UTF-8\'\'Chapter 5 Problems Template (1) PDF

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Summary

Excel Instructions:

1. Enter the appropriate numbers/formulas in the shaded (gray) cells. An asterisk (*) will appear to the right of an incorrect answer.

2. A formula begins with an equals sign (=) and can consist of any of the following elements:
Operators ...

Description

Name: Enter the appropriate numbers/formulas in the shaded (gray) cells, or select from the drop-down list. An asterisk (*) will appear to the right of an incorrect answer. 5-14B (a)

Taxable Earnings M. Givens P. Moser

$

OASDI (6.2%)

-

$

-

$

-

-

-

-

T. Binn

715.38

44.35

10.37

W. Ashworth

576.92

35.77

8.37

K. Bitner

280.00

17.36

4.06

J. Vern

350.00

21.70

5.08

14.88

3.48

A. Axel 240.00 Givens and Moser (partners are not taxed under FICA)

(b) Employer's OASDI tax

Taxable Earnings $ 2,162.31

Employer's HI tax

$ 2,162.31

Taxable earnings:

Earnings

A. Axel

$ 240.00

(c)

x

Earnings

T. Binn

$ 175.00

Total employer payroll taxes: FICA SUTA FUTA Total payroll taxes

$ 165.42 7.80 $ 173.22

=

Tax $ 134.06 $ 31.35

Tax x

Rate

=

0.0325

Taxable Taxable earnings:

Tax Rate 0.0620 0.0145

Taxable

(d)

(e)

HI (1.45%)

SUTA Tax $

7.80

Tax x

Rate -

=

FUTA Tax $

-

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