Instruction 3-1
Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI-6.2% both on $132,900; HI-1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9 percent on wages in excess of $200,000 was not applicable.
Refer to Instruction 3-1. At Haddon, Inc., the office workers are employed for a 40-hour workweek and are paid on either an annual, monthly, or hourly basis. All office workers are entitled to overtime pay for all hours worked beyond 40 each workweek at 1.5 times the regular hourly rates.
Company records show the following information for the week ended December 26, 20--. On the form below, calculate for each worker: (a) regular earnings, (b) overtime earnings, (c) total regular and overtime earnings, (d) FICA taxable wages, (e) FICA taxes to be withheld, and (f) net pay for the week ended December 26, 20--. Assume that there are 52 weekly payrolls in 20--. Also, determine the total for each of these six items.

Question

Instruction 3-1 
Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI-6.2% both on $132,900; HI-1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9 percent on wages in excess of $200,000 was not applicable. 
Refer to Instruction 3-1. At Haddon, Inc., the office workers are employed for a 40-hour workweek and are paid on either an  annual, monthly, or hourly basis. All office workers are entitled to overtime pay for all hours worked  beyond 40 each workweek at 1.5 times the regular hourly rates. 
Company records show the following information for the week ended December 26, 20--.  On the form below, calculate for each worker: (a) regular earnings, (b) overtime earnings, (c) total  regular and overtime earnings, (d) FICA taxable wages, (e) FICA taxes to be withheld, and (f) net  pay for the week ended December 26, 20--. Assume that there are 52 weekly payrolls in 20--.  Also, determine the total for each of these six items.

Quizplus · Accepted Answer

The Answer of Instruction 3-1 
Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI-6.2% both on $132,900; HI-1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9 percent on wages in excess of $200,000 was not applicable. 
Refer to Instruction 3-1. At Haddon, Inc., the office workers are employed for a 40-hour workweek and are paid on either an  annual, monthly, or hourly basis. All office workers are entitled to overtime pay for all hours worked  beyond 40 each workweek at 1.5 times the regular hourly rates. 
Company records show the following information for the week ended December 26, 20--.  On the form below, calculate for each worker: (a) regular earnings, (b) overtime earnings, (c) total  regular and overtime earnings, (d) FICA taxable wages, (e) FICA taxes to be withheld, and (f) net  pay for the week ended December 26, 20--. Assume that there are 52 weekly payrolls in 20--.  Also, determine the total for each of these six items.

Instruction 3-1 Use the Following Tax Rates and Taxable Wage Bases: Employees