As you learned in the previous chapter, Olney Company is a small manufacturing firm located in Newtown, Pennsylvania. The company has a workforce of both hourly and salaried employees. In the last chapter, gross wages were computed for each employee. Adjacent to their name, each employee's gross wages are shown in the Payroll Register. The next task is computing the FICA withholding for each employee and the employer's liability. Requirements: Compute the OASDI for each employee. Compute the HI for each employee. Compute the employer FICA liability. Payroll Register Complete the steps below: Compute the OASDI for each employee. Compute the HI for each employee. Compute the totals for each tax. Note: Round your final answers to the cent. OLNEY COMPANY, INC. Employee Payroll Register For Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Mangino, R. $740.00 $fill in the blank d8e8d405d004014_1 $fill in the blank d8e8d405d004014_2 Flores, I. 1,058.80 fill in the blank d8e8d405d004014_3 fill in the blank d8e8d405d004014_4 Palmetto, C. 685.30 fill in the blank d8e8d405d004014_5 fill in the blank d8e8d405d004014_6 Waters, R. 1,045.35 fill in the blank d8e8d405d004014_7 fill in the blank d8e8d405d004014_8 Kroll, C. 952.00 fill in the blank d8e8d405d004014_9 fill in the blank d8e8d405d004014_10 Ruppert, C. 837.50 fill in the blank d8e8d405d004014_11 fill in the blank d8e8d405d004014_12 Scott, W. 780.00 fill in the blank d8e8d405d004014_13 fill in the blank d8e8d405d004014_14 Wickman, S. 807.69 fill in the blank d8e8d405d004014_15 fill in the blank d8e8d405d004014_16 Foley, L. 1,233.16 fill in the blank d8e8d405d004014_17 fill in the blank d8e8d405d004014_18 Olney, M. 1,500.00 fill in the blank d8e8d405d004014_19 fill in the blank d8e8d405d004014_20 Totals $fill in the blank d8e8d405d004014_21 $fill in the blank d8e8d405d004014_22 ---- Taxable Earnings In the Totals row, complete the following Enter the earnings upon which the employer FICA liability will be computed. Compute the employer OASDI liability, using 6.2%. Compute the employer HI liability, using 1.45%. Note: Round your final answers to the cent. OLNEY COMPANY, INC. Taxable Earnings Payroll Taxes Earnings OASDI HI FUTA SUTA Totals $fill in the blank 492428f54045fe2_1 $fill in the blank 492428f54045fe2_2
As you learned in the previous chapter, Olney Company is a small manufacturing firm located in Newtown, Pennsylvania. The company has a workforce of both hourly and salaried employees. In the last chapter, gross wages were computed for each employee. Adjacent to their name, each employee's gross wages are shown in the Payroll Register. The next task is computing the FICA withholding for each employee and the employer's liability. Requirements: Compute the OASDI for each employee. Compute the HI for each employee. Compute the employer FICA liability. Payroll Register Complete the steps below: Compute the OASDI for each employee. Compute the HI for each employee. Compute the totals for each tax. Note: Round your final answers to the cent. OLNEY COMPANY, INC. Employee Payroll Register For Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Mangino, R. $740.00 $fill in the blank d8e8d405d004014_1 $fill in the blank d8e8d405d004014_2 Flores, I. 1,058.80 fill in the blank d8e8d405d004014_3 fill in the blank d8e8d405d004014_4 Palmetto, C. 685.30 fill in the blank d8e8d405d004014_5 fill in the blank d8e8d405d004014_6 Waters, R. 1,045.35 fill in the blank d8e8d405d004014_7 fill in the blank d8e8d405d004014_8 Kroll, C. 952.00 fill in the blank d8e8d405d004014_9 fill in the blank d8e8d405d004014_10 Ruppert, C. 837.50 fill in the blank d8e8d405d004014_11 fill in the blank d8e8d405d004014_12 Scott, W. 780.00 fill in the blank d8e8d405d004014_13 fill in the blank d8e8d405d004014_14 Wickman, S. 807.69 fill in the blank d8e8d405d004014_15 fill in the blank d8e8d405d004014_16 Foley, L. 1,233.16 fill in the blank d8e8d405d004014_17 fill in the blank d8e8d405d004014_18 Olney, M. 1,500.00 fill in the blank d8e8d405d004014_19 fill in the blank d8e8d405d004014_20 Totals $fill in the blank d8e8d405d004014_21 $fill in the blank d8e8d405d004014_22 ---- Taxable Earnings In the Totals row, complete the following Enter the earnings upon which the employer FICA liability will be computed. Compute the employer OASDI liability, using 6.2%. Compute the employer HI liability, using 1.45%. Note: Round your final answers to the cent. OLNEY COMPANY, INC. Taxable Earnings Payroll Taxes Earnings OASDI HI FUTA SUTA Totals $fill in the blank 492428f54045fe2_1 $fill in the blank 492428f54045fe2_2
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter3: Accounting For Labor
Section: Chapter Questions
Problem 6P: The following form is used by Matsuto Manufacturing Co. to compute payroll taxes incurred during...
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As you learned in the previous chapter, Olney Company is a small manufacturing firm located in Newtown, Pennsylvania. The company has a workforce of both hourly and salaried employees. In the last chapter, gross wages were computed for each employee. Adjacent to their name, each employee's gross wages are shown in the Payroll Register.
The next task is computing the FICA withholding for each employee and the employer's liability.
Requirements:
- Compute the OASDI for each employee.
- Compute the HI for each employee.
- Compute the employer FICA liability.
Payroll Register
Complete the steps below:
- Compute the OASDI for each employee.
- Compute the HI for each employee.
- Compute the totals for each tax.
Note: Round your final answers to the cent.
| OLNEY COMPANY, INC. Employee Payroll Register For Period Ending January 8, 20-- |
||||||||||||
| EARNINGS | DEDUCTIONS | NET PAY | ||||||||||
| Name | Gross | OASDI | HI | FIT | SIT | SUTA | CIT | SIMPLE | Grp. Ins. | Health Ins. | Ck. No. | Amount |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mangino, R. | $740.00 | $fill in the blank d8e8d405d004014_1 | $fill in the blank d8e8d405d004014_2 | |||||||||
| Flores, I. | 1,058.80 | fill in the blank d8e8d405d004014_3 | fill in the blank d8e8d405d004014_4 | |||||||||
| Palmetto, C. | 685.30 | fill in the blank d8e8d405d004014_5 | fill in the blank d8e8d405d004014_6 | |||||||||
| Waters, R. | 1,045.35 | fill in the blank d8e8d405d004014_7 | fill in the blank d8e8d405d004014_8 | |||||||||
| Kroll, C. | 952.00 | fill in the blank d8e8d405d004014_9 | fill in the blank d8e8d405d004014_10 | |||||||||
| Ruppert, C. | 837.50 | fill in the blank d8e8d405d004014_11 | fill in the blank d8e8d405d004014_12 | |||||||||
| Scott, W. | 780.00 | fill in the blank d8e8d405d004014_13 | fill in the blank d8e8d405d004014_14 | |||||||||
| Wickman, S. | 807.69 | fill in the blank d8e8d405d004014_15 | fill in the blank d8e8d405d004014_16 | |||||||||
| Foley, L. | 1,233.16 | fill in the blank d8e8d405d004014_17 | fill in the blank d8e8d405d004014_18 | |||||||||
| Olney, M. | 1,500.00 | fill in the blank d8e8d405d004014_19 | fill in the blank d8e8d405d004014_20 | |||||||||
| Totals | $fill in the blank d8e8d405d004014_21 | $fill in the blank d8e8d405d004014_22 | ---- | |||||||||
|
Taxable EarningsIn the Totals row, complete the following
Note: Round your final answers to the cent.
|
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