The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting Company as of November 30 follow. Determine the amount of Medicare tax to be withheld from each employee's gross pay for December. Assume a 1.45 percent Medicare tax rate and that all salaries and wages are subject to the tax. (Round your final answers to 2 decimal places.) Year-to-Date Medicare Employee No. December Salary Earnings Taxable Through Earning- Medicare Tax 1.45% November 30 December 1 $ 9,400 $ 99,500 2 9,500 70,500 3 10,209 123,800 4 9,500 100,500 es
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- The following information about the payroll for the week ended December 30 was obtained from the records of Qualitech Co.: Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: a. December 30, to record the payroll. b. December 30, to record the employers payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, 35,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries: a. December 30, to record the payroll. b. January 5, to record the employers payroll taxes on the payroll to be paid on January 5. Because it is a new fiscal year, all 675,000 in salaries is subject to unemployment compensation taxes.In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You have now been given the following additional information: June is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 60% of the health insurance premium. The employer matches 50% of employee pension plan contributions. Using the information from EB13 and the additional information provided: A. Record the employer payroll for the month of June, dated June 30, 2017. B. Record the payment in cash of all employer liabilities only on July 1.The monthly salaries for December and the year-to-date earnings of the employees of Lincoln Project Company as of November 30 follow. Determine the amount of Medicare tax to be withheld from each employee's gross pay for December. Assume a 1.45 percent Medicare tax rate and that all salaries and wages are subject to the tax. Note: Round your final answers to 2 decimal places. Employee Number December Salary Year-to-Date Earnings Medicare Taxable Medicare Through Earning- Tax 1.45% November 30 December 1 $ 8,200 $ 98,300 2 8,300 69,300 3 9,009 122,300 00:20
- Complete 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 1,400Calculate 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 13.05The monthly salaries for December and the year-to-date earnings of the employees of Lincoln Project Company as of November 30 follow. Determine the amount of social security tax to be withheld from each employee's gross pay for December. Assume a 6.2 percent social security tax rate and an earnings base of $142,800 for the calendar year. Note: Round your answers to 2 decimal places. Social Employee Number December Salary Year-to-Date Earnings Security Taxable Social Security Tax Through Earnings 6.20% November 30 December 1 $ 9,200 $ 98,300 2 9,300 69,300 3 10,760 118,360 4 15,700 132,000
- Calculating 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…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. 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 monthlyThe monthly salaries for December and the year-to-date earnings of the employees of Lincoln Project Company as of November 30 follow. Determine the amount of social security tax to be withheld from each employee's gross pay for December Assume a 6.2 percent social security tax rate and an earnings base of $142,800 for the calendar year. Note: Round your answers to 2 decimal places. Employee December Number Salary 1 2 3. 4 Year-to-Date Social Security Earnings Through November 30 $ 9,000.00 $ 72,000.00 10,000,00 70,000.00 11,000.00 115,500.00 14,000.00 132,000.00 Taxable Earnings December Social Security Tax 6.2%
- The monthly salaries for December and the year-to-date earnings as of November 30 for the three employees of the Lakeview Medical Center are listed below. Compute the amount of social security tax and Medicare tax to be withheld from each of the employee's gross pay for December. Assume a 6.2 percent social security tax rate on a maximum of $132,900 for the calendar year. Assume a 1.45 percent Medicare tax rate. (Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "O" wherever required.) Employee December Y-T-D Earnings Soc. Sec. Number Medicare Tax for Dec, Salary through Nov. 30 Tax for Dec. 7,500 $ 69,500 2 9,000 129,000 8,500 122,600Solve the following problem using 6.2%, up to $117,000, for social security tax and 1.45%, no wage limit, for Medicare tax. As payroll manager for Freeport Enterprises, it is your task to calculate the monthly social security and Medicare withholdings for the following employee. If necessary, round your answer to the nearest cent. If an amount is zero, enter "0". Year-to-Date Employee Earnings Current Month Social Security Medicare Andretti, K. $137,000 $16,350 $ $Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1). Note: Do not round intermediate calculations and round your final answers to the nearest cent. Employee Pat Brown Marital status S Gross pay $ 1,900 FIT Social Security FICA Medicare Net pay