At the end of the first pay period of the year, Dan earned $6,600 of salary. Withholdings from Dan's salary include Federal Insurance Contributions Act (FICA) Social Security taxes at the rate of 6.2%, Federal Insurance Contributions Act (FICA) Medicare taxes at the rate of 1.45%, $792 of federal income taxes, $255 of medical insurance deductions, and $19 of life insurance deductions. Compute Dan's net pay for this first pay period.
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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.At the end of the first pay period of the year, Sofia earned $5,400 of salary. Withholdings from Sofia’s salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $528 of federal income taxes, $188 of medical insurance deductions, and $38 of life insurance deductions. Compute Sofia’s net pay for this first pay period.At the end of the first pay period of the year, Sofia earned $4,500 of salary. Withholdings from Sofia's salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $510 of federal income taxes, $170 of medical insurance deductions, and $20 of life insurance deductions. Compute Sofia's net pay for this first pay period. Note: Round your intermediate and final answers to 2 decimal places. Gross pay FICA Social Security FICA Medicare Federal income taxes Medical insurance deduction Life insurance deduction Total deductions Net pay
- At the end of the first pay period of the year, Sofia earned $5,100 of salary. Withholdings from Sofia's salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $522 of federal income taxes, $182 of medical insurance deductions, and $32 of life insurance deductions. Compute Sofia's net pay for this first pay period. (Round your intermediate and final answers to 2 decimal places.) Gross pay FICA Social Security FICA Medicare Federal income taxes Medical insurance deduction Life insurance deduction Total deductions Net payAt the end of the first pay period of the year, Sofia earned $4,000 of salary. Withholdings from Sofia's salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $500 of federal income taxes, $160 of medical insurance deductions, and $10 of life insurance deductions. Compute Sofia's net pay for this first pay period. Gross pay FICA Social Security FICA Medicare Federal income taxes Medical insurance deduction Life insurance deduction Total deductions Net payAt the end of the first pay period of the year, Sofia earned $4,300 of salary. Withholdings from Sofia’s salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $506 of federal income taxes, $166 of medical insurance deductions, and $16 of life insurance deductions. Compute Sofia’s net pay for this first pay period. (Round your intermediate and final answers to 2 decimal places.)
- Triston Vale is paid on a monthly basis. For the month of January of the current year, he earned a total of $5,220. Federal Insurance Contributions Act (FICA) tax for Social Security is 6.2% on the first $137,700 of earnings each calendar year, and the Federal Insurance Contributions Act (FICA) tax for Medicare is 1.45% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate is 0.6% and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $885.70. a. Journalize the entry to record the payroll for the month of January. DATE X/X Salaries Expense SUTA tax FUTA tax Debit Credit b. Using the information from the question above, journalize the entry to record the payroll tax expense incurred for the month of January. DATE X/X Debit CreditSean's gross pay for this month is $8,950. His gross year-to-date pay, prior to this month, totaled $130,500. Sean's rate for federal income tax is 24%. His voluntary deductions total $1,100. What is Sean's net pay? (Assume an OASDI rate of 6.2%, applicable on the first $132,900 earnings, and a Medicare rate of 1.45%, applicable on all earnings. Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) OA. $5,702 OB. $6,802 OC. $6,523 O D. $5,423Sean's gross pay for this month is $8,950. His gross year−to−date pay, prior to this month, totaled $127,500. Sean's rate for federal income tax is 28%. His voluntary deductions total $1,950. What is Sean's net pay? (Assume an OASDI rate of 6.2%, applicable on the first $132,900 earnings, and a Medicare rate of 1.45%, applicable on all earnings. Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
- Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $4,540. The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137.700 earned each calendar year, and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings for both the employee and the employer. The amount of federal income tax withheld from his earnings was $680.70. What is the total amount of taxes withheld from the Trey's eamings? Multiple Choice O O $1,375.02 $746.50 $962.06 $1,028.01 $680.70Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $4,540. The FICA tax for social security is 6.2% of the first $132,900 earned each calendar year, and the FICA tax rate for Medicare is 1.45% of all earnings for both the employee and the employer. The amount of federal income tax withheld from his earnings was S680.70. His net pay for the month is:Carol Blane’s cumulative yearly earnings for the year are $29,000, counting her current payperiod salary amount of $4,500. Assume the FICA tax rate is 6.2 percent for Social Security, witha limit of $106,800, and 1.45 percent for Medicare, applied to all earnings. The FUTA tax is 0.6percent, with a limit of $7,000, and the SUTA tax is 5.4 percent, with a limit of $7,000. Theemployer's payroll tax expense entry will include a credit to: a. FICA Tax Payable for $279.00.b. FICA Tax Payable for $344.25.c. Federal Unemployment Tax Payable for $27.00.d. State Unemployment Tax Payable for $243.00.e. Federal Unemployment Tax Payable for $270.00.