19th Edition

ISBN: 9781947172685

Author: OpenStax

Publisher: OpenStax College

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Chapter 12, Problem 13EB

Marc & Associates employs Janet Evanovich at its law firm. Her gross income for June is $7,500. Payroll for the month of June follows: federal income tax of $650, state income tax of $60, local income tax of $30, FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, health-care insurance premium of $300, donations to a charity of $50, and pension plan contribution of $200. The employee is responsible for covering 40% of his or her health insurance premium.

A. Record the journal entry to recognize employee payroll for the month of June; dated June 30, 2017.

B. Record remittance of the employee’s salary with cash on July 1.

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Chapter 12, Problem 12EB

Chapter 12, Problem 14EB

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Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,260 The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137700 earned each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 145% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate of 06% and the State Unemployment Taxes (SUTA) tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,32517 What is the total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculetions to two decimal places.) Multiple Choice $3,09717 $2,443 21 $2,443.21 $1,957.06 $1,722.00 $1,495.36

Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,260. The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137,700 of employee earnings each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate of .6% and the State Unemployment Taxes (SUTA) tax rate of 5.4% are applied to the first $7,000 of an employee’s pay. The amount of federal income tax withheld from her earnings was $1,325.17. Her net pay for the month is: (Round your intermediate calculations to two decimal places.) Multiple Choice $7,194.11 $6,422.71 $5,868.94 $6,302.94 $6,246.94

The chief executive officer earns $21.500 per month. As of May 31, her gross pay was $107,500. The tax rate for Social Security is 6.2% of the first $137700 earned each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of Federal Insurance Contributions Act (FICA) - Medicare withheld from this employee for the month of June? Multiple Choice O $666.50 $7,898.03 $288.37 $311.75 $1,333.00

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