per employee for discount club memberships. What percent of payroll is the total cost of fringe benefits? (Round your answer to the nearest tenth of a percent.) 1.4% 3.7%
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A fringe benefit is any non wage payment or benefit offered to employees by their employers (for example, pension schemes, profit-sharing programmes, vacation pay, and company-paid life, health, and unemployment insurance programmes). It can be imposed by legislation, granted unilaterally by companies, or gained via collective bargaining.
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- 1.A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross earnings of $395 per week. What is the total social security and Medicare tax (in $) the company must send to the Internal Revenue Service for the first quarter of the year? $ _______ 2.National Storage employs 88 workers with a gross monthly payroll of $131,000. Fringe benefits are 8.2% of payroll for a profit sharing plan and $9.23 per employee for life insurance. What percent of payroll is the total cost of fringe benefits? Round your answer to the nearest tenth of a percent. ______% 3.Marc Batchelor, a self-employed sales consultant, has estimated annual earnings of $307,000 this year. His social security tax rate is 12.4% up to the wage base, Medicare is 2.9%, and his federal income tax rate is 24%. How much estimated tax (in $) must Marc send to the IRS each quarter? $ ______Bear Island ltd has a weekly payroll of $450,000. The employees receive entitlements to 2 weeks’ sick leave per year. The sick leave entitlements are classified as non-vesting. Past experience, and experience within the industry, suggest that 55 percent of employees will use their full 2 weeks’ entitlement each year; 10 percent of employees will take 1 weeks’ sick leave each year, and 10 percent of employees will take 1 day’s sick leave each year. Calculate the expected annual sick leave expense for bear island Ltd(on the basis of average salaries21. Family Flowers employs 17 people, of whom 14 earn gross pay of $660.00 each and 3 earn gross pay of $740.00 each on a weekly basis. What is the employer's share of total Social Security and Medicare taxes for the first quarter of the year? (Social security tax is 6.2% of wages up to $128,400. Medicare tax is 1.45% of all wages.) $660.00 $740.00 $890.68 $11,396.97
- Willamette Manufacturing estimated that its total payroll for the coming year would be $650,000. The workers' compensation insurance premium rate is 0.3%.The chief executive officer earns $10,020 per month. As of May 31, her gross pay was $50,100. The tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. What is the amount of FICA-Social Security withheld from this employee for the month of June?Assume the following data for Blossom Home Appliance Repair for the payroll quarter ended March 31. • Gross earnings $240,000.00 • Employee FICA taxes 18,360.00 • Federal income tax 48,000.00 • State income tax 4,799.00 • Number of employees this quarter: 30 Blossom is subject to the following rates: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state unemployment 5.4% up to $7,000, and federal unemployment 0.6% up to $7,000. No employee reached the limit for FICA taxes, and all employees reached the limit for unemployment taxes in the first quarter.Prepare the journal entry to record payment of employer taxes, assuming all taxes were paid on April 15. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit…
