I-12.04 Problem

I-12.04 Problem - I-12.04 SFCC Corporation has 8 employees...

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I-12.04 SFCC Corporation has 8 employees. Information about the October payroll follows: Name Hours Worked Pay Rate Federal Income Tax Withheld Breschi, K 95 $12 per hour $200 Carballo, P n/a $3,000 per month $850 Dangelo, J 180 $14 per hour $625 Gaines, T n/a $4,500 per month $1,100 Goseco, M n/a $10,100 per month $3,575 Skolnick, J 180 $12 per hour $480 Williams, R 172 $9 per hour $140 Wong, O 195 $16 per hour $800 Additional information is as follows: SFCC is in a state without an income tax. Employees' federal income tax withholdings depend on various factors, and the amounts are as indicated in the above table. No employees worked overtime, with the exception of Oscar Wong, who worked 15 hours of overtime. Overtime is paid at 150% of the normal hourly rate. Assume that gross pay is subject to social security taxes at a 6.5% rate, on an annual base of $100,000. Assume that Medicare/Medicaid taxes are 1.5% of gross earnings. These taxes are matched by the employer. Only Marcia Goseco had earned more than $90,000
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.

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