Answered: VISION CLUB COMPANY Hours Worked Annual…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

At Vision Club Company, office workers are employed for a 40-hour workweek on either an annual or a monthly
salary basis.
Given on the form below are the current annual and monthly salary rates for five office workers for the week
ended December 13, 2019 (50th payday of the year). In addition, with this pay, these employees are paid their slidingscale annual bonuses. The bonuses are listed on the register.
For each worker, compute:
1. Regular earnings for the weekly payroll ended December 13, 2019.
2. Overtime earnings (if applicable).
3. Total regular, overtime earnings, and bonus.
4. FICA taxable wages for this pay period.
5. FICA taxes to be withheld for this pay period.

VISION CLUB COMPANY
Hours
Worked
Annual
Bonus
Regular
Earnings
Overtime
Salary
$97,240/yr.
91,000lyr.
6,240/mo.
4,680/mo.
4,900/mo.
Employee
Earnings
Total Earnings
Mаrx, A.
Вохе, С.
Lundy, R.
Ruth, B.
Gehrig, L.
Totals
40
$40,000
25,000
20,000
15,000
8,000
40
40
40
48
(left side)
VISION CLUB COMPANY
Cumulative Earnings
as of Last Pay Period
FICA Taxable Wages
This Pay Period
FICA Taxes
to Be Withheld
Employee
OASDI
HI
OASDI
HI
$91,630.00
85,750.00
70,560.00
52,920.00
34,890.00
Marx, A.
Вохеr, C.
Lundy, R.
Ruth, B.
Gehrig, L.
Totals
(right side)
Employer's FICA taxes for week ended December 13, 2019:
OASDI
HI

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