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 900 550 350

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 900 550 350

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Journalize Payroll Tax The payroll register of Patel Engineering Co. indicates $1,698 of social security withheld and $424.50 of Medicare tax withheld on total salaries of $28,300 for the period. Earnings of $8,200 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places. Payroll Tax Expense v Social Security Tax Payable v Medicare Tax Payable v State Unemployment Tax Payable v Federal Unemployment Tax Payable v DEFER
ESPAÑOL INGLÉS FRANCÉS ABC pays its employees monthly. The payroll information shown below is for December 2021, the last month of the ABC fiscal year 1. Total gross wages: $400,000 2. income tax withholding: $80,000 3. Federal Unemployment Tax Rate (FUTA) 0.60%, $30,000 of total payroll exceeds $7,000 limit 4. State Unemployment Tax Rate (SUTA) 5.4%, $30,000 of total payroll exceeds $7,000 limit 5. Social Security Tax Rate: 6.20%, $8,000 of total payroll exceeds the $147,000 limit. 6. Medicare tax rate: 1.45% unlimited Determine the total employee withholdings Enviar comentar MacBook Air 10
Nov. 30: Journalized the monthly payroll for November, based on the following data. Description entries available are: Cash, Medicare Tax Payable, No Entry Required, Sales Salaries Expenses, Sales Salaries Payable. Salaries Deductions Sales salaries $135,000 Federal income tax withheld $39,266 Office salaries 77,250 Social security tax withheld 12,735 $212,250 Medicare tax withheld 3,184 Unemployment tax rates: State unemployment 5.4% Federal unemployment 0.6% Amount subject to unemployment taxes: State unemployment $5,000 Federal unemployment 5,000 Nov. 30: Journalized the employer's payroll taxes on the payroll. Description Debit Credit Description Debit Credit Dec. 14: Journalized the payment of the September 15 note at maturity. Description Debit Credit Dec. 31: The pension cost for…
Compute the net pay for each employee using the federal income tax withholding table included. Assume that FICA Social Security tax is 6.2% on a wage base limit of $142,800, Medicare is 1.45% on all earnings, the payroll is paid biweekly, and no state income tax applies. (Round each computation to the nearest cent as needed.) View the employee information. Compute the net pay for each employee. View the biweekly payroll period percentage method withholding chart. Li Kan Isabel Poland Gross earnings for the current pay period Deductions for employee withholding taxes - BIWEEKLY Payroll Period Percentage Method Withholding Chart STANDARD Withholding Rate Schedules Single or Married Filing Separately of the amount The tentative amount to Plus this withhold is: percentage-exceeds— that the Adjusted Wage Total deductions Net pay Adjusted wage amount is at least $0, but less than $483 $ 0.00 0% $ Adjusted wage amount is at least $483, but less than $865 $ 0.00 10% $ 483 Adjusted wage amount…
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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. ▼
Given the following, calculate the state (assume 5.3%) and federal unemployment taxes that the employer must pay for each of the first two quarters. The federal unemployment tax is 0.8% on the first $7,000. Both state and federal unemployment taxes apply to the first $7,000 only. (Round your answers to the nearest cent.) PAYROLL SUMMARY Quarter 1 Quarter 2 $3,200 Bill Adams $ 7,300 12,800 Rich Haines 7,400 Alice Smooth 2,600 4,400 PAYROLL SUMMARY Quarter 1 Quarter 2 Total $780.8 8 $451.4 SUTA $678.4 $392.2 8 FUTA $102.4 24 59.2 * ...