1. The pay stub of RollyDayse, employee No. 103 of DR Company, for a 2-week pay period. Gross Eamings Income Tax withheld P8,560 611.68 542.00 SSS premiums withheld Philhealth Premiums Withheld 112.16 222.00 Pag-ibig Premiums withheld Union dues 60.00 RollyDayse works a regular 40-hours week and is paid P100 per hour regular time, and time and a half for overtime. She is also paid an additional P1,092.80 in benefits for the 2 wee pay period with regard to the employer's contribution to the company's SSS and Philhealth premium.

1. The pay stub of RollyDayse, employee No. 103 of DR Company, for a 2-week pay period. Gross Eamings Income Tax withheld P8,560 611.68 542.00 SSS premiums withheld Philhealth Premiums Withheld 112.16 222.00 Pag-ibig Premiums withheld Union dues 60.00 RollyDayse works a regular 40-hours week and is paid P100 per hour regular time, and time and a half for overtime. She is also paid an additional P1,092.80 in benefits for the 2 wee pay period with regard to the employer's contribution to the company's SSS and Philhealth premium.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 10PA: Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and...

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SUTA taxes on July 31, 20--. WORKERS COMPENSATION INSURANCE AND ADJUSTMENT Columbia Industries estimated that its total payroll for the coming year would be 385,000. The workers compensation insurance premium rate is 0.2%. REQUIRED 1. Calculate the estimated workers compensation insurance premium and prepare the journal entry for the payment as of January 2, 20--. 2. Assume that Columbia Industries actual payroll for the year is 396,000. Calculate the total insurance premium owed and prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year.
Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.
_____1. Employees FICA tax rates A. Severance pay _____2. Form SS-4 B. By the 15th day of the following month _____3. Semiweekly depositor C. Employers Quarterly Federal Tax Return _____4. Taxable for FICA D. Application for Employer Identification Number _____5. Nontaxable for FICA E. 6.2 percent and 1.45 percent _____6. Self-employeds FICA tax rates F. Employees application for social security card _____7. Form 941 G. Cumulative wages of 128,400 _____8. Monthly depositor H. More than 50,000 in employment taxes in the lookback period _____9. OASDI taxable wage base I. 12.4 percent and 2.9 percent _____10. Form SS-5 J. Employers matching contributions into employees deferred compensation arrangements
An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the FICA Medicare tax rate is 1.45%. What is the employees FICA taxes responsibility? A. $535.50 B. $612 C. None, only the employer pays FICA taxes D. $597.50 E. $550