PSA 5-4 Calculate SUTA TaxFor each circumstance, calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500.NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.1: Hometown Bakery employs three workers who, as of the beginning of the current pay period, have earned $16,200, $7,150, and $4,000. Calculate SUTA tax for thecurrent pay period if these employees earn taxable pay of $1,590, $2,070, and $910, respectively.SUTA tax = SX2: Electronics Outlet employs two workers who, as of the beginning of the current pay period, have earned $8,400 and $7,200. Calculate SUTA tax for the current pay periodif these employees earn taxable pay of $3,090 and $2,350, respectively.SUTA tax = S3Delivery, Inc., employs 127 workers who, for the current pay period, earn total taxable pay of $347,540. Of this amount, only $29,400 is subject to SUTA tax, as this is theportion of individual employee earnings that does not exceed the $8,500 threshold. Calculate SUTA tax based on these earnings.SUTA tax = S

Under the provisions of SUTAThe maximum earnings subject to tax is $8500Computation of taxable…

For each circumstance, calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Hometown Bakery employs three workers who, as of the beginning of the current pay period, have earned $16,200, $7,150, and $4,000. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $1,590, $2,070, and $910, respectively. SUTA tax = $ 2: Electronics Outlet employs two workers who, as of the beginning of the current pay period, have earned $8,400 and $7,200. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $3,090 and $2,350, respectively SUTA tax = $ 3 Delivery, Inc. employs 127 workers who, for the current pay period, earn total faxable pay of $347,540. Of this amount, only $29.400 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 S

For each circumstance, calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Hometown Bakery employs three workers who, as of the beginning of the current pay period, have earned $16,200, $7,150, and $4,000. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $1,590, $2,070, and $910, respectively. SUTA tax = $ 2: Electronics Outlet employs two workers who, as of the beginning of the current pay period, have earned $8,400 and $7,200. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $3,090 and $2,350, respectively SUTA tax = $ 3 Delivery, Inc. employs 127 workers who, for the current pay period, earn total faxable pay of $347,540. Of this amount, only $29.400 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 S

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 7SPA

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PSb 5-4 Calculate SUTA Tax For each of the following independent circumstances calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500. NO TE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 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 $1,000, $1,350, and $1,800, respectively. SUTA tax = $ 2: Mrs. Fix-lt 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…
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 = $
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?
Exhibit 6-1 The totals from the first payroll of the year are shown below. Total Earnings $36,195.10 FICA OASDI $2,244.10 FICA НІ $524.83 FIT W/H $6,515.00 State Tax $361.95 Refer to Exhibit 6-1. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%). Union Dues $500.00 Net Pay $26,049.22
ALT-TWO-PAYROLL-ENTRIES Using the data below, make the entry for the Employees' payrollI AND the employer's Payroll Taxes. Carnaby Company has five employees. The total salaries of the employees is $12,400. The company prepares the payroll entry, using a social security rate of 6%, and a Medicare rate of 1.5%. The Federal income tax withholding is given as $3,200. Prepare the entry for the employees' payroll. Salaries Expense Social Security Tax Payable Medicare Tax Payable Employee Federal Income Tax Payable Wages Payable SHOW FINAL BALANCES OF THESE ACCOUNTS AFTER BOTH ENTRIES Carnaby also makes the entry to accrue the payroll taxes. The company matches HAVE BEEN MADE. USE GREEN CELL FOR FINAL BALANCE. the social security and Medicare amounts, and computes State Unemployment at the rate of 5.4% of salaries earned. The Federal Unemployment rate is.8%. SOCIAL SEC. TAX PAYABLE Prepare the entry for the employer's payroll taxes. Payroll Tax Expense Social Security Tax Payable Medicare…
Part I. An employee earns $22 per hour and 2 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $177.10. a. Determine the gross pay for the week. b. Determine the net pay for the week. Part II. Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the fol-lowing summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: At regular rate ? At overtime rate $80,000 Total earnings ? Deductions: Social security tax $32,400 Medicare tax $8,100 Federal income tax withheld $135,000 Medical insurance $18,900 Union dues ? Total deductions $201,150 Net amount paid $338,850 Accounts debited: Factory Wages $285,000 Sales Salaries ? Office Salaries $120,000 a. Determine the amounts omitted in lines (1), (3), (8), and (12). b.…
Obj. 2 PR 10-3A Wage and tax statement data on employer FICA tax Ehrlich Co. began business on January 2. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All required payroll tax reports were filed, and the cor- rect amount of payroll taxes was remitted by the company for the calendar year. Early in the following year, before the Wage and Tax Statements (Form W-2) could be prepared for dis- tribution to employees and for filing with the Social Security Administration, the employees' earnings records were inadvertently destroyed. None of the employees resigned or were discharged during the year, and there were no changes in salary rates. The social security tax was withheld at the rate of 6.0% and Medicare tax at the rate of 1.5% on salary. Data on dates of employment,…
Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)
Exhibit 6-1The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Refer to Exhibit 6-1. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%).
PSb 5-5 Calculate FUTA and SUTA Tax For each of the following independent circumstances calculate both the FUTA and SUTA tax owed by the employer: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6,100 and $8,800. During the current pay period, these employees earn $1,450 and $2,000, respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $16,500. FUTA tax = $ 0.00 SUTA tax = $ 72.45 2: An employer in Bridgeport, Connecticut, employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,500, $12,900, and $14,200. During the current pay period, these employees earn $2,200, $1,950, and $2,400, respectively. The applicable SUTA tax rate is 4.9%, and the Connecticut SUTA threshold is…
1. Calculate Income Tax @ 15% and CPP & El per pay period. Employees are paid biweekly. Their per pay period salary is given. Employee Gross Pay 1,200.00 530.00 675.00 2.405 El Premlum Income Тахes СРР Total Deductions Net Pay Johnson. S Waverley N. Zender B Total 2.The following information as to earnings and deductions for the weekly pay period ended March 9 was taken from a company's payroll records: Eamings to End Income Taxes of Previous week $ 12.510 10.320 15.500 29 500 Employees Names Weekly Gross Pay Health Insurance Deductions S 24.00 Hellen Craig Joseph Lim Dino Patel S 720 610 830 Sharleen McFee 1700 $3 860 $106.20 79 70 132.25 432.55 S750 70 24.00 36.00 24 00 S 108.00
PSb 5-4 Calculate SUTA Tax For each of the following independent circumstances calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500. NO TE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.