The SUTA rate for Thomson Temp Agency is 5.4% and its FUTA rate is 6% less the 5.4% SUTA credit. If its semimonthly payroll is $139,320 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes (in $) for the payroll?

An employee earned $50,000 during the year. FICA tax for Social Security is 6.2% and FICA tax for Medicare is 1.45%. The employer’s share of FICA taxes is a. $0; employee’s pay exceeds FICA limit. b. $0; FICA is not an employer tax. c. $3,100. d. $725. e. $3,825.

Solve

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Recording Payroll and Payroll Taxes The following data are taken from Fremont Wholesale Company's May payroll Administrative salaries $47,600 Sales salaries 65,800 Custodial salaries 9,800 Total payroll $123,200 Salaries subject to 1. 45 percent Medicare tax $123,200 Salaries subject to 6.2 percent Social Security tax 103,600 Salaries subject to federal unemployment taxes 19,600 Salaries subject to state unemployment taxes 28,000 Federal income taxes withheld from all salaries 24,920 Assume that the company is subject to a two percent state unemployment tax (due to a favorable experience rating) and a 0.6 percent federal unemployment tax. Required Record the following in general journal form on May 31: a. Accrual of the monthly payroll. b. Payment of the net payroll. c. Accrual of employer's payroll taxes. ( Assume that the FICA matches the amount withheld.) d. Payment of these payroll-related liabilities. (Assume that all are settled at the same time.) Round your answers to the…

23.The SUTA rate for Worldwide Industries is 5.4% and its FUTA rate is 6.0% less the 5.4% SUTA credit. If its weekly payroll is $58,174 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes for the payroll? $3,070.44 $3,490.44     $5,833.84 $6,631.84

Payroll Tax Entries According to a summary of the payroll of Mountain Streaming Co., $582,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $19,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.2%; federal unemployment, 0.8%. $ b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank. ▼

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. FICA - Social Security FICA Base FICA - Medicare Federal Unemployment Tax (FUTA) State Unemployment Tax (SUTA) Unemployment limit Situation FUTA SUTA FICA-Social Security FICA-Medicare a. b. C. Gross Pay through August 31 $6,400 2,000 131,400 6.2% $137,700 1.45% 0.6% 5.4% $7,000 Gross Pay for September Required: 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: If no tax is due, no formula is required. 'Tax Situation a Situation b Situation c $800 2,100 8,000

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

[The following information applies to the questions displayed below.] 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.    Gross Pay through August 31 Gross Pay for September a. $ 6,000 $ 1,500 b. 2,000 2,100 c. 132,900 9,500   Exercise 11-9 (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.     Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits.         Date General Journal Debit Credit September 30 Payroll taxes expense       FICA—Social security taxes payable       FICA—Medicare taxes payable       Federal…