An employee is paidba salary of $11,050 per month. If the current FICA rate is 6.2% on the first $130,000 of earnings, and the Medicare tax rate is 1.45% of all earnings, how much should be withheld for   (a) FICA tax and  (b) Medicare tax during the following months? 1. March         (a)        (b) 2. December  (a)        (b)

Q: Win-Win company’s first weekly pay period of the year ends on January 8. On that date, the column…

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

Q: An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of…

A: Gross earnings = Regular earnings + Overtime earnings = (40 hours x $15 per hour) + (6 hours x $15…

Q: Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January…

A: Social security  tax = 2100×10×6.2% =1302

Q: The balance in the prepaid rent account before adjustment at the end of the year is $12,000, which…

A: Assets has debit balance and liabilities has credit balance. To increase Assets one should debit the…

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

A: 1.Prepare journal entry to record the employee bonus expense.

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

A: Formula used : Number of Excess hours worked = Total hours worked - Weekly working hours

Q: At the end of each month, a company pays its employees. Payroll information below is for January,…

A: When a company records the compensation of its employees, such type of accounting is known as…

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: Tim's gross pay for this month is​ $8,850. His gross year−to−date ​pay, prior to this​ month,…

A: FICA contributions are mandatory, with rates set annually—although not necessarily changed annually.…

Q: Tavella Company’s first weekly pay period of the year ends on January 8. On that date, Tavella’s…

A: Every transaction should be recorded in the books of accounts in the form of Journal entry. Each…

Q: George's Gameroom had two employees with the following earnings information: Gross Earnings for Week…

A: Social security tax is the one which is applicable on the payment of wages.

Q: An employee receives an hourly rate of $14, with time and a half for all hours worked in excess of…

A: Salaries expense is the addition of regular and overtime earnings and then various deductions are…

Q: An employee earns $20 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: Hours worked = 55  Normal hourly rate = $ 20 Overtime rate = $ 20*1.5 = $ 30 Normal weekly hours =…

Q: An employee is paid a salary of $11,050 per month. If the current FICA rate is 6.2% on the first…

A: Workings: Given value: FICA rate is 6.2 %

Q: Portions of the payroll register for Barney's Bagels for the week ended July 15 are shown below. The…

A: Employer Payroll tax expense = Social Security tax + Medicare tax + FUTA tax + SUTA tax

Q: An employee earns $44 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A:

Q: Todd Hackworth’s weekly gross earnings for the week ending December 18 were $2,000, and his federal…

A: Net pay = Gross pay - Federal income tax withheld - Social security tax withheld - Medicare tax…

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 = Normal pay + Overtime pay = $16*40 + 1.5* $16* (55-40)Gross pay = $640 + $560 Gross…

Q: An employee earns $32 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A: Gross pay is the total  amount earned by employee inclusive all taxes and deductions. Net pay is the…

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

A:

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

A: Solution:- a) Calculation of the gross pay for the week as follows:-

Q: Merger Co. has 10 employees, each of whom earns $2,000 per month and has been employed since January…

A: Total Earning for employees per month = Earning per employee x Total no. of employees =$2,000 per…

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: XYZ Company is processing payroll for the week ending January 9th. Employee earnings total $5,000.…

A: Employees total earnings=$5,000 Federal Income tax Withheld=$1100 Social Security tax rate=6% =…

Q: A paving company has 24 employees  15 with gross earnings of 355 per week 9 with gross earnings of…

A: Social security and medicare tax are considered as payroll tax expenses which is calculated on the…

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: Westway Company pays Suzie Chan $3,060 per week. Assume Social Security is 6.2% on $128,400 and…

A: 1. Social Security Deduction = Payment per week ($3,060) x No of weeks in a year (52) x 6.2% =…

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

A: Given that , Hourly wage rate = 25 per hr  hours to be worked = 40 hrs Actual hours worked = 42 hrs…

Q: An employee has year-to-date earnings of $115,400. The employee’s gross pay for the next pay period…

A: Earnings subject to tax = Wages base - year-to-date earnings = $118,500 - $115,400 = $3,100

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

A: Gross pay is the payment made to the employees without any tax and net pay is the payment made to…

Q: Westway Company pays Suzie Chan $3,150 per week. Assume Social Security is 6.2% on $128,400 and…

A: Given that: Per week pay = $3150 Social security tax rate = 6.2% Medicare tax rate = 1.45%

Q: The monthly salaries for December and the year-to-date earnings as of November 30 for the three…

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: An employee has year-to-date earnings of $115,400. The employee’s gross pay for the next pay period…

A: FICA--OASDI Tax: FICA--OASDI stands for Federal Insurance Contributions Act for Old Age, Survivor…

Q: Martin Jackson receives an hourly wage rate of $25, with time and a half for all hours worked in…

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

Q: a Charger pays its employees $4,000 every Friday for a 5-day work week. This year December 31 tals…

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

Q: Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate…

A: Bonus rate for Kelly = $22 x 1.5 times = $33 Bonus rate for Jon = $27 x 1.5 times = $40.5

Q: Thomas Martin receives an hourly wage rate of $25, with time-and-a-half pay for all hours worked in…

A: Gross pay for martin = Regular earning + Overtime earnings

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: Merger Co. has 10 employees, each of whom earns $1,550 per month and has been employed since January…

A: Given that: Number of Employees = 10 Pay per month = $1550 per month

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

A: Answer : $6,846.92

Q: Empty Fields Company pays its salaried employees monthly on the last day of each month. The annual…

A: The maximum amount of income subject to the Social Security tax is $142,800.

Q: A company’s first weekly pay period of the year ends on January 8. Sales employees earned $30,000…

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

Q: An employee earns $40 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A: Gross pay = Regular pay + OvertimeNet pay = Gross pay - Federal taxes withheld - Taxes payable

Q: An employee has year-to-date earnings of $115,400. The employee’s gross pay for the next pay period…

A:

Q: An employee earns $40 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A: Gross Pay = Regular Pay + Overtime Pay  Net Pay = Gross Pay – FICA Tax – Federal Income Tax

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

A: Gross pay for the week = (Normal rate × Normal hours) + (Bonus rate × Additional hours) Net pay for…