A company wants to pay a bonus to an employee so that the net pay is $10,000. The federal income tax rate is 15%, the state income tax rate is 4%, the FICA rate is 7.65%, and the company's state unemployment tax rate is 3%. Which of the following is the formula used to determine this payroll calculation? Select one: a. $13,449.90 b. $14,214.64 c. $13,633.27 d. $7,713.07 e. $7,895.78
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A company wants to pay a bonus to an employee so that the net pay is $10,000. The federal income tax rate is 15%, the state income tax rate is 4%, the FICA rate is 7.65%, and the company's state
$13,449.90
$14,214.64
$13,633.27
$7,713.07
$7,895.78
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- 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.According to a summary of the payroll of Scofield Industries Co., $600,000 was subject to the 6.0% social security tax and $740,000 was subject to the 1.5% Medicare tax. Also, $20,000 was subject to state and federal unemployment taxes. a. Calculate the employer’s payroll taxes, using the following rates: state unemployment, 4.2%; federal unemployment, 0.8%. b. Journalize the entry to record the accrual of payroll taxesAccording to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal unemployment taxes. a. Calculate the employer's 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. If an amount box does not require an entry, leave it blank.
- 6. Journalize the payroll entries from the following information: Salaries $120,000; Income Tax deduction $20,000; Fica Tax deduction 7% of salaries; US Savings Bond deduction $2,000; SUTA Tax 4% of salaries; FUTA Tax .8 of salaries.According to a summary of the payroll of Guthrie Co., $560,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $60,000 was subject to state and federal unemployment taxes.a. Calculate the employer’s payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%.b. Journalize the entry to record the accrual of payroll taxes.According to a summary of the payroll of Guthrie Co., $560,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $60,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%.$fill in the blank 56eb93018fa2006_1 b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.
- According to a summary of the payroll of Sinclair Company, $505,000 was subject to the 6.0% social security tax and $545,000 was subject to the 1.5% Medicare tax. Also, $10,000 was subject to state and federal unemployment taxes. Question Content Area Required: a. Compute the employer's payroll taxes using the following rates: State unemployment, 4.2%; Federal unemployment, 0.8%.$ fill in the blank bdfee804ffc2f82_1 Question Content Area b. Journalize the entry for the employer's payroll tax expense. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select -According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal unemployment taxes. a. Calculate the employer's 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. If an amount box does not require an entry, leave it blank. Payroll Tax ExpensE _______ __________ Social Security Tax Payable ________ _______ Medicare Tax Payable _______ ________ State Unemployment Tax Payable ________ ______ Federal Unemployment Tax Payable ________ ______Recording Payroll Taxes According to a summary of the payroll of Kirby Co., $380,500 in earnings were subject to the 7.6% FICA tax. Also, $51,368 in earnings were subject to state and federal unemployment taxes. Round your answers to the nearest cent. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.5%; federal unemployment, 1%. b. Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Statement of Income Assets Liabilities + Stockholders' Equity Cash Flows Statement No effect v No effect FICA tax payable v SUTA payable v FUTA payable v Retained earnings + = + Statement of Cash Flows Income Statement No effect v Payroll tax expense
- From the following information, calculate the payroll tax expense for Bowling Company for the payroll of April 9: View the payroll. The FICA Social Security tax rate is 6.28n the first $142,800earned, and FICA Medicare is 1.45% all earings. Federal unemployment tax is 0.68 the first $7,000 earned by each employee. The SUTA tax rate for Bowling 5.70m the first $7,000 of employee earnings for state unemployment purposes. (Round to the nearest cent as needed.) Total Payroll Employee U. Acorn F. Jackson Q. Roberts $ ACETE Cumulative Earnings Before Weekly Payroll Print Gross Pay for the Week 3,600 $ 6,400 7,200 Done - X 900 550 350Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate 2. At overtime rate 3. Total earnings Deductions: 4. Social security tax 5. Medicare tax 6. Income tax withheld 7. Medical insurance 8. Union dues 9. Total deductions 10. Net amount paid Accounts debited: 11. Factory Wages 12. Sales Salaries 13. Office Salaries $80,000 ? (32,400) (8,100) (135,000) (18,900) (201,150) $338,850 285,000 ? 120,000 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). Assume that the social security tax rate was 6.0% and the Medicare tax rate was 1.5%. (1) (3)According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%.