (twice a month). CHESTNUT…

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A: The year 2020 has been considered for the calculations. OSADI taxable wage limit in 2020 = $137,700

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A: Form W-2: It is an IRS tax form that shows the salaries paid to the employees & the taxes…

Q: In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid…

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Q: In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid…

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A:

Q: In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid…

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Q: In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid…

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Q: Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.