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- Find the employer’s FICA deduction for each of the following employees. Find the amounts of the FUTA taxes for the current pay period for each of the following employees. Decimals for categories SS-0.062, Medicare-0.0145, (FUTA-0.0006 -$7000Cap) Show work Employees Year-to-Date Current Gross Social Security (0.062) Medicare (0.0145) Subject to FUTA (0.006) FUTA F. Todd $6959.28 $1088.64 T. Stanley $7,882.51 $827.44Determine the employer's deposit of withholding, Social Security, and Medicare for the payroll register. \ table[[Employee, \table [[Gross], [earnings]], Withholding, \table [[Employee's], [Social], [Security]], Medicare, Net earnings, \table[[Employer's], [Social], [Security]]], [\table[[Pascel, J.], [Thomas, P.], [Tillman, D. ]], \table[[$ 1,927 K Gross Employee earnings Withholding Determine the employer's deposit of withholding, Social Security, and Medicare for the payroll register. Employer's Social Security Pascel, J. Thomas, P Tillman, D. $1,927 1,595 1,420 $174 140 96 S The employer's deposit is $ (Type an integer or a decimal) C Employee's Social Security Medicare Net earnings $119.47 $27.94 98.89 23.13 88.04 20.59 $1,605.59 1,332.98 1,215.37 $119.47 98.89 88.041. In a journal entry for employee payroll, what type of account is credited to record each of the amounts withheld from employee earnings? Answer: A. Asset B. Liability C. Revenue D. Expense 2. Match the taxes or act to the year it was established. Social Security tax Employee Retirement Income Security Act Patient Protection and Affordable Care Act 2010 1974 1937 3. A _____ sets aside funds to be used for health-care expenses. Answer: A. flexible spending account B. Payroll Deduction IRA C. SIMPLE IRA plan D. 403(b) plan
- · Prepare and use a payroll register including Social Security and Medicare withholdings. Use =IF and =ROUND to design the Social Security tax and union dues formulas. Record journal entries for payroll, employer's tax liability, and payment of payroll taxes. Identify behavior patterns among payroll taxes over time. Alter the worksheet to include an additional employee. Create a chart showing the percentage of an employee's gross pay that is withheld for taxes and other such deductions, and how much is left over as net pay. PROBLEM DATA Reno Graphics has five employees, and they are paid at the end of each month. Payroll data for November are as follows: Employee Jones Miller Smith Williams Zlotorzynski Gross Pay for November $9,000 1,530 1,210 12,000 4,200 Federal Income Tax Withheld $1,948 137 89 Cumulative Gross Pay at October 31 $? 15,570 6,550 2,788 661 Other information (using 2011 rates) is as follows: a. Social security taxes are 4.2% of monthly gross pay up to a cumulative…The payroll of Buffalo Company for September 2019 is as follows. Total payroll was $468,000, of which $104,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment tax) was $406,000. Income taxes in the amount of $76,500 were withheld, as was $9,800 in union dues. The state unemployment tax is 3.5%, but Buffalo Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee's wages to $128,400 and 1.45% in excess of $128,400. No employee for Buffalo makes more than $135,000. The federal unemployment tax rate is 0.8% after state credit. Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No…Question 1 – Which one of these lists contain ALL items that are used when computing net employment income (Division B, Subdivision a)? A) employee contributions to a registered pension plan; signing bonus on accepting employment; use of an employer-owned automobile. B) monthly automobile allowance; dental plan paid for by the employer; promotional cost incurred in selling the employer's products. C) subsidized meals in employer's facilities; life insurance paid by the employer; legal fees incurred to collect unpaid salary. D) tips and gratuities; dental insurance paid by the employer; exercise of options to purchase shares of the publicly traded employer.
- Recording employee payroll deductions may involve: Multiple Choice Liabilities to the employer. Liabilities to federal and state governments. Expenses for state unemployment. Expenses for the gross wages and salaries. Expenses for the employer portion of any medical insurance.a. Into which type of account are employer's payroll contributions entered? i. Asset Expense Revenue Retained Earnings ii. iii. iv. b. What type of account is the Employee Advances account? i. Asset ii. iii. iv. c. What is the employer premium amount for Employment Insurance? i. 3.3 times the employee premium ii. iii. iv. Liability Equity Expense ii. iii. iv. d. What is the employer contribution amount for Canada Pension Plan (CPP)? The same as amount as the employee's premium i. The same amount as the employee premium 1.4 times the employee premium None of the above iii. iv. 3.3 times the employee's premium 1.2 times the employee's premium 1.6% of the employee's premium e. The payroll taxes are remitted to the i. ii. Ontario Revenue Agency Ministry of Finance Canada Revenue Agency Receiver General of CanadaWhen setting up an employee in payroll, where can you enter the information that the employee will be receiving payments by cheque? Select one: In the pay schedule window In the employee withholdings window In the payment options window In the pay types window
- Employers are required to keep records of all of the following except: Select one: Personal data on the employee Wage payments Personal spending Taxes withheldIdentify all correct statements concerning payrolls andrelated payroll costs.a. Both employers and employees pay Social Security andMedicare taxes.b. Workers’ compensation premiums are withheld fromemployees’ wages.c. An employer’s total payroll costs usually exceed totalwages expense by about 71⁄2 percent.d. Under current law, employers are required to pay SocialSecurity taxes on employees’ earnings, but they are notrequired to pay for health insurance.What is included in the journal entry to record the employer amount of the payroll? Assume gross salary maximum have not been reached.