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Compute the total FICA taxes that the employer would withhold from the five employees each week

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Volpe Corporation has only five employees who are all paid $850 per week. Compute the total FICA taxes that the employer would withhold from the five employees each week and the amount the company would pay as its own liability for the employer?s share of FICA taxes on the weekly wages for the five employees.;Compute;a. Employees? total OASDI;b. Employees? total HI;c. Employer?s total OASDI;d. Employer?s total HI;2.Assignment 3B ? Practical Problem 3-8a, page 3-37;Ralph Henwood was paid a salary of $64,600 during 2010 by Odesto Company. In addition, during the year Henwood started his own business as a public accountant and reported a net business income of $48,000 on his income tax return for 2009.;Compute the following;a. The amount of FICA taxes that was withheld from his earnings during 2010 by Odesto Company: OASDI: $_______________ HI: $;b. Henwood?s self-employment taxes on the income derived from the public accounting business for 2010: OASDI: $_______________ HI: $;Attachment Preview;acc 105 3-9a.xls;Employee;Utley, Genna;Werth, Norm;Bass, John;Ruiz, Sam;Compton, Sue;Williams, Mary;Patel, Raymond;Carson, Abe;Livinsky, Sarah;Harper, Mark;Totals;Employer's OASDI Tax;Employer's HI Tax;Annual;Salary;$22,150 $;48,900;24,000;107,280;20,900;19,500;106,080;56,900;37,850;51,200;$;$;$;Taxable;Wages;OASDI;$;$;Remember:OASDIwages;Tax;onlytaxableto$106,800.;$;$;HI;Tax

 

Paper#24054 | Written in 18-Jul-2015

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