Complete the following table with the information provided. Employee, with your deductions allowedGross incomeSocial Security Tax(6.20%)Medical care contribution(1.45%)Income taxOther deductionsNet income8Stream (0) $ 735 (12%) $ 25 9Bravo (1) $ 675 (11%) $ 12 10Colon (2) $ 895 (10%) -0- elevenDiaz (3) $ 580 (9%) $ 5 12Figueroa (4) $ 610 (7%) -0- Determine:Social Security Contribution (FICA)Medical care contribution (Medicare - FICA)Income taxNet income

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Answered: Complete the following table with the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15EA: In EA14, you prepared the journal entries for the employee of Toren Inc. You have now been given the...

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In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You have now been given the following additional information: June is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 60% of the health insurance premium. The employer matches 50% of employee pension plan contributions. Using the information from EB13 and the additional information provided: A. Record the employer payroll for the month of June, dated June 30, 2017. B. Record the payment in cash of all employer liabilities only on July 1.
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.
In EA14, you prepared the journal entries for the employee of Toren Inc. You have now been given the following additional information: May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium. Using the information from EA14 and the additional information provided: A. Record the employer payroll for the month of May, dated May 31, 2017. B. Record the payment in cash of all employer liabilities only on June 1.

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	Employee, with your deductions allowed	Gross income	Social Security Tax (6.20%)	Medical care contribution (1.45%)	Income tax	Other deductions	Net income
8	Stream (0)	$ 735			(12%)	$ 25
9	Bravo (1)	$ 675			(11%)	$ 12
10	Colon (2)	$ 895			(10%)	-0-
eleven	Diaz (3)	$ 580			(9%)	$ 5
12	Figueroa (4)	$ 610			(7%)	-0-