Homework Answers
| Social Security tax | 3100 | =50000*6.2% |
| Medicare tax | 725 | =50000*1.45% |
| FUTA | 300 | =50000*0.6% |
| SUTA | 2700 | =50000*5.4% |
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Chapters 10-1-12-13 Seved The payroll register of the Fox Manufacturing Company showed total employee earnings of...
The payroll register of Big House Cleaning Company showed total employee earnings of $2,800 for the...
The payroll register of Big House Cleaning Company showed total employee earnings of $2,800 for the payroll period ended July 14, 2019. Required: Compute the employer’s payroll taxes for the period. Use rates of 6.2 percent for the employer’s share of the social security tax, 1.45 percent for Medicare tax, 0.6 percent for FUTA tax, and 5.4 percent for SUTA tax. All earnings are taxable. Prepare a general journal entry to record the employer’s payroll taxes for the period Analyze:...
I got these wrong. What should these look like? 63. The payroll register for Automotive Service...
I got these wrong. What should these look like?
63. The payroll register for Automotive Service Center for the pay period ended June 30, 20--, showed the following: Total Earnings $623,000.00 Taxable Earnings: FUTA 4,500.00 SUTA 4,500.00 Social Security 574,000.00 Deductions: Federal income tax 91,800.00 Social Security tax 35,588.00 Medicare tax 9,033.50 Pension plan 4,800.00 Health insurance 16,200.00 United Way 12,000.00 The Social Security tax rate is 6.2%, Medicare tax is 1.45%, FUTA tax is 0.8%, and SUTA tax is...
From the following information from the payroll register of Veronica's Auto Supply Store, calculate the amount...
From the following information from the payroll register of Veronica's Auto Supply Store, calculate the amount of taxable earnings for unemployment and FICA tax, and prepare the journal entry to record the employer's payroll taxes as of April 30, 20--. Social Security tax is 6.2% on the first $94,200 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.8%, and SUTA tax is 5.4% each on the first $7,000 of earnings. Cumulative Pay Current...
Instructions Employer's Payroll Taxes General Journal Instructions Calculation and Journal Entry for Employer Payroll Taxes 1....
Instructions Employer's Payroll Taxes General Journal Instructions Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry to record the employer's payroll taxes expense for the week ended July 15 of the current year. Round your answers to the nearest cent, if required. If an amount box does not require an entry, leave it blank. Portions of the payroll register for Barney's Bagels...
Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round...
Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry as of March 12, 20-, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%. 1f required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Earnings for several employees for the week...
Signature Company's partial payroll register for the week ended January 7 is as follows: TAXABLE EARNINGS...
Signature Company's partial payroll register for the week ended January 7 is as follows: TAXABLE EARNINGS NAME BEGINNING CUMULATIVE EARNINGS TOTAL EARNINGS ENDING CUMULATIVE EARNINGS UNEMPLOYMENT SOCIAL SECURITY MEDICARE Barney, R. S. ----- 1,913.00 1,913.00 1,913.00 1,913.00 1,913.00 Fisk, M. C. ----- 550.00 550.00 550.00 550.00 550.00 Hayes, W. O. ----- 462.00 462.00 462.00 462.00 462.00 Lee, L. B. ----- 690.00 690.00 690.00 690.00 690.00 Parks, S. J ----- 586.00 586.00 586.00 586.00 586.00 Tempy, E. B. ----- 570.00 570.00...
Signature Company's partial payroll register for the week ended January 7 is as follows: TAXABLE EARNINGS...
Signature Company's partial payroll register for the week ended January 7 is as follows: TAXABLE EARNINGS NAME BEGINNING CUMULATIVE EARNINGS TOTAL EARNINGS ENDING CUMULATIVE EARNINGS UNEMPLOYMENT SOCIAL SECURITY MEDICARE Barney, R. S. ----- 1,958.00 1,958.00 1,958.00 1,958.00 1,958.00 Fisk, M. C. ----- 574.00 574.00 574.00 574.00 574.00 Hayes, W. O. ----- 473.00 473.00 473.00 473.00 473.00 Lee, L. B. ----- 689.00 689.00 689.00 689.00 689.00 Parks, S. J ----- 550.00 550.00 550.00 550.00 550.00 Tempy, E. B. ----- 552.00 552.00...
I need to figure out the September earnings subject to tax for FUTA & SUTA. And...
I need to figure out the September earnings subject to tax for
FUTA & SUTA. And also the general journal.
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 $ 5,600 2,550 123,200 Gross Pay for...
PAYROLL REGISTER AND JOURNAL ENTRIES WOR JOURNAL ENTRIES WORKSHEET Requirement a): Complete the payroll register (20...
PAYROLL REGISTER AND JOURNAL ENTRIES WOR JOURNAL ENTRIES WORKSHEET Requirement a): Complete the payroll register (20 points) DEDUCTIONS State Net Pay EARNINGS Federal Income Income Total Deductions Tax Social Security Medicare Tax Tax Wage Rate Regular Wages Total Wages Overtime Wages Total Hours Worked 40 44 42 Accum Wages 99,500 78,500 6,700 Name D. Rump N. Pelowski D. Knatts Totals: 312.45 225.951 279.45 $42 $29 $36 Requirement b): Complete the employee and employer payroll journal entries (10 points) Dr Cr...
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
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. Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below.
I got these wrong. What should these look like?
63. The payroll register for Automotive Service Center for the pay period ended June 30, 20--, showed the following: Total Earnings $623,000.00 Taxable Earnings: FUTA 4,500.00 SUTA 4,500.00 Social Security 574,000.00 Deductions: Federal income tax 91,800.00 Social Security tax 35,588.00 Medicare tax 9,033.50 Pension plan 4,800.00 Health insurance 16,200.00 United Way 12,000.00 The Social Security tax rate is 6.2%, Medicare tax is 1.45%, FUTA tax is 0.8%, and SUTA tax is...
Instructions Employer's Payroll Taxes General Journal Instructions Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry to record the employer's payroll taxes expense for the week ended July 15 of the current year. Round your answers to the nearest cent, if required. If an amount box does not require an entry, leave it blank. Portions of the payroll register for Barney's Bagels...
Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry as of March 12, 20-, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%. 1f required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Earnings for several employees for the week...
I need to figure out the September earnings subject to tax for
FUTA & SUTA. And also the general journal.
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 $ 5,600 2,550 123,200 Gross Pay for...
PAYROLL REGISTER AND JOURNAL ENTRIES WOR JOURNAL ENTRIES WORKSHEET Requirement a): Complete the payroll register (20 points) DEDUCTIONS State Net Pay EARNINGS Federal Income Income Total Deductions Tax Social Security Medicare Tax Tax Wage Rate Regular Wages Total Wages Overtime Wages Total Hours Worked 40 44 42 Accum Wages 99,500 78,500 6,700 Name D. Rump N. Pelowski D. Knatts Totals: 312.45 225.951 279.45 $42 $29 $36 Requirement b): Complete the employee and employer payroll journal entries (10 points) Dr Cr...
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