Use the 2021 tax rates to find Social Security and Medicare deductions for the following problems. 13. Philip earned $1,589 last week, and had year-to-date earnings of $108,894 for the yea 14. Bill earned $3,592 on his last biweekly check, and had year-to-date earnings of $107,841.

Use the 2021 tax rates to find Social Security and Medicare deductions for the following problems. 13. Philip earned $1,589 last week, and had year-to-date earnings of $108,894 for the yea 14. Bill earned $3,592 on his last biweekly check, and had year-to-date earnings of $107,841.

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter10: Liabilities: Current, Installment Notes, And Contingencies

Section: Chapter Questions

Problem 10.11EX: Payroll tax entries According to a summary of the payroll of Mountain Streaming Co., 120,000 was...

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Question

Exercise 9.1 163
Use the 2021 tax rates to find Social Security and Medicare deductions for the following
problems.
13. Philip earned $1,589 last week, and had year-to-date earnings of $108,894 for the year
14. Bill earned $3,592 on his last biweekly check, and had year-to-date earnings of
$107,841.
r-to-date earnings of $28,338

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Use Figure 12.15 to complete the following problem. Roland Inc. employees monthly gross pay information and their W-4 Form withholding allowances follow. Rolands 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 (based on withholdings table) of gross pay, state income tax at 3% of gross pay, and health insurance coverage premiums of $1,000 split 50% employees and 50% employer. Assume each employee files as single, gross income is the same amount each month, October is the first month of business operation for the company, and salaries have yet to be paid. Record the entry or entries for accumulated employee and employer payroll for the month of October; dated October 31.
Payroll tax entries According to a summary of the payroll of Mountain Streaming Co., 120,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, 45,000 was subject to state and federal unemployment taxes. A. Calculate the employers payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. B. Journalize the entry to record the accrual of payroll taxes.
Use Figure 12.15 as a reference to answer the following questions. A. If an employee makes $1,400 per month and files as single with no withholding allowances, what would be his monthly income tax withholding? B. What would it be if an employee makes $2,500 per month and files as single with two withholding allowances?
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