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- 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.The following are data available for the month of September 2021 of Saint James Corp. Gross Earnings P8,500,000 Deductions: SSS Contribution 425,000 Philhealth 85,000 Pag-ibig 85,000 Witholding taxes 2,125,000 Determine the following: Accrued payroll Amount charged to Worked in Process accountAn employee has year-to-date earnings of $115,400. The employee’s gross pay for the next pay period is $5,000. If the FICA—OASDT is 6.2% and the wage base is $118,500, how much FICA—OASDI tax will be withheld from the employee’s pay? (Answer is rounded to whole dollar.) a. $192 b. $210 c. $310 d. $73
- An employee has year-to-date earnings of $115,400. The employee’s gross pay for the next pay period is $5,000. If the FICA—OASDT is 6.2% and the wage base is $118,500, how much FICA—OASDI tax will be withheld from the employee’s pay? (Answer is rounded to the whole dollar.) $192 $210 $310 $73An employee earns $1,500 a week and the deductions from that amount for her contributions to EI, CPP, and income taxes are $185. The company must contribute an additional $105 for EI and CPP. How much would the company record as salary expense for that week? a) $1,605 b) $1,420 c) $1,790 d) $1,500P a y t o n company payroll for the year is $747,930. Of this amount, $469,230 is for wages paid e x c e s s $7,000 to each individual employee. The suta rate in Peyton company state is 2.9% on the first $7,000 of each employees earning. Round your answer to the nearest cent. A. Net Futa tax _______ B. Net suta tax _______ C. Total unemployment taxes _______
- With the following data, compute the Total FUTA Taxable Wages. Total Annual Wages $187,000 Wages Paid in excess of $7000 limit $ 98,500An employee has year-to- date earnings of $41,050. The employee's gross pay for the next pay period is $4,561. Assuming a FICA--OASDI rate of 6.2% and FICA-Medicare rate of 1.45%, how much FICA tax will be withheld from the employee's pay? Round to the nearest whole dollarAn 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)
- An employee is paid a 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? March (a) (b) December (a) (b)Qwan Company's payroll for the year is $737,910. Of this amount, $472,120 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Qwan Company's state is 2.9% on the first $7,000 of each employee's earnings. Compute: Round your answers to the nearest cent.A call center agent receiving a monthly salary of P21,000 with mandatory annual deductions of P15,166, which includes SSS, PHILHEALTH, and Pag-ibig contributions. What will be the annual gross income?
