Brianna Whitman works for Schaum, Whitney, & Matte, LLP, in Washington, D.C, which pays employees on a biweekly basis. Brianna's annual salary is $163,600. The company started in 2021. Required: Calculate the following: (Do not round intermediate calculations. Round your answers to 2 decimal places.) Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Pay Period End Employer Share Madicare Tax September 24 December 31

Brianna Whitman works for Schaum, Whitney, & Matte, LLP, in Washington, D.C, which pays employees on a biweekly basis. Brianna's annual salary is $163,600. The company started in 2021. Required: Calculate the following: (Do not round intermediate calculations. Round your answers to 2 decimal places.) Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Pay Period End Employer Share Madicare Tax September 24 December 31

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter3: Social Security Taxes

Section: Chapter Questions

Problem 10PB: The monthly and hourly wage schedule for the employees of Quincy, Inc., follows. No employees are...

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During 2019, Jake Gore worked for two different employers. Until May, he worked for Wonderman Construction Company in Kansas City, Kansas, and earned 21,500. The state unemployment rate for Wonderman is 4.6%. He then changed jobs and worked for Buxmont Improvement Company in Mobile, Alabama, and earned 33,100 for the rest of the year. The state unemployment rate for Buxmont is 5.1%. Determine the unemployment taxes (FUTA and SUTA) that would be paid by: a. Wonderman Construction Company................................ _______ b. Buxmont Improvement Company.................................... _______
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.
Payrex Co. has six employees. All are paid on a weekly basis. For the payroll period ending January 7, total employee earnings were 12,500, all of which were subject to SUTA, FUTA, Social Security, and Medicare taxes. The SUTA tax rate in Payrexs state is 5.4%, but Payrex qualifies for a rate of 2.0% because of its good record of providing regular employment to its employees. Other employer payroll taxes are at the rates described in the chapter. REQUIRED 1. Calculate Payrexs FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7. 2. Prepare the journal entry for Payrexs payroll taxes for the week ended January 7. 3. What amount of payroll taxes did Payrex save because of its good employment record?
The monthly and hourly wage schedule for the employees of Quincy, Inc., follows. No employees are due overtime pay. Compute the following for the last monthly pay of the year: a. The total wages of each part-time employee for December 2019. b. The OASDI and HI taxable wages for each employee. c. The FICA taxes withheld from each employees wages for December. d. Totals of columns. e. The employers FICA taxes for the month.
During 2019, Matti Conner, president of Maggert Company, was paid a semimonthly salary of 6,000. Compute the amount of FICA taxes that should be withheld from her: