An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $120; cumulative earnings for the year prior to this week, $5,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, .8% on the first $7,000. Prepare the journal entry to record the salaries expense. Do not include dollar signs in the entry. Please round all numerical answers to the nearest cent. For example, 711.267 would be answered as "711.27". Use the following chart of accounts to ensure that accounts names are spelled correctly. 11 12 13 14 15 17 18 19 21 22 23 24 25 26 27 28 31 32 Assets Cash Accounts receivable Allowance for doubtful accounts Supplies Prepaid insurance Land Equipment Accumulated depreciation-equipment Liabilities Accounts payable Salaries payable Notes payable Social security taxes payable Medicare taxes payable Federal withholding taxes payable SUTA payable FUTA payable Owner's Equity Retained earnings Common stock

Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month of ATS’s fiscal year. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January.             Salaries expense $ 520,000     Federal and state income tax withheld   104,000     Federal unemployment tax rate   0.80 %   State unemployment tax rate (after FUTA deduction)   5.40 %   Social security (FICA) tax rate   7.65 %     Required: Record salaries expense and payroll tax expense for the January pay period. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) 1. Record the employee salary, withholdings, and salaries payable 2. Record the employer payroll tax expense.

The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $3,060 in the current period and had cumulative pay for prior periods of $6,120. What is the amount of unemployment taxes the employer must pay on this employee's wages for the current period? Multiple Choice $420.00. $367.20. $52.80. O $183.60. $0.00.

Thomas Martin receives an hourly wage rate of $15, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $370; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Round your answer to the nearest whole dollar. Oa. $720 Ob. $780 Oc. $1,080 Od. $1,440

. Robart Services  pays its employees monthly. The payroll information listed below is for January 2021, the first month of BMS's fiscal year. Assume none of the employees' earnings reached $7,000 during the month.   Salaries $80,000 Federal income taxes to be withheld 16,000 Federal unemployment tax rate (FUTA) 0.80% State unemployment tax rate (after FUTA deduction) 5.40% Social security tax rate 6.2% Medicare tax rate 1.45%   The journal entry to record payroll for the January 2021 pay period will include a debit to payroll tax expense of:   A. $6,120. B. $4,960. C. $57,880. D$11,080

An employee receives an hourly wage rate of $18, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 45; federal income tax withheld, $349; social security tax rate, 6.0%; and Medicare tax rate, 1.5% on all earnings. What is the net amount to be paid to the employee? Select the correct answer. $442 $855 $1,151 $1,207

The summary of the payroll for the monthly pay period ending July 15 indicated the following:   Sales salaries $135,000 Federal income tax withheld 32,300 Office salaries 30,000 Medical insurance withheld 7,370 Social security tax withheld 10,200 Medicare tax withheld 2,550   Journalize the entries to record (a) the payroll and (b) the employer's payroll tax expense for the month.  The state unemployment tax rate is 3.1%, and the federal unemployment tax rate is 0.8%.  Only $30,000 of salaries are subject to unemployment taxes.

An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 of employer earnings per calendar year and the FICA tax rate Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of total unemployment taxes the employee must pay?

Martin Jackson receives an hourly wage rate of $25, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $362; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to Jackson? Oa. $1,225.00 Ob. $1,846.13 Oc. $771.13 Od. $1,633.13

An employee receives an hourly rate of 15 with time and a half for all fours worked in excess of 40during the week. Payroll data for the current week are as follows: hours worked 46- federal income tax withheld, 120 all earnings are subject to social security tax, social security tax rate 6% and Medicare tax rate 1.5%, state employment tax 5.4% on the first 7,000, federal unemployment tax 0.8% on the first 7,000. Prepare journal entry to record the salaries expense. Record the employer payroll tax expense.