The biweekly taxable wages for the employees of Rite-Shop follow. Compute the FICA taxes for each employee and the employer's FICA taxes. FICA Taxes Biweekly Taxable Wages Employce No. Employce Name OASDI HI Castro, Manny Corrales, Pat Guitar, Joseph Moore, Connie Morrison, Harry Robertson, Catherine Swarez, Joseph 711 $1,000.00 512 968.00 1,004.00 1,046.40 1,200.00 1,044.80 1,122.00 Totals 624 325 422 210 111 2$ Employer's OASDI 2$ 2$ Total Taxable Wages Employer's OASDI Tax Employer's HI Tax 2$ 2$ Total Taxable Wages Employer's HI Tax

The biweekly taxable wages for the employees of Rite-Shop follow. Compute the FICA taxes for each employee and the employer's FICA taxes. FICA Taxes Biweekly Taxable Wages Employce No. Employce Name OASDI HI Castro, Manny Corrales, Pat Guitar, Joseph Moore, Connie Morrison, Harry Robertson, Catherine Swarez, Joseph 711 $1,000.00 512 968.00 1,004.00 1,046.40 1,200.00 1,044.80 1,122.00 Totals 624 325 422 210 111 2$ Employer's OASDI 2$ 2$ Total Taxable Wages Employer's OASDI Tax Employer's HI Tax 2$ 2$ Total Taxable Wages Employer's HI Tax

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

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter6: Analysing And Journalizing Payroll

Section: Chapter Questions

Problem 1MQ: _____ 1. 1. Employees earnings record A. Expense account for FICA, FUTA, and SUTA taxes on the...

See similar textbooks

Similar questions

#4-4A – LO 3 Eaton enterprises uses the wage-bracket method to determine federal income tax withholding on its employees. Find the amount to withhold from the wages paid each employee: i have asked this question 4 times and keep getting answer to another problem. Can you assist? Hal Bower married 1 withholding allowance paid weekly wage $1,350 amount to be withheld?
Instruction 5-1 Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Refer to Instruction 5-1. Aaron Norman earned $24,900 for the year from Marcus Company. The company is subject to a SUTA tax of 4.7% on the first $9,900 of earnings. Determine: a) the employer's FUTA tax on Norman’s earnings __________. b) the employer's SUTA tax on Norman’s earnings __________. View keyboard shortcuts
Instruction 3-1 Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $147,000 $9,114.00 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $147,000 $18,228.00 Self-employed HI: 2.9% No limit No maximum *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimals places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third…
Instruction 3-1 Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $147,000 $9,114.00 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $147,000 $18,228.00 Self-employed HI: 2.9% No limit No maximum *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimals places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third…
Instruction 3-1 Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $147,000 $9,114.00 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $147,000 $18,228.00 Self-employed HI: 2.9% No limit No maximum *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimals places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third…
1: A-1 Framing employs three workers who, as of the beginning of the current pay period, have earned $8,550, $8,200, and $7,400. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $1,100, $1,420, and $2,140, respectively.SUTA tax = $ 2: Mrs. Fix-It Corp. employs two workers who, as of the beginning of the current pay period, have earned $4,200 and $6,500. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $2,700 and $2,400, respectively.SUTA tax = $ 3: Burger Bites Restaurant employs 51 workers who, for the current pay period, earn total taxable pay of $87,450. Of this amount, only $11,800 is subject to SUTA tax, as this is the portion of individual employee earnings that does not exceed the $8,500 threshold. Calculate SUTA tax based on these earnings.SUTA tax = $ Can you answer each problem?
Instruction 5-1 Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Refer to Instruction 5-1. Ted Carman worked for Rivertide Country Club and earned $28,500 during the year. He also worked part time for Harrison Furniture Company and earned $12,400 during the year. The SUTA tax rate for Rivertide Country Club is 4.2% on the first $8,000, and the rate for Harrison Furniture Company is 5.1% on the first $8,000. Calculate the FUTA and SUTA taxes paid by the employers on Carman’s earnings. FUTA SUTA a. Riverside ______________ _____________ b. Harrison Furniture Company ______________ _____________
Instruction 5-1 Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Refer to Instruction 5-1. Michael Mirer worked for Dawson Company for six months this year and earned $11,200. The other six months he earned $6,900 working for McBride Company (a separate company). The amount of FUTA taxes to be paid on Mirer's wages by the two companies is: a) Dawson Company __________. b) McBride Company __________. View keyboard shortcuts
Discussion Question 2 EA14 Toren Inc. employs one person to run its solar management con $6,000. Payroll for the month of May is as follows: FICA Social Securi federal income tax of $400, state income tax of $75, health-care insur employee is responsible for covering 30% of his or her health insuranc 1. Record the journal entry to recognize employee payroll for the mon 2. Record remittance of the employee's salary with cash on June 1.
1:A-1 Framing employs three workers who, as of the beginning of the current pay period, have earned $8,550, $8,200, and $7,400. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $1,250, $1,310, and $1,960, respectively. SUTA tax = $ 2:Mrs. Fix-It Corp. employs two workers who, as of the beginning of the current pay period, have earned $4,200 and $6,500. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $2,500 and $2,150, respectively. SUTA tax = $ 3:Burger Bites Restaurant employs 51 workers who, for the current pay period, earn total taxable pay of $87,450. Of this amount, only $11,900 are subject to SUTA tax, as this is the portion of individual employee earnings that does not exceed the $8,500 threshold. Calculate SUTA tax based on these earnings. SUTA tax = $
Activity 3 Use the following information for the next two questions. Write your answer on a separate sheet of paper. Mr Danny earns the following business income in a taxable year. Sales P 3,900,000 Sales returns and discounts 100,000 Inventory, beg. 30,000 Purchases 1,800,000 Operating expenses (itemized deductions) 780,000 Inventory, end. 80,000 1. How much is the tax due if Mr Danny chose the option to use the itemized deductions? _____________ 2. How much is the tax due if Mr Danny chose the option to use the optional standard deduction? _____________ Assessment 3 Use the following information
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--.