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 Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI Tax Hanks, Timothy, President $156,000 $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 Grath, John, VP Finance 138,000 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 James, Sally, VP Sales 69,600 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 Kimmel, Joan, VP Mfg. 54,000 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 Wie, Pam, VP Personnel 51,600 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 Grant, Mary, VP Secretary 49,200 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in the blank 24 b.     December 31 Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI Tax Hanks, Timothy, President $156,000 $fill in the blank 25 $fill in the blank 26 $fill in the blank 27 $fill in the blank 28 Grath, John, VP Finance 138,000 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32 James, Sally, VP Sales 69,600 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 Kimmel, Joan, VP Mfg. 54,000 fill in the blank 37 fill in the blank 38 fill in the blank 39 fill in the blank 40 Wie, Pam, VP Personnel 51,600 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 Grant, Mary, VP Secretary 49,200 fill in the blank 45 fill in the blank 46 fill in the blank 47 fill in the blank 48

Q: On January 15, the end of the first pay period of the year, North Company’s employees earned $28,000…

A: Payroll taxes The employer is required to pay a certain percentage to the government on the behalf…

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

A: Payroll taxes are the percentage of employee's salary that an employer held to pay it to the…

Q: Sarasota Corp.'s gross payroll for April is $50,300. The company deducted $2,217 for CPP, $1,073 for…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

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

A: Over time done is 6 hours  Wage rate will be  42$ in over time   (  28$× 1.5)

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…

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…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to…

A: Company must pay two-thirds of the $60 per employee weekly health insurance; each employee pays the…

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

A: Payroll taxes:   Payroll taxes are taxes imposed on employers or employees, and are usually…

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

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

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…

A: OASDI taxable is defined as the wages which are the earnings that are subject to the tax, also…

Q: On January 15, the end of the first pay period of the year, North Company's employees earned $28,000…

A: Payroll entry means entry used to record expenses on salaries and wages to be paid to employees…

Q: An employee earns $40 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: The answer is as fallows

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

A: The federal Old-Age, Survivors, and Disability Insurance (OASDI) program is the official name for…

Q: Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $117,000 paid…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: OASDI HI a.    9th paycheck $fill in the blank 1 $fill in the blank 2 b.    18th paycheck $fill in…

A: FICA taxes: Federal Government impose tax on employers and employees in order to fund the general…

Q: An employee is paidba salary of $11,050 per month. If the current FICA rate is 6.2% on the first…

A: Medicare tax: Medicare tax can be defined as the amount of tax that is withheld by the employer form…

Q: On January 15, the end of the first pay period of the year, North Company's employees earned $28,000…

A: Formula: FICA Social Securities Taxes = Sales Salaries expense x FICA Social Securities Taxes rate…

Q: Employees   Total Monthly Payroll   OASDI Taxable Wages OASDI Tax HI Taxable Wages HI Tax Full-Time…

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

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

A: Payroll taxes is the percentage of employee's salary that an employer held to pay it to the…

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

A: Wage Limit for OASDI and HI Taxes for the year 2020 is $ 137,700 OASDI Tax Rate = 6.20% Hi Tax Rate…

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

A: Computation of taxes to be withheld from each officer's pay on (a) November 15: In 2020, the OASDI…

Q: Sandler Company completed the following two transactions. The annual accounting period endsDecember…

A: Journal: Recording of a business transactions in a chronological order.

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

A: Journal entry: It can be defined as the recording of financial events and transactions that have…

Q: During 20--, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of…

A: In the United States, the Social Security(OASDI) and Medicare tax programs limit the amounts of…

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

A: Employee's Payroll: It is the amount for which an employee contributes or works for a company.…

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

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

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

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

Q: An employee earns $36 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A: Regular earnings = (40 hours x $36 per hour) = $1,440Overtime earnings = (60 hours - 40 hours) x $36…

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

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

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

A: OSADI is also known as social security tax social . society contribution to be deducted  for each…

Q: During the fourth quarter of 20--, there were seven biweekly paydays on Friday (October 4, 18;…

A: Introduction Employer reports federal income taxes withheld during the calendar quarter and the…

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

A: The maximum amount of income subject to the Social Security tax is $142,800.

Q: Riverside Company completed the following two transactions. The annual accounting period…

A: Payroll expenses include wages paid to employees in an accounting period as well as various…

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

A: a. Calculate the FICA taxes to be withheld from each officer’s pay on November 15.   Working note…

Q: 1. During 20--, Garr was paid a weekly salary of $2,540. The amount of FICA to be withheld from the…

A:

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

A: The FICA is the federal law that requires an employer to withhold three separate taxes from the…

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

A: Gross Pay = Regular Pay + Overtime Pay  Net Pay = Gross Pay – FICA Tax – Federal Income Tax

Q: Wage and Tax Statement Data on Efipioyel FICA Ehrlich Co. began business on January 2, 20Y8.…

A: A tax is a governmental organization's mandatory financial obligation or other form of levy enforced…

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

A: FICA (Federal Insurance Contributions Act) taxes are social security and Medicare taxes that both…

Q: Beamon Corporation had the following payroll for April:   Officers' salaries $34,000 Sales…

A: Payroll refers to the employee's salary register that is maintained by the employer in which all…

Q: Merger Company has 10 employees, each of whom earns $1,550 per month and has been employed since…

A: A journal entry has been used to record a commercial transaction in the accounting records of a…

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.