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

During the month of January, an employer incurred the following payroll taxes FICA Social Security taxes of $334.80, FICA Medicare taxes of $78 30, FUTA taxes of $3240, and SUTA taxes of $291.60. Prepare the journal entry to record the employer's payroll tax expense assuming these wages will be paid in early February. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Record employer payroll tax expense. Note Enter debits before credits. Date General Journal Debit Credit January 31

Dog

A 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

Step by step solution

Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. Calculate the monthly Social Security and Medicare withholdings (in $) for the employee as the payroll manager for a cargo and freight company. Year-to-Date Employee Earnings Current Month Social Security Graham, C. $14,300 $1,780 Medicare

K t ht ences The employees of Ethereal Bank are paid on a semimonthly basis. All employees are single. There are no pre-tax deductions. Required: Compute the FICA taxes for the employees for the November 30 payroll. All employees have been employed for the entire calendar year. Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places. Employee R. Bellagio B. Khumalo S. Schriver K. Saetang T. Ahmad M. Petrova Semimonthly Pay $ $ $ $ $ $ 9,519 6,719 6,838 8,200 10,700 9,050 YTD Pay for November 15 Pay Date Social Security Tax for November 30 Pay Date Medicare Tax for November 30 Pay Date

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". If required, round your calculations and final answers to the nearest cent.   EmployeeNo. Employee  Name Marital Status No. of WithholdingAllowances Gross Wageor Salary Amountto BeWithheld 1 Amoroso, A. M 4 $1,610  weekly $fill in the blank 1 2 Finley, R. S 0 825  biweekly fill in the blank 2 3 Gluck, E. S 5 9,630  quarterly fill in the blank 3 4 Quinn, S. M 8 925  semimonthly fill in the blank 4 5 Treave, Y. M 3 2,875  monthly

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

es For last week, calculate the amount of social security and Medicare taxes to be withheld in each case. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee Blue Bonnett Charlie Lee Cumulative Earnings Earnings Year-to-Date Last Week $150,500.00 $3,500.00 100,500.00 2,500.00 Social Security Tax Withheld Medicare Tax Withheld