50.1K

Verified Solution

Link Copied!

Example 3-1

At Gleeson Brewing Company, office workers are employed for a 40-hour workweek; each individual's salary is quote on either an annual or a monthly 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 sliding-scale annual bonuses. The bonuses are listed on the register.

****Please note that the ones marked green are right and the ones marked with a red X are wrong hence they ARE THE ONES NEEDING FIXING****

For each worker, compute the following. Round your answers to the nearest cent.

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.

GLEESON BREWING COMPANY Weekly Payroll for Period Ending December 13, 2019 FICA Taxable Wages This Pay Period FICA Taxes to Be Withheld Employee Salary Hours Worked Annual Bonus Regular Earnings Overtime Earnings Total Earnings Cumulative Earnings as of Last Pay Period OASDI HI OASDI HI Won, H. $99,840/yr. 40 $35,000 $ 1,913.08 x 36,913.08 X $94,080.00 $ 24,420 x $ Park, B. 96,200/yr. 40 25,000 1,850 26,850 90,650.00 26,850 James, R. 7,280/mo. 40 20,000 1,680 21,680 82,320.00 21,680 Oho, J. 5,265/mo. 40 15,000 1,215 21,215 x 59,535.00 21,215 x Mack, K. 3,400/mo. 46 8,000 784.62 117.69 X 8,902.31 X 38,446.38 8,902.31 x Totals 103,000 7,442.69 X $ 117.69 X 115,560.38 x Employer's FICA taxes for week ended December 13, 2019: 6,390.17 X $ 1,675.63 X OASDI HI

Answer & Explanation Solved by verified expert

See Answer