Answered: OASDI HI a. 9th…

Business

Accounting

OASDI HI a. 9th paycheck

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter3: Social Security Taxes

Section: Chapter Questions

Problem 3SSQ

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Concept explainers

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.

Question

During 20--, Amanda Hines, president of Dunne Company, was paid a semimonthly salary of $7,100. Compute the amount of FICA taxes that should be withheld from her.

OASDI HI

a. 9th paycheck

b. 19th paycheck

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