Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent.
Q: Employee Net Pay Maxwell Inverness's weekly gross earnings for the week ended April 22 were $1,302,…
A: Payroll taxes: Payroll taxes are the taxes withheld by the employers from the wages/salary payable…
Q: Provide the journal entry to record the payroll tax expense for the period.
A: Given: Withheld social security = $ 4,200 Tax of Medicare = $ 1,050 Total salaries = $ 70,000…
Q: An employee earns $24 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…
A: Formula: Net Pay = Gross pay - Total deductions Deductions are to be subtracted from Gross pay to…
Q: Journalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates…
A: Introduction:- The act of recording or keeping track of any financial or non-financial action is…
Q: Determine the amounts omitted in lines (1), (3), (8), and (12). Journalize the entry to record the…
A: Payroll: The total payment that a company is required to pay to its employee for the services…
Q: Name No. of Earnings Deductions Marital W/H (a) (b) (c) FICA (d) (e) (f) (g) Status Allowances…
A: Payroll taxes: Payroll tax can be defined as the amount of tax withheld from the salary of the…
Q: Journalize Payroll Tax The payroll register of Heritage Co. indicates $3,900 of social security…
A: A payroll tax is a tax paid on the wages and salaries of employees to finance social insurance…
Q: Highridge Homes has the following payroll information for the week ended February 21: Name Earnings…
A: Payroll It is important for the business entity to prepare the payroll process which are important…
Q: Employee Net Pay Lindsey Vater’s weekly gross earnings for the week ended March 9 were $800, and…
A: Gross pay is the total wages or salary earned by an employee during an accounting period. Net pay is…
Q: He payroll register of Seaside APchitecture Company indicates $820 of social security and $215 of…
A: Payroll journal entries are used to keep track of employee compensation. The general ledger then…
Q: Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied…
A:
Q: The payroll register of Seaside Architecture Company indicates $820 of social security and $215 of…
A: Payroll tax: It refers to the tax that is levied on the company on the spending of its employees.…
Q: Journalize Payroll Tax The payroll register of Wang Engineering Co. indicates $2,712 of social…
A: Payroll taxes: Payroll taxes are the taxes withheld by the employers from the wages/salary payable…
Q: CALCULATING PAYROLL TAXES EXPENSE AND PREPARING JOURNALENTRY Selected information from the payroll…
A: SUTA stands for "The State Unemployment Tax Act". SUTA tax will be levied on the total unemployment…
Q: The payroll register of Patel Heritage Co indicates $2,280 of social security withheld and $570.00…
A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…
Q: Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly sala…
A: In the given case, Jordan Barrett has a monthly salary of $12,900, he is single and claims 1…
Q: Stan Stately's weekly gross earnings for the week ended April 22 were $2.400. and his federal income…
A: Social Security tax = Gross Pay x Social Security tax rate= $2400*6.00%= $144 Medicare tax = Gross…
Q: Calculate payroll An employee earns $30 per hour and 1.5 times that rate for all hours in excess of…
A: The calculation of gross pay has been made as follows: Gross pay =Regular pay + Overtime pay…
Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent:…
A: Payroll Payroll is an important element in the entity and the management of the payroll system is…
Q: The payroll register of Seaside Architecture Company indicates $820 of social security and $215 of…
A: Federal Unemployment Tax Payable ($4,900*0.8%) = $39.20 State Unemployment Tax Payable =…
Q: Calculating Social Security and Medicare taxes assume a Social Security tax rate of 6.2% is applied…
A: Given that: Social Security tax = 6.2% Medicare tax = 1.45%
Q: Journalize Payroll Tax The payroll register of Chen Engineering Co. indicates $1,956 of social…
A: 1. Gross salary = $32,600 2. Federal unemployment Tax = $10,100 x 0.6%=$60.60 3. State unemployment…
Q: Calculate Social Security taxes, Medicare Taxes, and FIT for Jordon Barrett. He earns a monthly…
A: Payroll refers to the payment to be made by the employer to the employees for the services rendered…
Q: Journalize payroll taxThe payroll register of Heritage Co. indicates $4,200 of social security…
A: The payroll accounting includes the recording of the payroll expenses, employees'…
Q: Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied…
A: The Social security taxes and Medicare taxes form part of the FICA tax expense in the Payroll…
Q: Blake Green's weekly gross earnings for the week ending December 7 were $2,500, and her federal…
A: The net pay of an employee is his or her wage after all reductions have been made. Obligatory…
Q: Employee net pay Lindsey Vater's weekly gross earnings for the week ended March 9 were $1,200, and…
A: Net pay refers to an employee's wages after all withholdings have been made. Mandatory deductions…
Q: Journalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates…
A: Journal entries are the building blocks of accounting, which is the act of recording the economic or…
Q: The payroll register of Seaside Architecture Company indicates $840 of social security and $213 of…
A: Formula: State Unemployment Tax Payable = Total salaries x State Unemployment Tax rate Federal…
Q: Payroll tax entries Instructions Chart of Accounts First Question Journal Instructions…
A: Given information is: Taxable Income = $770,000 Social security tax rate = 6% Medicare tax = 1.5%…
Q: Example 4-9 From the above example, if you indicate separately on Robinson’s paycheck stub the…
A: Payroll tax can be defined as the amount of tax withheld from the salary of the employee and paid to…
Q: Summary Payroll Data Assume that the social security tax rate is 6% and the Medicare tax rate is…
A: The income paid to an employee is comprised of various components that make the total income. Taxes…
Q: Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied…
A: Social security Tax: Tax that provides income and other services to the elderly, the disabled, and…
Q: alize Payroll Tax The payroll register of Patel Heritage Co indicates $1,986 of social security…
A: Journal entry is the process of documenting commercial transactions for the first time in the books…
Q: Prepare the general journal entry to record the employer's payroll taxes. Assume rates of 0.6…
A: Given, Prepare the general journal entry to record the employer's payroll taxes. Assume rates of 0.6…
Q: Entries for Payroll and Payroll Taxes The following information about the peyroil for the week ended…
A: In this question, we have been given information related to the Payroll role, and on the basis of…
Q: Compute Payroll An employee earns $24 per hour and 1.75 times that rate for all hours in excess of…
A: Solution:- a)Calculation of the gross pay for the week as follows:- =Normal wages + Overtime wages
Q: Compute Payroll An employee earns $22 per hour and 2 times that rate for all hours in excess of 40…
A: a. Regular Earning = 40 * 22 = $880 Overtime Earning = (50 -40) * 22 * 2 Overtime Earning =…
Q: The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Calculating Payroll Taxes Expense and Preparing Journal Entry Selected information from the payroll…
A: Gross pay: It is the total amount of wages earned by employees without deducting any taxes or…
Q: Journalize Period Payroll The payroll register of Wang Engineering Co. indicates $1,860 of social…
A: Payroll is the system related to the recording and maintenance of salary structure in the…
Q: Assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. No one will reach…
A: To calculate the Deductions and Net pay. Net Pay = Gross Pay - Medicare - Social Security - FIT.
Q: Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied…
A: Social security tax rate = 6.2% subject to maximum earnings of $ 118500 Medicare tax rate = 1.45% (…
Q: Journalize Payroll Tax The payroll register of Wang Engineering Co. indicates $2,700 of social…
A: Journal: Recording of a business transactions in a chronological order.
Q: Compute Payroll An employee earns $22 per hour and 2 times that rate for all hours in excess of 40…
A: Gross pay is an individual's total earnings for a certain time period first before reductions are…
Calculating Social Security and Medicare Taxes
Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations:
If required, round your answers to the nearest cent.
Cumul. Pay Before Current Weekly Payroll |
Current Gross Pay |
Year-to-Date Earnings |
Soc. Sec. Maximum |
Amount Over Max. Soc. Sec. |
Amount Subject to Soc. Sec. |
Soc. Sec. Tax Withheld |
Medicare Tax Withheld |
---|---|---|---|---|---|---|---|
$ 30,200 | $1,460 | $fill in the blank 1 | $128,400 | $fill in the blank 2 | $fill in the blank 3 | $fill in the blank 4 | $fill in the blank 5 |
54,000 | 2,960 | fill in the blank 6 | 128,400 | fill in the blank 7 | fill in the blank 8 | fill in the blank 9 | fill in the blank 10 |
125,700 | 3,340 | fill in the blank 11 | 128,400 | fill in the blank 12 | fill in the blank 13 | fill in the blank 14 | fill in the blank 15 |
127,100 | 2,940 | fill in the blank 16 | 128,400 | fill in the blank 17 | fill in the blank 18 | fill in the blank 19 | fill in the blank 20 |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. PayBefore CurrentWeekly Payroll CurrentGross Pay Year-to-DateEarnings Soc. Sec.Maximum AmountOver Max.Soc. Sec. AmountSubject toSoc. Sec. Soc. Sec. TaxWithheld MedicareTaxWithheld $ 30,300 $1,500 $ $128,400 $ $ $ $ 53,600 2,980 128,400 126,700 3,140 128,400 127,900 2,880 128,400Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. Cumul. PayBefore CurrentWeekly Payroll CurrentGross Pay Year-to-DateEarnings Soc. Sec.Maximum AmountOver Max.Soc. Sec. AmountSubject toSoc. Sec. Soc. Sec. TaxWithheld MedicareTaxWithheld $22,700 $1,340 $fill in the blank 1 $118,500 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 $fill in the blank 5 54,300 4,080 fill in the blank 6 118,500 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 116,700 3,890 fill in the blank 11 118,500 fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 117,300 4,540 fill…1. co EMPLOYEE NUMBER -ALLOW. TOTAL HOURS Problem 13-8 Journalizing Payroll Transactions The Outback Guide Service payroll register for the week ending Dec. 31 is shown below. PAYROLL REGISTER PAY PERIOD ENDING Dec. 31 20 -- DATE OF PAYMENT Dec. 31 , 20- EARNINGS DEDUCTIONS CK. NO. NET NAME RATE 80C. SEC. MEDICARE FED. INC. TAX 8TATE INC TAX HOSP. INS. PAY REGULAR OVERTIME TOTAL TAX TAX OTHER TOTAL 31 Coleman, Clarence M 1 41 7.60 28 Lorman, Victoria S 1 30 8.00 33 Peterson, Peg 35 Torrez, Joyce 6 31 21 00 21 00 3 99 26 00 304 00 315 40 51 43 49 56 52 58 36 58 11 40 19 55 457 263 97 240 00 275 50 261 00 240 00 4 80 190 44 222 92 224 42 2. 14 88 3 48 2. S1 38 7.25 M2 36 7.25 275 50 261 00 5|51 5 22 3 17 08 3 4. 16 18 3 78 6 00 (LD)5 40 4. 24 24 25 25 TOTALS 1,080 50 11 40 1,091 90 67 69 15 82 74 00 21 84 10 80 190 15 901 75 Other Deductione: Write the appropriate code letter to the left of the amount: B-U.S. Savings Bonde; C-Credit Union: UD-Union Duee; UW-United Way. Use the above…
- Calculate the net pay. The balance before this weekly payroll is $90 below maximum as related to cumulative earnings in calculating Social Security. Assume a tax rate of 6.2% for Social Security on $142,800 and 1.45% for Medicare. status = single Gross= 900 calculate: FIT, social security, Medicare, and Net payCalculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Se and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Before Current Weekly Payroll $ 30,000 54,000 126,000 127,600 Current Gross Pay $1,440 2,880 3,560 2,960 Year-to-Date Earnings Soc. Sec. Maximum $128,400 128,400 128,400 128,400 $ Amount Over Max. Soc. Sec. Amount Subject to Soc. Sec. Soc. Sec. Tax Withheld Medicare Tax WithheldCalculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry as of March 12, 20--, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Earnings for several employees for the week ended March 12, 20--, are as follows: Taxable Earnings Employee Name CurrentEarnings UnemploymentCompensation SocialSecurity Aus, Glenn E. $720 $190 $720 Diaz, Charles K. 370 360 370 Knapp, Carol S. 1,240 - 1,240 Mueller, Deborah F. 850 125 850 Yeager, Jackie R. 900 35 900
- Calculate the net pay. The balance before this weekly payroll is $90 below maximum as related to cumulative earnings in calculating Social Security. Assume a tax rate of 6.2% for Social Security on $142,800 and 1.45% for Medicare. Note: Round your answers to the nearest cent. Answer is not complete. Name Marital Status Gross FIT Social Security Medicare Net Pay B Burns Marr Filing Separ $ 900 5.58 S 13.05Complete the following weekly payroll: Assume: (1) FIT calculated by percentage method and (2) Social Security 6.2% on $118,500; Medicare 1.45%. Cumulative earnings before this payroll are $118,100. (Use Table 71 and Table 7.2) (Round your answers to the nearest cent.) Marital Status Exemptions Claimed Gross FIT A Soc. Sec. B Medicare C Net Pay D Joe Riense M 3 1,400Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee. If an amount is zero, enter "0". Round your calculations and final answers to the nearest cent. Table of Allowance Values for 2019 Weekly 80.80 Biweekly 161.50 Semimonthly 175.00 Monthly 350.00 Quarterly 1,050.00 Semiannual 2,100.00 Annual 4,200.00 Daily/Misc. 16.20 Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee. If an amount is zero, enter "0". Round your calculations and final answers to the nearest cent. EmployeeNo. Employee Name MaritalStatus No. of WithholdingAllowances Gross Wageor Salary Amount to BeWithheld 1 Amoroso, A. M 0 $1,610 weekly $ 2 Finley, R. S 0 825 biweekly 3 Gluck, E. S 2 9,630 quarterly 4 Quinn, S. M 8 925 semimonthly 5 Treave, Y. S 2 2,875 monthly
- ournalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $8,700.00 Employee Federal Income Tax Payable 920.00 United Way Contributions Payable 200.00 Earnings subject to Social Security tax 8,000.00 Question Content Area Use Social Security 6.2% and Medicare 1.45% as specified in the text. 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent.Payroll Tax Entries According to a summary of the payroll of Mountain Streaming Co., $582,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $19,000 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 taxes. If an amount box does not require an entry, leave it blank. ▼Payroll Tax Entries According to a summary of the payroll of Guthrie Co., $610,000 was subject to the 6.0% social security tax and $750,000 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, 0.6%. 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