Taxable Earnings Cumulative Pay Current Before Current Earnings $ 6,650 6,370 33,460 6,930 127,050 35,470 38,675 Weckly Unemployment Social Earnings Compensation Security 008 $ Employee Name Click, Katelyn Coombs, Michelle Fauss, Erin Lenihan, Marcus McMahon, Drew Newell, Marg Stevens, Matt 720 1,200 900 4,440 1,110 1,260
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CALCULATING PAYROLL TAXES EXPENSE AND PREPARING
ENTRY
for the week ended July 7, 20--, is shown below. The SUTA tax rate is
5.4%, and the FUTA tax rate is 0.6%, both on the first $7,000 of earnings.
Social Security tax on the employer is 6.2% on the first $128,400 of
earnings, and Medicare tax is 1.45% on gross earnings.
REQUIRED
1. Calculate the total employer payroll taxes for these employees.
2. Prepare the journal entry to record the employer payroll taxes as
of July 7, 20--
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- Claude Lopez is the president of Zebra Antiques. His employee, Dwight Francis, is due a raise. Dwight's current benefit analysis is as follows: Yearly Benefit Costs Medical insurance Dental insurance Life insurance AD&D Short-term disability Long-term disability 401(k) Social Security Medicare Tuition reimbursement Total yearly benefit costs (employer) Employee's annual salary The total value of employee's compensation Required: Compute the benefit analysis assuming: Company Cost (Current) $ 6,400.00 145.00 228.00 114.00 45.60 22.80 1,140.00 2,287.49 534.98 2,250.00 $ 13,167.87 38,000.00 $ 51,167.87 Employee Cost (Current) $ 960.00 145.00 0 0 0 0 2,280.00 2,287.49 534.98 0 3 percent increase in pay. • Dwight will increase his 401(k) contribution to 8 percent with a company match of 50 percent up to 6 percent of the employee's annual salary. • 15 percent increase in medical and dental insurance premiums.Critical Thinking 6 - 2 (Algo) Kai is the president of Zebra Antiques. An employee, Reese Francis, is due a raise. Reese's current benefit analysis is as follows: Yearly Benefit Costs Company Cost (Current) Employee Cost (Current) Medical insurance $ 6,800.00 $ 1,020.00 Dental insurance 165.00 165.00 Life insurance 354.00 0 AD&D 177.00 0 Short-term disability 70.80 0 Long - term disability 35.40 0 401(k) 885.00 1, 770.00 Social Security 3, 584.53 3, 584.53 Medicare 838.32 838.32 Tuition reimbursement 2,450.00 0 Total yearly benefit costs (employer) $ 15,360.05 Employee's annual salary 59,000.00 The total value of the employee's compensation $ 74,360.05 Required: Compute the benefit analysis assuming: 3 percent increase in pay. Reese will increase the 401(k) contribution to 8 percent with a company match of 50 percent up to a 3 percent contribution by the employer. 15 percent increase in medical and dental insurance premiums. Note: Round your answers to 2 decimal places.\What is the taxable compensation income of an employee who received the following: Gross compensation income, before P44,000 Contribution to SSS, PHIC and HDMF... Additional compensation income.. 13h month pay and other benefits. ..P1,068,000 45,000 89,000
- Compute the net pay for each employee and answer the additional requirements that follow: Deductions Employee Basic Pay SSS Philhealth Withholding Tax Ericka Bilango 40,300.00 581.30 550.00 100.00 P 3,933.84 Alani Ching 37,600.00 581.30 517.00 100.00 3,267.09 Audrey Tan 35,500.00 581.30 488.13 100.00 2,749.31 1. How much is the total Salaries Expense? 2. How much is the total payroll deductions? 3. How much is the total credit to Cash upon payment of salaries? Is this the same as the take-home pay? Pag-IBIGWhat is the employee benefit expense for the current year? 1 300 000 1 050 000 1 500 000 1 100 000 What is the projected benefit obligation at year-end? 5 650 000 6 650 000 6 400 000 6 450 000FIGURE 13-3 40. An employee earns a gross wage represented as W. The employee's payroll deductions are shown in Figure 13-4. What is the employee's net wage? Type of Deduction Amount of Deduction Federal Income Tax 0.22W Social Security 0.076W Health and Accident Insurance 0.065W Retirement 0.05W Miscellaneous 0.042W ⒸCengage Leaming 2013
- Which of the following types of employee benefits are not covered by AASB 119/IAS 19? Select one: a. Annual leave. O b. Wages. OC. Long service leave. Od. Share-based payments. Time left 1:43:46 Re 1 10Eployees Salary Details Total Income Tax (12 Employee Total Hours Overtime Other Pay/Hour Overtime Gross Pay Net Pay Worked our Deductibles Name Hours Ahmad 150 10 SA000 SS52.00 S3.54.00 120 10 $2.0000 5340.00 S1.760.00 $2.54.00 S4.202.00 15 Fatima S25.0 180 20 S4.900.0 SSBL.00 1525 13.75 S1.2L.00 10 The employee with the max net salary is: Fatima 13 14 15 17 1- Build the table shown above exactly the same. (pay attention to the styling ex.Merged cells, Borders and alignment). 2- Name the worksheet as " Payroll". 3- Calculate the Gross Pay using the formula: ( Total hours worked * pay/hours + total overtime hours * overtime/hour) 4- Calculate the income tax using the formula ( income tax percentage * gross pay → 0.12*gross pay). 5- Add the other deductibles column as it is. 6- Calculate the net pay by using the formula ( gross pay - (income tax + other deductibles). 7- Merge the cells B10:E11) as shown. 8- Find the maximum and minimum values in net pay column and highlight them. 9.…2021 DATA ON COMPENSATION INCOME taken from the BIR form 2316 which your employer provided to you: Basic salary Overtime pay Holiday pay Cost of living allowance Mandatory contributions to SSS, PHIC, etc De minimis within ceiling P732,000 34,000 56,000 70,000 38,000 30,000 Excess de minimis none 13th month pay 14th month pay Other benefits and bonuses 65,000 65,000 35,000 The employer CORRECTLY withheld the income tax from compensation. No income tax still due and payable remaining. 2021 DATA ON YOUR PRACTICE OF PROFESSION and other income: 1st Quarter 2nd Quarter 66,000 10,000 3rd Quarter 50,000 10,000 4th Quarter 75,000 55,000 10,000 Fees Rental expense Transportation 10,000 2,000 3,000 2,000 2,000 expenses Taxes and licenses Rental income 8,000 2,000 2,000 2,500 (vacant property considered capital asset) as 25,000 25,000 25,000 25,000 Interest income from bank time deposits 3,000 3,000 3,000 3,000 Income taxes for the 1st THREE QUARTERS have been correctly computed and paid within…
- What is the total amount that was disclosed as compensation to key management personnel for the parent company of LBP Co. in 2014? * Compensation of key management personnel: Group Parent 2013 2014 2013 2014 Short-term employee benefits Post-employment benefits 133,614 32,821 121,113 31,141 115,809 27,754 106,421 26.189 Group Parent 2014 2013 45,243 2014 2013 Other long-term benefits 45,243 37,428 37,428 211,678 189.682 188,806 170,038 Terms and conditions of transactions with related parties: The sales to and purchases from related parties are made at normal market prices and settlement is made in cash. There have been no guarantees provided or received for any related party receivables or payables. For the years ended December 31, 2014 and 2013, the Group has not made any provision for doubtful accounts relating to amounts owed by related parties. This assessment is undertaken each financial year through examination of the financial position of the related party and the market in…Employee's Rates Matching Rates Paid bythe Employer Self-Employed Rates 7.65% on first $118,500 of income 1.45% on income above $118,500 7.65% on first $118,500 paid in wages 1.45% on wages above $118,500 13.3% on first $118,500 of net earnings 2.9% on earnings above $118,500 1FICA taxes include Social Security and Medicare. The Social Security tax applies to the first $118,500 of income, while the Medicare tax applies to all income. Suppose Mondaire has $96,700 of income from work and is not self-employed. How much will Mondaire have to pay in FICA taxes?Employee's Rates Matching Rates Paid bythe Employer Self-Employed Rates 7.65% on first $118,500 of income 1.45% on income above $118,500 7.65% on first $118,500 paid in wages 1.45% on wages above $118,500 13.3% on first $118,500 of net earnings 2.9% on earnings above $118,500 1FICA taxes include Social Security and Medicare. The Social Security tax applies to the first $118,500 of income, while the Medicare tax applies to all income. Suppose Holly has $227,100 of income from work and is not self-employed. How much will Holly have to pay in FICA taxes?