EmployeeRick SmithEmployee Address456 1st AveYuma, AZ 85364Number of Hours Workedand Hourly RateSSN123-45-6789Pay Type-Gross PayRick's PaycheckDeductionsFederal WithholdingState WithholdingFed Social Security/EEFed Medicare/EEMedical401KTotalsPay PeriodCheck #108CurrentCheck Amount(Net Pay)Year-to-Date$168.00$76.00$119.04$27.84$50.00$80.00$ Answer the following questions to help provide the information for the paycheck.Rick works the same amount of hours each month. Rick worked 80 hours in pay period 9/10/18 - 9/21/18 andhe earns $12 per hour.Rick's gross pay = 80 x $12.001.).Calculate Rick's Social Security deduction, which is 6.2% of his gross pay.Gross pay 2.)___x.062 = 3.)Calculate Rick's Medicare deduction, which is 1.45% of his gross pay.Gross Pay 4.)_x 0.0145 = 5.)__Medicare deductionAdd all of Rick's deductions together to figure out the total amount taken out of each paycheck. Rick'sdeductions include the following:a.) $84.00 Federal withholdingb.) $38.00 State withholdingc.) $25.00 Medicald.) $40.00 401K6.)7.)8.)e.) $f.) $_Social SecurityMedicare deductionTotal Deductions (a-f)Subtract all of the deductions from Rick's gross pay to determine his net pay.- deductions 10.)__Gross pay 9.)__| = 11.).Social Security deductionRick's Paychecknet pay

A check is given to the employee for the payment of his salary or wages called a paycheck. It…

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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 3SEB

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Date: Name: Exercise 9.2 A. Find the employer's FICA deductions for each of the following employees. B. Find the amounts of the FUTA taxes for the current pay period for each of the following employees. FUTA Employee Year-to-Date Current Social Security Medicare Subject to FUTA Gross F. Todd $6,959.28 $1,088.64 T. Stanley $7,882.51 $827.44 R. Manley $7,136.44 $1,528.99 F. Chastain $6,485.47 $952.38
Employee's Rates Matching Rates Paid bythe Employer Self-Employed Rates 7.65% on first $118,500 of income 1.45% on income above $118,500 7.65% on first $118,500 paid in wages 1.45% on wages above $118,500 13.3% on first $118,500 of net earnings 2.9% on earnings above $118,500 1FICA taxes include Social Security and Medicare. The Social Security tax applies to the first $118,500 of income, while the Medicare tax applies to all income. Suppose Mondaire has $96,700 of income from work and is not self-employed. How much will Mondaire have to pay in FICA taxes?
Use the combined wage bracket tables, Exhibit 9-3 and Exhibit 9-4, to solve. Employee MaritalStatus WithholdingAllowances Pay Period GrossEarnings CombinedWithholding Reese, S. M 4 Weekly $1,211 $
Employee's Rates Matching Rates Paid bythe Employer Self-Employed Rates 7.65% on first $118,500 of income 1.45% on income above $118,500 7.65% on first $118,500 paid in wages 1.45% on wages above $118,500 13.3% on first $118,500 of net earnings 2.9% on earnings above $118,500 1FICA taxes include Social Security and Medicare. The Social Security tax applies to the first $118,500 of income, while the Medicare tax applies to all income. Suppose Holly has $227,100 of income from work and is not self-employed. How much will Holly have to pay in FICA taxes?
Critical Thinking 6 - 2 (Algo) Kai is the president of Zebra Antiques. An employee, Reese Francis, is due a raise. Reese's current benefit analysis is as follows: Yearly Benefit Costs Company Cost (Current) Employee Cost (Current) Medical insurance $ 6,800.00 $ 1,020.00 Dental insurance 165.00 165.00 Life insurance 354.00 0 AD&D 177.00 0 Short-term disability 70.80 0 Long - term disability 35.40 0 401(k) 885.00 1, 770.00 Social Security 3, 584.53 3, 584.53 Medicare 838.32 838.32 Tuition reimbursement 2,450.00 0 Total yearly benefit costs (employer) $ 15,360.05 Employee's annual salary 59,000.00 The total value of the employee's compensation $ 74,360.05 Required: Compute the benefit analysis assuming: 3 percent increase in pay. Reese will increase the 401(k) contribution to 8 percent with a company match of 50 percent up to a 3 percent contribution by the employer. 15 percent increase in medical and dental insurance premiums. Note: Round your answers to 2 decimal places.\
Shay K Determine the employer's deposit of withholding, Social Security, and Medicare for the payroll register. Gross Employee earnings Pascel, J. Thomas, P. Tillman, D. $1,927 1,595 1,420 Withholding $174 140 96 The employer's deposit is $ (Type an integer or a decimal) Employee's Social Security $119.47 98.89 88.04 Medicare Net earnings $27.94 $1,605.59 23.13 1,332.98 20.59 1,215.37 Employer's Social Security $119.47 98.89 88.04
In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You have now been given the following additional information: June is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 60% of the health insurance premium. The employer matches 50% of employee pension plan contributions. Using the information from EB13 and the additional information provided: A. Record the employer payroll for the month of June, dated June 30, 2017. B. Record the payment in cash of all employer liabilities only on July 1.
In EA14, you prepared the journal entries for the employee of Toren Inc. You have now been given the following additional information: May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium. Using the information from EA14 and the additional information provided: A. Record the employer payroll for the month of May, dated May 31, 2017. B. Record the payment in cash of all employer liabilities only on June 1.
Find the amount of Social Security and Medicare for the current pay. Of the employee. C. Gould has a current gross earning of $2,533.61 and a year-to-date earning of $110,811.59
Instructions Chart of Accounts Instructions General Journal X Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees eamed vacation pay of $41,000 for the period. The pension plan requires a contribution to the plan administrator equal to 9% of employee salaries. Salaries were $800,000 during the period. Required: Provide the journal entries for (a) the vacation pay and (b) the pension benefit. Refer to the Chart of Accounts for exact wording of account titles.
Claude Lopez is the president of Zebra Antiques. His employee, Dwight Francis, is due a raise. Dwight's current benefit analysis is as follows: Yearly Benefit Costs Medical insurance Dental insurance Life insurance AD&D Short-term disability Long-term disability 401(k) Social Security Medicare Tuition reimbursement Total yearly benefit costs (employer) Employee's annual salary The total value of employee's compensation Required: Compute the benefit analysis assuming: Company Cost (Current) $ 6,400.00 145.00 228.00 114.00 45.60 22.80 1,140.00 2,287.49 534.98 2,250.00 $ 13,167.87 38,000.00 $ 51,167.87 Employee Cost (Current) $ 960.00 145.00 0 0 0 0 2,280.00 2,287.49 534.98 0 3 percent increase in pay. • Dwight will increase his 401(k) contribution to 8 percent with a company match of 50 percent up to 6 percent of the employee's annual salary. • 15 percent increase in medical and dental insurance premiums.
Calculate the Social Security and Medicare deductions for the following employee (assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare): (Leave no cells blank be certain to enter "O" wherever required. Round your answers to the nearest cent.) Cumulative earnings Pay amount this Social Security period Employee Medicare before this pay period this period this period Slater %24 409,200 %$4 6,800 tes raw < Prev 8 of 16 Next ucation

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