Homework Answers
| Answer- | ||||||||||
| Particulars | Amount | |||||||||
| Gross Salary | $ 27,600 | |||||||||
| Income tax | $ 7,250 | |||||||||
| FICA taxes from employees | $ 1,170 | |||||||||
| Payroll deduction for employee pension fund | $ 2,500 | |||||||||
| FICA taxes from employer | ||||||||||
| (same as employees) | $ 1,170 | |||||||||
| Employer share of pension cost | $ 5,000 | |||||||||
| (double of employee share) | ||||||||||
| Unemployment Insurance tax | $ 600 | |||||||||
| (20000*3%) | ||||||||||
| Health Insurance payment from employer | $ 1,500 | |||||||||
| Answer to 10. | ||||||||||
| The amount of Cash that must be obtained to meet this net payroll to pay employees is - (A) $16,680 | ||||||||||
| Explanation- | ||||||||||
| Net Payroll to be paid | ||||||||||
| =Gross Salary-Income taxes-Employees share of FICA taxes- Employees share of pension costs | ||||||||||
| =27600-7250-1170-2500 | ||||||||||
| = $ 16,680 | ||||||||||
| Answer to 11 | ||||||||||
| Total payroll tax Expense for this pay roll period is - (B) $ 1770 | ||||||||||
| Explanation- | ||||||||||
| Total Payroll tax expense constitutes employers contribution to payroll taxes including social security, medicare and unemployment insurance taxes | ||||||||||
| = Total FICA Taxes + unemployment tax | ||||||||||
| =1170+600 | ||||||||||
| =1770 | ||||||||||
| Correct figure is $ 1770 but most correct option available is - (B) $ 1760 | ||||||||||
| Answer to 12 | ||||||||||
| The Total liability for withholding and payroll taxes payable is - (D) $ 10,190 | ||||||||||
| Explanation- | ||||||||||
| Payroll tax payable constitutes both employer and employee tax contributions | ||||||||||
| =Total FICA taxes+Income taxes+Unemployment tax | ||||||||||
| =1170+1170+600+7250 | ||||||||||
| =10,190 | ||||||||||
| Answer to 13 | ||||||||||
| The expense of employer for pension & health fringe benefits is (D) $6,500 | ||||||||||
| Explanation- | ||||||||||
| Employer pension is double of employees share of pension =$5000 | ||||||||||
| Health Insurance Plan = $ 1500 | ||||||||||
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Questions 10-13. DIRECTIONS: Answer Questions 10 through 13 based on the information below. Salary expense was...
Required information [The following information applies to the questions displayed below.) BMX Company has one employee...
Required information [The following information applies to the questions displayed below.) BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay for September Gross Pay through August 31 $ 6,300 1,700 119,000 a. b. $1,800 3,900 9,800 c. Assuming situation...
Required Information The following information applies to the questions displayed below.] BMX Company has one employee....
Required Information The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128.400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7.000 paid to its employee. Gross Pay through August 31 $ 5,480 2,450 123,000 Gross Pay for September $2,40e 2,550 8,988 Assuming situation a, prepare the...
Required information [The following information applies to the questions displayed below.) Part 1 of 3 0.62...
Required information [The following information applies to the questions displayed below.) Part 1 of 3 0.62 points BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay for September Gross Pay through August 31 $ 6,200 2,850 123,800 a. b....
Required information The following information applies to the questions displayed below) BMX Company has one employee....
Required information The following information applies to the questions displayed below) BMX Company has one employee. FICA Social Security taxes are 62% of the first $128.400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7000 paid to its employee Gross Pay through August 31 $ 5.400 2.450 123,000 Gross Pay for September $ 2.000 2.550 8,900 b. Assuming situation related...
Saved Required Information Use the following information for the Exercises below [The following information applies to...
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Required information [The following information applies to the questions displayed below.] BMX Company has one employee....
Required information [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 $ 5,500 2,500 123,100 Gross Pay for September $2,300 2,600 9,000 Assuming situation (a), prepare the...
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Please answer the whole question.
Paloma Co. has four employees. FICA Social Security taxes are
6.2% of the first $118,500 paid to each employee, and FICA Medicare
taxes are 1.45% of gross pay. Also, for the first $7,000 paid to
each employee, the company’s FUTA taxes are 0.6% and SUTA taxes are
2.15%. The company is preparing its payroll calculations for the
week ended August 25. Payroll records show the following
information for the company’s four employees.
Current Week
Name...
Problem 9-3a paytoll expenses, withholdings and taxes. Problem 9-3A Payroll expenses, withholdings, and taxes LO P2,...
Problem 9-3a paytoll expenses, withholdings and taxes.
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Required information [The following information applies to the questions displayed below.) BMX Company has one employee,...
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Required Information The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128.400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7.000 paid to its employee. Gross Pay through August 31 $ 5,480 2,450 123,000 Gross Pay for September $2,40e 2,550 8,988 Assuming situation a, prepare the...
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Required information The following information applies to the questions displayed below) BMX Company has one employee. FICA Social Security taxes are 62% of the first $128.400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7000 paid to its employee Gross Pay through August 31 $ 5.400 2.450 123,000 Gross Pay for September $ 2.000 2.550 8,900 b. Assuming situation related...
Saved Required Information Use the following information for the Exercises below [The following information applies to the questions displayed below.) BMX Company has one employee, FICA Social Security taxes are 6.2% of the first $128.400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, Its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employees Gross Pay through Exercise 9-7 Payroll-related journal entries LO P3 Exercise 9-7...
Problem 9-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $117,000 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are .6% and SUTA taxes are 6.20%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the...
Required information [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 $ 5,500 2,500 123,100 Gross Pay for September $2,300 2,600 9,000 Assuming situation (a), prepare the...
Please answer the whole question.
Paloma Co. has four employees. FICA Social Security taxes are
6.2% of the first $118,500 paid to each employee, and FICA Medicare
taxes are 1.45% of gross pay. Also, for the first $7,000 paid to
each employee, the company’s FUTA taxes are 0.6% and SUTA taxes are
2.15%. The company is preparing its payroll calculations for the
week ended August 25. Payroll records show the following
information for the company’s four employees.
Current Week
Name...
Problem 9-3a paytoll expenses, withholdings and taxes.
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