Mission Books Company has three employees:Gross Pay through JulyGross Pay for AugustSmi$3,200$1,000thCai25,8003,500Cla124,60013,100rkThe company is subject to the following taxes:ТаxRateApplied To6.20FICA-Social SecurityFirst $132,900%FICA-Medicare1.45All gross payFUTA.80First $7,000SUTA5.40First $7,000What is Mission Company's August withholding payroll taxes collected from the three employees?Work Space:SmithCainClarkТОTALТОTALТОTAL

Withhold Payroll Taxes are the amount of taxes which were to be borne by employer on the income…

Answered: What is Mission Company's August…

What is Mission Company's August withholding payroll taxes collected from the three employees? Work Space: Smith Cain Clark

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 10PA: Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and...

See similar textbooks

Related questions

Q: What amount of income tax is withheld from the salary of an employee who is single with two…

Q: Sophie is a single taxpayer. For the first payroll period in July 2018, she is paid wages of $3,900…

A: a. Compute withholding amount for a monthly pay period for Sophie’s using percentage method as shown…

Q: Assume that the MUST Co. pays a weekly payroll. Using the portion of the Wage Bracket Withholding…

Q: Henry, who earned $124,200 during 2020, is paid on a monthly basis, is married, (spouse does not…

A: Given, Earnings during 2020=$124,200 Monthly earnings=$124,20012 months=$10,350

Q: The payroll records of Speedy Software show the following information about Marsha Gottschalk, an…

Q: Assume that the MUST Co. pays a weekly payroll. Using the portion of the Wage Bracket Withholding…

A: The answer is $44.60.

Q: Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned…

Q: Employees are subject to taxes withheld from their paychecks.a. List the federal taxes withheld from…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: shows the amounts that appear in the Earnings to Date column of the employees' earnings records for…

A: The tax that is withheld, charged, or imposed on an employer's paycheck is known as payroll tax.…

Q: Determine the total taxable earnings for unemployment, Social Security, and Medicare.

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: 1. On September 30, the business ran payroll for their employee, Eddie. Crankshaft customs matches…

A: Given in the question: Total Gross Earnings = 9,000 FICA = 500 Net Earnings = 8,500 It has been…

Q: ppear in the Earnings to Date column of the employees’ earnings records for 10 full- and part-time…

A: Answer 1 Employee Current Gross Pay Under FICA - OASDI Under FICA - HI Under SUTA…

Q: Patricia Strand’s regular hourly wage rate is $22, and she receives an hourly rate of $33 for work…

A: Gross earnings = (40 hours x $22 per hour) + (Hours in excess of 40 hours x $33 per hour) =(40 hours…

Q: The form below shows the amounts that appear in the Earnings to Date column of the employees'…

A: Payroll refers to the payment to be made by the employer to the employees for the services rendered…

Q: Vaughn Corbin's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in…

A: Gross earnings = (40 hours x rate per hour) + (hours in excess of 40 hours x rate per hour ) = (40 x…

Q: Justin Mathews is a waiter at the Delixe Lounge. In his first weekly pay in March, he earned…

A: Here discuss about the details of the net pay which are incurred after the whole statutory deduction…

Q: John Waits owns a small shop with two employees. For one payroll period the total withholding tax…

A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether…

Q: Problem #3 Ernesto Enterprises uses the wage-bracket method to determine federal income tax…

A: In the question as not financial year is mentioned, we will compute as year 2021

Q: Calculation and Journal Entry for Employer Payroll Taxes Earnings for several employees for the…

Q: Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned…

A: Here to calculate the federal income withhold taxes, social security tax, Medicare and state income…

Q: Mary Stine's regular hourly wage rate is $12, and she receives an hourly rate of $18 for work in…

A: Given the following information: Regular hourly wage rate: $12 Hourly rate for work in excess of 40…

Q: PROBLEM: Determine the income tax to withhold from the biweekly wages of the following employees…

A: Calculate the income tax to withhold from the biweekly wages of the following employees…

Q: Kendall, who earned $130,800 during 2021, is paid on a monthly basis, is married, (spouse does not…

A: Federal tax withholding is the amount of money deducted from salary of an individual by his…

Q: Abigail Trenkamp owns and operates the Trenkamp Collection Agency. Listed below are the name, number…

A: Given: Trenkamp uses a weekly federal income tax withholding table. Social Security tax is withheld…

Q: 1. Who assigns the SUTA tax rate to an employer? Answer: A. The Internal Revenue Service…

A: SUTA Tax: Employers are obliged to pay a payroll tax known as SUTA. It is also referred to as "state…

Q: Which of the following forms is typically given to employees at the end of the calendar year so that…

A: Given: The form provided for the employees to file the form for income tax.

Q: Jason Chen owns a business called Chen Home Building. He does his banking at Citizens National Bank…

A: The Journal Entries are represented as below:

Q: Question 2: Based on the wage-bracket method, the federal income tax withholding for an employee who…

A: Wage bracket method The most simple way is to use the wage bracket method, which tells you exactly…

Q: Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned…

A: Net take home pay means gross pay after deducting all the payroll taxes like federal income tax,…

Q: Determine the income tax to withhold from the biweekly wages of the following employees…

A: Solution:- Determination of the income tax to withhold from the biweekly wages of employees as…

Q: The information on earnings and deductions for the pay period ended December 14 from King Company's…

A: Payroll tax expense includes Social Security taxes withheld payable, Medicare Taxes payable, State…

Q: Mary’s Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the…

A: Step 1: The computation of taxable earnings are shown below: Note: As per the question, Federal…

Q: On November 30, the payroll register of Webster & Smith indicated the following information: Wages…

A: Working:

Q: Harriet Pandel, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During…

A: FICA tax: FICA tax refers to the Federal Insurance Contribution Act tax which is Country U law…

Q: Lisa is single and claims no dependents. Assume that Lisa has only one job or that step 2 of Form…

A: Withholding is that part of the employee’s salary which is not given to him and instead is…

Q: How much combined tax (in $) should be withheld from the paycheck of a single employee earning…

A: Payroll tax is the rate of tax taken from a worker's wages by the employers. The withheld tax is…

Q: prepare the journal entry to record the payroll tax expense and fringe benefit expense for Webber…

A: Payroll Expenses For the Federal Taxes the Payroll deduction which are incurred for FICA social…

Q: a. Federal income tax withholdings b. Federal income tax withholdings c. Federal income tax…

A: The income tax withholding is an amount of the tax that is deducted by the employer from the…

Q: Assume that the MUST Co. pays a weekly payroll. Using the portion of the Wage Bracket Withholding…

Q: Prepare the employer’s journal entry to record payroll taxes for the period. Ignore unemployment…

A: Given information is: Margaret’s regular hourly wage rate is $20, and she receives an hourly rate of…

Q: ) Find the federal withholding tax using the wage bracket method for each of the following…

A: 1.Kerry Cook: 1 withholding allowance, single, $2165.17 monthly earnings 2.Mary Jackson: 2…

Q: Journal Entries for Payment of Employer Payroll Taxes Jason Chen owns a business called Chen Home…

A: Record journal entry for payment of employee federal income tax, social security and Medicare taxes…

Q: how do you fill out and complete a payroll register for employees that are paid on a biweekly basis…

A: It is a record for a pay period that contains all the details regarding to "Employee hours worked,…

Q: The following employees of CIBA Ironworks in Bristol, Ilinois, are paid in different frequencies.…

A: The Net pay is calculated by reducing the amount of gross pay by all the deductions allowable. The…

Q: Journal Entries for Payment of Employer Payroll Taxes Angel Ruiz owns a business called Ruiz…

A: Federal income taxes (FIT) are imposed in USA. Tax is calculated by applying tax rates which…

Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

Mission Books Company has three employees:
Gross Pay through July
Gross Pay for August
Smi
$3,200
$1,000
th
Cai
25,800
3,500
Cla
124,600
13,100
rk
The company is subject to the following taxes:
Таx
Rate
Applied To
6.20
FICA-Social Security
First $132,900
%
FICA-Medicare
1.45
All gross pay
FUTA
.80
First $7,000
SUTA
5.40
First $7,000
What is Mission Company's August withholding payroll taxes collected from the three employees?
Work Space:
Smith
Cain
Clark
ТОTAL
ТОTAL
ТОTAL

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

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
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.
In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You have now been given the following additional information: June is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 60% of the health insurance premium. The employer matches 50% of employee pension plan contributions. Using the information from EB13 and the additional information provided: A. Record the employer payroll for the month of June, dated June 30, 2017. B. Record the payment in cash of all employer liabilities only on July 1.
SUTA taxes on July 31, 20--. WORKERS COMPENSATION INSURANCE AND ADJUSTMENT Columbia Industries estimated that its total payroll for the coming year would be 385,000. The workers compensation insurance premium rate is 0.2%. REQUIRED 1. Calculate the estimated workers compensation insurance premium and prepare the journal entry for the payment as of January 2, 20--. 2. Assume that Columbia Industries actual payroll for the year is 396,000. Calculate the total insurance premium owed and prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year.