3: An employee works 50 hours (50-40 were overtime hours) during a workweek in December of 2021, He eams $9.500/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $114.500 during the year. He has requested that his employer withhold 13% of gross pay to contribute to a 403(b) plan Taxable income for federal income tax withholding -S Taxable income for social security tax-$ Taxable income for medicare tax-S

The payroll of Sheridan Company for September 2019 is as follows.Total payroll was $492,000, of which $118,000 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 was $402,000. Income taxes in the amount of $78,800 were withheld, as was $9,400 in union dues. The state unemployment tax is 3.5%, but Sheridan 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 Sheridan makes more than $125,000. 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.

Rick is employed by UT. In 2023 UT withheld $7,650 of payroll taxes from Rick's salary. What is the total combined employee and employer payroll tax that UT will be required to remit to the U.S. Treasury Department in 2023 as a result of employing Rick?   Hint: The correct answer should be $15,300

An employee works 35 regular hours during a workweek in September of 2023. The employee was hired twelve years ago, earns a salary of $122,500/year, and is exempt from the overtime provisions of the FLSA. To date, he has received no compensation beyond his annual salary. He has requested that his employer withhold 10% of gross pay, which is to be contributed to a 403(b) plan. Taxable income for federal income tax withholding = $ Taxable income for social security tax = $ Taxable income for medicare tax = $

Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the lastquarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amountof federal income taxes withheld each month is $1,040. Journalize the payment of wages, and recordthe payroll tax on November 29.

Manjibhai

BE10.7 (LO 1), AP Betsy Strand's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Betsy works 47 hours. Betsy's federal income tax withholding is $95, and she has no voluntary deductions. Prepare the employer's journal entry to record payroll taxes for the period. Assume the FICA tax rate is 7.65%. Ignore unemployment taxes. Prepare entry for bonds issued.

A single person has taxable income of $85,000 per year.  She earns $1,800 in interest from a certificate of deposit.  How much federal income tax expense will be calculated on these earnings?  Tax year 2019. Deduction amount 12,200. Tax rate 24%

Urmilaben

During 2019, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $8,000. Compute the amount of FICA taxes that should be withheld from her