Required: White Lemon Cameras's SUTA tax rate is 5.4 percent and applies to the first $11,600 of employee wages. White Lemon Cameras's FUTA tax rate of 6% is subject to a 5.4% reduction and applies to the first $7,000 of employee wages. What is the annual amount of FUTA and SUTA taxes due for each employee? Note: Round your answers for "SUTA Due" to 2 decimal places.

Required: White Lemon Cameras's SUTA tax rate is 5.4 percent and applies to the first $11,600 of employee wages. White Lemon Cameras's FUTA tax rate of 6% is subject to a 5.4% reduction and applies to the first $7,000 of employee wages. What is the annual amount of FUTA and SUTA taxes due for each employee? Note: Round your answers for "SUTA Due" to 2 decimal places.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 10PA: Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and...

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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.
ces White Lemon Cameras has the following employees: Employee Name M. Haskell V. Papadopoulos P. Anderson C. Billingmeier C. Johnson Required: White Lemon Cameras's SUTA tax rate is 5.4 percent and applies to the first $11,200 of employee wages. White Lemon Cameras's FUTA tax rate of 6% is subject to a 5.4% reduction and applies to the first $7,000 of employee wages. What is the annual amount of FUTA and SUTA taxes due for each employee? Note: Round your answers for "SUTA Due" to 2 decimal places. Employee M. Haskell V. Papadopoulos P. Anderson Annual Taxable Wages $ 21,000 $ 32,400 $ 42,000 $ 35,000 $ 52,000 C. Billingmeier C. Johnson FUTA Due SUTA Due
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. a. b. c. Gross Pay through August 31 $ 6,400 2,700 133,300 Gross Pay for September $1,700 2,800 9,900 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answer in the tabs below. Employer Payroll taxes Payroll Taxes General Journal Expense Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) September earnings subject to tax Tax Rate
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. a. b. c. Gross Pay through August 31 $ 6,400 2,700 133,300 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $60 for this pay period. Taxes to be Withheld From Gross Pay Gross Pay for September $ 1,700 Complete this question by entering your answers in the tabs below. 2,800 9,900 General Journal Federal income tax The employee's federal income taxes withheld by the employer are $60 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay…
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. a. b. C. Gross Pay through August 31 $ 6,400 2,700 133,300 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $60 for this pay period. Taxes to be Withheld From Gross Pay Complete this question by entering your answers in the tabs below. General Journal No 1 Gross Pay for September $ 1,700 View transaction list 2,800 9,900 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $60 for this pay period. (Round…
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. a. b. C. Gross Pay through August 31 $ 6,400 2,000 131,400 Gross Pay for September $ 800 2,100 8,000 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. Answer is complete but not entirely correct. Так September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security S 800.00 6.20% S 49.60 FICA-Medicare 800.00 1.45% 11.60 FUTA 600.00 0.60% 3.60 SUTA 600.00 5.40% 32.40 b)
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. a. b. c. Gross Pay through August 31 $ 6,400 2,000 131,400 Gross Pay for September $ 800 2,100 8,000 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Answer is not complete. Complete this question by entering your answers in the tabs below. Payroll Taxes General Expense Journal Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. September Employer Payroll taxes earnings subject to Tax Rate Tax Amount tax FICA-Social Security FICA Medicare FUTA SUTA 800.00 6.20% S 49.60 800.00 1.45% 11 60 6.400.00 0.60% 38.40 6,400.00 5.40% 345.60 Total Payroll Taxes Expense S 445.20
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. a. b. C. Gross Pay through August 31 $5,200 2,700 132,100 Exercise 9-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities fo this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay Gross Pay for September $ 2,400 2,800 8,700 General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal…
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. a. b. c. Gross Pay through August 31 $5,300 2,800 132, 200 Gross Pay for September Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Payroll Taxes General Expense Journal $ 2,600 2,900 8,800 Complete this question by entering your answers in the tabs below. Employer Payroll taxes Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. September earnings subject to tax Tax Rate
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. a. b. C. Gross Pay through August 31 $ 6,700 2,300 131,700 Gross Pay for September $ 400 2,400 8,300 Exercise 9-9 (Algo) Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes General Expense Journal Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) Employer Payroll taxes September earnings subject to tax Tax Rate Tax Amount
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. a. b. C. Gross Pay through August 31 $ 5,700 2,600 123,300 Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes Expense Gross Pay for September $1,800 2,700 9,200 General Journal Compute the payroll taxes expense. (Round your answers to 2 decimal places.) September earnings subject to tax Employer Payroll taxes Tax Rate Tax Amount
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. b. C. Gross Pay through August 31 $ 6,300 2,600 133,200 Gross Pay for September Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Payroll Taxes General Expense Journal $ 1,800 2,700 9,800 Complete this question by entering your answers in the tabs below. Employer Payroll taxes Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. September earnings subject to tax Tax Rate $ Tax Amount 0.00