Employees' Names Hellen Craig Joseph Lim Dino Patelli Sharleen McFee. Employee Hellen Craig Joseph Lim Dino Patelli Pay $ 760 650 870 1,740 $4,020 Sharleen McFee Totals Required: 1. Calculate the employees' El and CPP withholdings and the amounts paid to each employee. (Do not round interme calculations. Round the final answers to 2 decimal places.) Week $12,510 10,800 Taxes Deductions $168.20 $26.00 142.15 16,060 194.75 29,980 468.75 Gross Pay S 760.00 650.00 870.00 1,740.00 $ 4,020.00 El Premium 26.09 25.00 26.00 $973.85 $103.00 Deductions Income Taxes $ 168.20 142.15 194.75 468.75 $ 973.85 CPP Health Insurance $ 26.00 26.00 25.00 26.00 $ 103.00 Total Deductions Net Pay

Employees' Names Hellen Craig Joseph Lim Dino Patelli Sharleen McFee. Employee Hellen Craig Joseph Lim Dino Patelli Pay $ 760 650 870 1,740 $4,020 Sharleen McFee Totals Required: 1. Calculate the employees' El and CPP withholdings and the amounts paid to each employee. (Do not round interme calculations. Round the final answers to 2 decimal places.) Week $12,510 10,800 Taxes Deductions $168.20 $26.00 142.15 16,060 194.75 29,980 468.75 Gross Pay S 760.00 650.00 870.00 1,740.00 $ 4,020.00 El Premium 26.09 25.00 26.00 $973.85 $103.00 Deductions Income Taxes $ 168.20 142.15 194.75 468.75 $ 973.85 CPP Health Insurance $ 26.00 26.00 25.00 26.00 $ 103.00 Total Deductions Net Pay

Name: Employees' NamesHellen CraigJoseph LimDino PatelliSharleen McFeeEmplo
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Employees' NamesHellen CraigJoseph LimDino PatelliSharleen McFeeEmployeeHellen CraigJoseph LimDino PatelliSharleen McFeeTotals$GrossPay$7606508701,740$4,020Required:1. Calculate the employees' El and CPP withholdings and the amounts paid to each emp

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16MC: An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the...

See similar textbooks

Similar questions

An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the FICA Medicare tax rate is 1.45%. What is the employees FICA taxes responsibility? A. $535.50 B. $612 C. None, only the employer pays FICA taxes D. $597.50 E. $550
_____1. Employees FICA tax rates A. Severance pay _____2. Form SS-4 B. By the 15th day of the following month _____3. Semiweekly depositor C. Employers Quarterly Federal Tax Return _____4. Taxable for FICA D. Application for Employer Identification Number _____5. Nontaxable for FICA E. 6.2 percent and 1.45 percent _____6. Self-employeds FICA tax rates F. Employees application for social security card _____7. Form 941 G. Cumulative wages of 128,400 _____8. Monthly depositor H. More than 50,000 in employment taxes in the lookback period _____9. OASDI taxable wage base I. 12.4 percent and 2.9 percent _____10. Form SS-5 J. Employers matching contributions into employees deferred compensation arrangements
Collection of Amounts Previously Written Off Customer Rob Hufnagel owes Kellman Corp. $1,250. Kellman determines that the total amount is uncollectible and writes off all of Hufnagels debt. Hufnagel later pays $350 to Kellman. Required: Make the appropriate journal entries (if any) to record the receipt of $350 by Kellman.
Following emoluments are received by Ms Sangeeta during the previous year ended on 31.3.2021 Basic salary 250000Dearness Allowance 10000Commission 2500Entertainment allowance 2000Medical expenses reimbursed 25000Professional taxes paid 2000(Rs1000 paid by employer) Ms. Sangeeta contributes Rs 2000 towards the Recognized Provident FundShe has no other income.Compute the income from salary for A.Y 2022-23, and give reasons and explanationswherever required, If Ms. Sangeeta is a Government employee. A) please first tell the formula and understanding of the question B) second what are the steps to be followed to get the answer C) please write the answer in c option and what can we clarify from this
Following emoluments are received by Ms Sangeeta during the previous year ended on31.3.2021 Basic salary 250000Dearness Allowance 10000Commission 2500Entertainment allowance 2000Medical expenses reimbursed 25000Professional taxes paid 2000(Rs1000 paid by employer) Ms. Sangeeta contributes Rs 2000 towards the Recognized Provident Fund. She has no other income.Compute the income from salary for A.Y 2022-23, and give reasons and explanations wherever required, If Ms. Sangeeta is a Government employee.
Employee Filing Status Allowances GrossIncome FederalIncomeWithholding Sarah Married 4 $10,000 $962 Joe Single 2 $8,000 $1,362 Kevin Single 1 $5,000 $357 Lemur’s 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. If required, round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank. Dec. 31 Salaries Expense Salaries Expense FICA Social Security Tax Payable FICA Social Security Tax Payable FICA Medicare Tax Payable FICA Medicare Tax Payable Federal Income Tax Payable Federal Income Tax Payable State Income Tax Payable State Income Tax Payable 401(k) Retirement Plan Payable 401(k) Retirement Plan Payable Salaries…
Karen Kaled received the following income from her employment in 2021: Gross salaries P400,000 Deductions for: SSS 10,000 PhilHealth 8,000 Pag-Ibig 7,000 Union dues 2,000 Withholding tax 67,400 Loans repayment 50,000 Tardiness and absences 15,000 Net pay: P 240,600 Compute Karen Kaled's taxable compensation income. a. 240,600 b. 290,600 c. 358,000d. 400,000
Required information Skip to question [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay throughAugust 31 Gross Pay forSeptember a. $ 6,400 $ 800 b. 2,000 2,100 c. 122,100 8,000 Compute BMX’s amounts for each of these four taxes as applied to the employee’s gross earnings for September under each of three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.) a) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA—Social Security FICA—Medicare FUTA SUTA b) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA—Social Security…
Required information Skip to question [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay throughAugust 31 Gross Pay forSeptember a. $ 6,400 $ 800 b. 2,000 2,100 c. 122,100 8,000 Assuming situation (a), prepare the employer’s September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee’s federal income taxes withheld by the employer are $80 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal The employee’s federal income taxes withheld by the employer are $80 for…
Earnings for several employees for the week ended April 7, 20--, are shown: 1 Taxable Earnings 2 Employee Name Current Earnings Unemployment Compensation Social Security 3 Boyd, Glenda L. $850.00 $300.00 $850.00 4 Evans, Sheryl N. 970.00 225.00 970.00 5 Fox, Howard J. 830.00 830.00 830.00 6 Jacobs, Phyllis J. 1,825.00 1,825.00 7 Roh, William R. 990.00 25.00 990.00 Assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%. Required: 1. Calculate the employer's payroll taxes expense. 2. Prepare the journal entry as of April 7, 20--.
Employee earned gross pay of $920 during a recent pay period. She contributes 2% of gross pay to a 401(k) retirement plan and 3% of gross pay to a dependent care flexible spending account. Taxable earnings = $ NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. INFO: $875.00 is incorrect
Employee's Rates Matching Rates Paid bythe Employer Self-Employed Rates 7.65% on first $118,500 of income 1.45% on income above $118,500 7.65% on first $118,500 paid in wages 1.45% on wages above $118,500 13.3% on first $118,500 of net earnings 2.9% on earnings above $118,500 1FICA taxes include Social Security and Medicare. The Social Security tax applies to the first $118,500 of income, while the Medicare tax applies to all income. Suppose Holly has $227,100 of income from work and is not self-employed. How much will Holly have to pay in FICA taxes?