River Signorini works for New & Old Apparel, which pays employees on a semimonthly basis. River's annual salary is $193,000. Required: Calculate the following: Note: Round your final answers to 2 decimal places. Pay Date October 13 Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax December 29
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- Audrey Martin and Beth James are partners in the Country Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Employers OASDI Tax ________ Employers HI Tax ________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.River Signorini works for New & Old Apparel, which pays employees on a semimonthly basis. River's annual salary is $170,500. Required: Calculate the following: Note: Round your final answers to 2 decimal places. Pay Date October 15 December 31 Prior YTD Earnings 0.00 $ Social Security Taxable Wages $ Medicare Taxable Wages 6,675.00 $ 7,104.16 Employer Share Social Security Tax $1 417.35 ✪ Employer Share Medicare Tax $ $ 103 53 207.06
- River Signorini works for New & Old Apparel, which pays employees on a semimonthly basis. River's annual salary is $179,500. Required: Calculate the following: Note: Round your final answers to 2 decimal places. Pay Date October 15 December 31 Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare TaxRiver Signorini works for New & Old Apparel, which pays employees on a semimonthly basis. River's annual salary is $177,500. Required: Calculate the following Note: Round your final answers to 2 decimal places. Pay Date Prior YTD Earnings October 15 December 31. Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Taxi Employer Share Medicare TaxAudrey Martin and Beth James are partners in the Country Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Hint: It is important to ascertain whether a person's wages are considered wages or drawings. If an amount is zero, enter "0". Round your answers to the nearest cent. OASDI Taxable Name and Position Zena Vertin, Office Nicole Norge, Sales Bob Mert, Delivery Audrey Martin, Partner Beth James, Partner Totals Employer's OASDI Tax Employer's HI Tax Salary $720 per week 1,410 per month 485 per week 465 per week 465 per week $ Earnings $ OASDI Tax HI Taxable Earnings $ HI Tax
- Doyle Watson works for Clear Pencil Accounting, which pays employees on a semimonthly basis. Doyle’s annual salary is $258,000. Required: Calculate the following: (Round ''Employer Share Medicare Tax'' to 2 decimal places.) Pay Date Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax November 30 December 31Brianna Whitman works for Schaum, Whitney, & Matte, LLP, in Washington, D.C., which pays employees on a biweekly basis. Brianna's annual salary is $162,600. The company started in 2021. Required: Calculate the following: (Do not round intermediate calculations. Round your answers to 2 decimal places.) Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax Pay Period End September 24 December 31A company's payroll records report $3,460 of gross pay and $484 of federal income tax withholding for an employee for the weekly pay period. Compute this employee's FICA Social Security tax (6.2%), FICA Medicare tax (1.45%), state income tax (1.0%), and net pay for the current pay period. Note: Round your final answers to 2 decimal places. Gross pay FICA Social Security tax deduction FICA Medicare tax deduction Federal income tax deduction State income tax deduction Total deductions Net pay
- 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…The employees of Lillian's Interiors are paid on a semimonthly basis. Required: Compute the FICA taxes for the employees for the December 29, 2023, pay period. All employees are single and have been employed for the entire calendar year. Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places. YTD Pay for Semimonthly December 15 Employee Pay Pay Date W. Babish $ 8,330 G. Hanoush $ 6,280 R. Fezzeti $ 9,255 T. Gomez $ 4,555 N. Bertraud $ 5,710 R. LaPonte $ 4,955 Social Security Tax Medicare Tax 29 Pay Date 29 Pay Date for December for DecemberEmployee earned gross pay of $920 during a recent pay period. She contributes 2% of gross pay to a 401(k) retirement plan and 3% of gross pay to a dependent care flexible spending account. Taxable earnings = $ NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. INFO: $875.00 is incorrect