Marlene Grady and Pauline Monroe are partners engaged in operating The G&M Doll Shop, which has employed the following persons since the beginning of the year: V. Hoffman (general office worker) $1,700 per month A. Drugan (saleswoman) $15,000 per year G. Beiter (stock clerk) $180 per week S. Egan (deliveryman) $220 per week B. Lin (cleaning and maintenance, part-time) $160 per week Grady and Monroe are each paid a weekly salary allowance of $950. The doll shop is located in a state that requires unemployment compensation contributions of employers of one or more individuals. The company is subject to state contributions at a rate of 3.1% for wages not in excess of $8,100. Compute each of the following amounts based upon the 41st weekly payroll period for the week ending October 11. Round your intermediate calculations and final answers to the nearest cent. Use rounded answers in subsequent computations. If an amount is zero, enter "0". a. Amount of FICA taxes (OASDI and HI) to be withheld from the earnings of each person. Taxable Earnings OASDI HI M. Grady $950.00 $fill in the blank 1 $fill in the blank 2 P. Monroe 950.00 fill in the blank 3 fill in the blank 4 V. Hoffman 392.31 fill in the blank 5 fill in the blank 6 A. Drugan 288.46 fill in the blank 7 fill in the blank 8 G. Beiter 180.00 fill in the blank 9 fill in the blank 10 S. Egan 220.00 fill in the blank 11 fill in the blank 12 B. Lin 160.00 fill in the blank 13 fill in the blank 14 b. Amount of the employer's FICA taxes for the weekly payroll. Taxable payroll $fill in the blank 15 OASDI $fill in the blank 16 HI $fill in the blank 17 c. Amount of state unemployment contributions for the weekly payroll. $fill in the blank 18

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 51P

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Question

Marlene Grady and Pauline Monroe are partners engaged in operating The G&M Doll Shop, which has employed the following persons since the beginning of the year:

V. Hoffman (general office worker)	$1,700	per month
A. Drugan (saleswoman)	$15,000	per year
G. Beiter (stock clerk)	$180	per week
S. Egan (deliveryman)	$220	per week
B. Lin (cleaning and maintenance, part-time)	$160	per week

Grady and Monroe are each paid a weekly salary allowance of $950.

The doll shop is located in a state that requires unemployment compensation contributions of employers of one or more individuals. The company is subject to state contributions at a rate of 3.1% for wages not in excess of $8,100.

Compute each of the following amounts based upon the 41st weekly payroll period for the week ending October 11. Round your intermediate calculations and final answers to the nearest cent. Use rounded answers in subsequent computations. If an amount is zero, enter "0".

a. Amount of FICA taxes (OASDI and HI) to be withheld from the earnings of each person.

	Taxable Earnings	OASDI	HI
M. Grady	$950.00	$fill in the blank 1	$fill in the blank 2
P. Monroe	950.00	fill in the blank 3	fill in the blank 4
V. Hoffman	392.31	fill in the blank 5	fill in the blank 6
A. Drugan	288.46	fill in the blank 7	fill in the blank 8
G. Beiter	180.00	fill in the blank 9	fill in the blank 10
S. Egan	220.00	fill in the blank 11	fill in the blank 12
B. Lin	160.00	fill in the blank 13	fill in the blank 14

b. Amount of the employer's FICA taxes for the weekly payroll.

Taxable payroll	$fill in the blank 15
OASDI	$fill in the blank 16
HI	$fill in the blank 17

c. Amount of state unemployment contributions for the weekly payroll.
$fill in the blank 18

d. Amount of the net FUTA tax on the payroll.
$fill in the blank 19

e. Total amount of the employer's payroll taxes for the weekly payroll.
$fill in the blank 20

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