An employee earned $44,800 during the year working for an employer when the maximum limit for Social Security was $137,700. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45%. The employee's annual Federal Insurance Contributions Act (FICA) taxes amount is:

Q: The payroll register for Kronberg Company indicates $13,200 of social security withheld and $3,300…

A: Total Salaries is the Gross Salary for the company to give out to the employees In a payroll…

Q: An employee receives an hourly rate of $18, with time and a half for all hours worked in excess of…

A: Introduction:- The following basic information as follows under:- Federal income tax withheld, $144…

Q: William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is…

A: Date Account Titles and Explanation Debit Credit   Payroll Tax Expense $6850…

Q: . This is the first payroll of the year and the employee has no cumulative earnings for the year to…

A: Calculation of Gross earnings :   Normal earnings $1,800.00 Bonus earnings $540.00 Gross earnings…

Q: Carbon Neutral Inc. has four employees who work on an hourly basis and are paid semi-monthly. The…

A: Payroll The purpose of preparing the payroll worksheet which know the details of the total…

Q: An employee has year-to- date earnings of $41,050. The employee's gross pay for the next pay period…

A: Federal Insurance Contributions Act tax:   It is a federal payroll contribution that is directed for…

Q: Big Pine Tree Service has 18 employees, 12 with gross earnings of $350 per week and 6 with gross…

A: Payroll taxes The employer is required to pay a certain percentage to the government on the behalf…

Q: Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a…

A: Payroll Taxes = FICA SS Tax + FICA Medicare Tax + FUTA Tax + SUTA Tax= 544.87+ 127.42 + 42 +…

Q: William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is…

A: Employee wages earned over a two-week period = $250,000 Medicare Tax  = 1.5% Medicare Tax ($250000 *…

Q: An employee earned $37,000 during the year working for an employer when the maximum limit for Social…

A: Formula to calculate  employee's annual FICA taxes amount:Employee's annual FICA taxes = Employee…

Q: Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he…

A: Formula: Net pay = Gross salary - Social security tax - FICA tax - Tax withheld

Q: Peter works for Company G and gets paid monthly. He made $8,500 throughout the month of January.…

A: Compensation is a monetary or non-monetary payment paid in exchange for services provided. Base…

Q: The following date for Presco Inc. relate to the payroll for the week ended February 9: Employee…

A: A's overtime=Hours worked-Hours per week=52-40=12 hours

Q: During October, Seger Insurance employees earned $100,000 in wages. Social Security applied to…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: An employee earns $36 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: The following calculations are done to evaluate the net pay of the employee after deducting all…

Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent.…

A: Payroll taxes are taxes that are paid by employer and employee on the amount of salaries paid to…

Q: An employee receives an hourly rate of $23.00, with time and a half for all hours worked in excess…

A: After withholdings have also been deducted from an employee's gross wage, net compensation is the…

Q: Toren Inc. employs one person to run its solar management company. The employee's gross income for…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: An employee earns $25 per hour and 2 times that rate for all hours in excess of 40 hours per week.…

A: Payroll accounting involves records of calculation, recording and analysis of employees compensation…

Q: An employee receives an hourly rate of $30, with time and a half for all hours worked in excess of…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: An employee earned $45,400 during the year working for an employer when the maximum limit for Social…

A: The FICA tax amount is the sum of 6.2% social security tax and 1.45% Medicare tax on the employee…

Q: An employee receives an hourly rate of $25.00, with time and a half for all hours worked in excess…

A: Given the following information: An employee receives an hourly rate of $25.00 with time and a half…

Q: Davis and Thomas have earnings of $841 each. The social security tax rate is 6.0%, and the Medicare…

A:

Q: An employee receives an hourly rate of $17, with time and a half for all hours worked in excess of…

A: Gross pay = ($17 x 40 hours+ $17*1.5 x 9 hours) = $909.50

Q: Sue earned $56,000 working for an employer in the current year. The current rate for Social Security…

A: Note: FICA taxes include the social security tax and the Medicare tax. Social Security tax = Gross…

Q: Employee AA is paid monthly. For the month of January, she earned a total of $8,260. The tax for…

A: . Employee AA’s net pay for the month is: $6302.94  explanation :  The computation of net pay is…

Q: The chief executive officer earns $10,120 per month. As of May 31, her gross pay was $50,600. The…

A: please like the answer your response matters Answer: Gross Annual income = $ 10,020  x 12 = $…

Q: The Germaine Corp has 18 employees who all make $9.59 per hour. They all worked 77 hours last…

A: Gross wages (18*77*9.59)        13,291.74 Multiply: Social security tax rate 6.20% Employee…

Q: An employee receives an hourly wage rate of $20, with time and a half for all hours worked in excess…

A: Given, Hourly wage = $20 per hour Wage if work in excess of 40 hours = 1.50 * $20 = $30 per hour…

Q: An employee receives an hourly wage rate of $18, with time and a half for all hours worked in excess…

A: An employee who works on an hourly basis is paid the wages at the hourly rate determined by the…

Q: Baker Green's weekly gross earnings for the week ending December 7 were $1,800, and her federal…

A: Computation of Social Security amount is as follows: =$1800×6.0%=$108 Computation of Medicare amount…

Q: An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social…

A: Step 1 The unemployment taxes (FUTA) of $42 is obtained by multiplying the earnings of $7,000 with…

Q: Baker Green's weekly gross earnings for the week ending December 7 were $2,000, and her federal…

A: Net Pay = Gross earnings - Federal income tax - Social Security rate - Medicare   Social Security…

Q: An employee has gross earnings of $1,600 and withholdings of $25 for income taxes, $5 for Social…

A: Given the following information: Employee Gross earnings: $1,600 Withholdings for income tax: $25…

Q: During the week ended June 15, Wiley Automotive's employees earned $2,650 of gross wages and had…

A:

Q: An employee earns $5,500 per month working for an employer. The FICA tax rate for Social Security is…

A: Calculation of Net pay for the month of January is as follows:

Q: According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0%…

A: Taxation refers to the imposition of compulsory financial obligations by the government on…

Q: An employee receives an hourly rate of $25, with time and a half for all hours worked in excess of…

A: Gross earnings = (40 hours x $25 per hour) + (Hours in excess of 40 hours x $25 per hour x 1.5) =(40…

Q: Trey Morgan is an employee who is paid monthly For the month of January of the current year, he…

A: Here in this question, we are required to calculate the net pay amount. For calculating net pay, we…

Q: An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: a. Gross pay for the week 1120.00   b. Net pay for the week 778.00           Working Notes:…

Q: William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is…

A: Particular     Debit ($)       Credit ($)…

Q: The following information pertains to a weekly payroll of Texera Tile Company: a. The total wages…

A: Prepare journal entry to record payment of wages:

Q: An employee receives an hourly wage rate of $16, with time and a half for all hours worked in excess…

A: Gross pay= Hours worked during week * wage rate + extra hours worked* Higher wage rate…

Q: Thomas Martin receives an hourly wage rate of $24, with time-and-a-half pay for all hours worked in…

A: Financial Management: Financial management comprises of two words i.e. Finance and management.…

Q: An employee earns $5,750 per month working for an employer. The FICA tax rate for Social Security is…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: An employee is paid a salary of $10,150 per month.  If the FICA rate is 6.2% on the first $118,500…

A: FICA tax = Salary x FICA tax rate = $10,150 x 6.2% = $629.30 Medicare tax payable = Gross payroll x…

Q: An employee receives an hourly wage rate of $21, with time and a half for all hours worked in excess…

A: Hours worked =45 HOURLY rate=21 For 40 hours  HOURLY rate=10.5 for overtime  social security tax =6%…

Q: Portia Grant is an employee who is paid monthly. For the month of January of the current year, she…

A: Lenders and landlords evaluate an individual's gross income to decide if that person is a worthy…

Q: An employee earned $37,000 during the year working for an employer when the maximum limit for Social…

A: FICA tax: It can be defined as the federal payroll tax applied in the U.S.