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- Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)Payroll tax entries According to a summary of the payroll of Mountain Streaming Co., 120,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, 45,000 was subject to state and federal unemployment taxes. A. Calculate the employers payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. B. Journalize the entry to record the accrual of payroll taxes.PSa 3-2 Calculate Gross Pay & Taxable Pay For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax.NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.
- Exhibit 6-1The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Refer to Exhibit 6-1. Journalize the entry to deposit the FICA and FIT taxes.Exhibit 6-1The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Refer to Exhibit 6-1. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%).Instruction 5-1 Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Refer to Instruction 5-1. Aaron Norman earned $24,900 for the year from Marcus Company. The company is subject to a SUTA tax of 4.7% on the first $9,900 of earnings. Determine: a) the employer's FUTA tax on Norman’s earnings __________. b) the employer's SUTA tax on Norman’s earnings __________. View keyboard shortcuts
- PSb 5-1 Determine the Applicable FUTA Tax Rate For each of the following businesses, determine the applicable FUTA tax rate for 2020 based on the locations listed below: 1: A business operating in the U.S. Virgin IslandsFUTA tax rate = % 2: A business operating in Columbus, OhioFUTA tax rate = % 3: A business operating in Austin, TexasFUTA tax rate = % 4: A business operating in Oakland, CaliforniaFUTA tax rate = % 5: A business operating in Birmingham, AlabamaFUTA tax ratePlease answer question number 3 only. Calculate FUTA TAX Note: for simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal placesQuestion 2a) Income tax is calculated as follows;Taxable Salary Rate of Tax (GH¢)First 1000 0. 05Next 1,000 0.10Next 3,000 0.25Next 4,000 0.40Remainder 0.60Calculate the tax on a taxable salary of;i. GH¢ 2,450ii. GH¢ 10,500 with GH¢ 450 as none taxable allowance. b) A card is picked at random from cards numbered from 1 to 20. Find the probability that the number on the card isi. divisible by 5ii. a prime number c) Find the following probabilities; P(0 < z < 2.32)
- True or False 4. The entry to record the employer's payroll taxes would include a debit to an expense account and a credit to one or more liability accounts.10. Which payroll tax is imposed on both the employee and the employer? a. federal income taxb. desempleo estatal (state unemployment taxes)c. FICA taxesd. desempleo federal (federal unemployment taxes)Instruction 5-1 Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Refer to Instruction 5-1. Faruga Company had FUTA taxable payrolls for the four quarters of $38,400; $29,600; $16,500; and $8,900, respectively. What was the amount of Faruga’s first required deposit of FUTA taxes?