PAYROLL ACCT.,2019 ED.(LL)-TEXT
19th Edition
ISBN: 9781337619783
Author: BIEG
Publisher: CENGAGE L
expand_more
expand_more
format_list_bulleted
Question
Chapter 5, Problem 4PA
a.
To determine
Ascertain the SUTA taxes amount paid to State MA.
b.
To determine
Ascertain the SUTA taxes amount paid to State NH.
c.
To determine
Ascertain the SUTA taxes amount paid to State ME.
d.
To determine
Ascertain the FUTA taxes amount paid to federal government.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State
Unemployment Taxes (SUTA) tax rate is 5.4%. Both taxes are applied to the first $7,000 of an
employee's pay. Assume that an employee earned total wages of $3,060 in the current
period and had cumulative pay for prior periods of $6,120. What is the amount of
unemployment taxes the employer must pay on this employee's wages for the current
period?
Multiple Choice
$420.00.
$367.20.
$52.80.
O $183.60.
$0.00.
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
According to a summary of the payroll of Sinclair Company, $505,000 was subject to the 6.0% social security tax and $545,000 was subject to the 1.5% Medicare tax. Also, $10,000 was subject to state and federal unemployment taxes.
Question Content Area
Required:
a. Compute the employer's payroll taxes using the following rates: State unemployment, 4.2%; Federal unemployment, 0.8%.$ fill in the blank bdfee804ffc2f82_1
Question Content Area
b. Journalize the entry for the employer's payroll tax expense. If an amount box does not require an entry, leave it blank.
- Select -
- Select -
- Select -
- Select -
- Select -
- Select -
- Select -
- Select -
- Select -
- Select -
Chapter 5 Solutions
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Ch. 5 - Prob. 1SSQCh. 5 - Prob. 2SSQCh. 5 - Prob. 3SSQCh. 5 - _____ 1. Reciprocal arrangements A. Extra state...Ch. 5 - What two alternative tests are applied to a...Ch. 5 - What condition would make a household employer a...Ch. 5 - Prob. 3QRCh. 5 - Prob. 4QRCh. 5 - Prob. 5QRCh. 5 - Prob. 6QR
Ch. 5 - Prob. 7QRCh. 5 - An employer, because of a favorable experience...Ch. 5 - Prob. 9QRCh. 5 - Prob. 10QRCh. 5 - Prob. 11QRCh. 5 - Prob. 12QRCh. 5 - Prob. 13QRCh. 5 - Prob. 14QRCh. 5 - Prob. 15QRCh. 5 - Prob. 16QRCh. 5 - Prob. 17QRCh. 5 - Prob. 18QRCh. 5 - Prob. 19QRCh. 5 - Prob. 20QRCh. 5 - Can the owner of a small business receive...Ch. 5 - Prob. 2QDCh. 5 - Prob. 4QDCh. 5 - Prob. 1PACh. 5 - Peyton Companys payroll for the year is 737,910....Ch. 5 - Prob. 3PACh. 5 - Prob. 4PACh. 5 - Prob. 5PACh. 5 - Prob. 6PACh. 5 - Prob. 7PACh. 5 - Prob. 8PACh. 5 - Prob. 9PACh. 5 - Prob. 10PACh. 5 - Prob. 11PACh. 5 - Prob. 12PACh. 5 - Prob. 13PACh. 5 - Prob. 14PACh. 5 - Prob. 15PACh. 5 - Prob. 16PACh. 5 - Prob. 17PACh. 5 - Prob. 1PBCh. 5 - Prob. 2PBCh. 5 - Prob. 3PBCh. 5 - Prob. 4PBCh. 5 - Prob. 5PBCh. 5 - Prob. 6PBCh. 5 - Prob. 7PBCh. 5 - During 2019, Jake Gore worked for two different...Ch. 5 - Prob. 9PBCh. 5 - Prob. 10PBCh. 5 - Prob. 11PBCh. 5 - Prob. 12PBCh. 5 - Prob. 13PBCh. 5 - Prob. 14PBCh. 5 - Prob. 15PBCh. 5 - Prob. 16PBCh. 5 - Prob. 17PBCh. 5 - Prob. 1CP
Knowledge Booster
Similar questions
- According to a summary of the payroll of Guthrie Co., $560,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $60,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%.$fill in the blank 56eb93018fa2006_1 b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.arrow_forwardA company wants to pay a bonus to an employee so that the net pay is $10,000. The federal income tax rate is 15%, the state income tax rate is 4%, the FICA rate is 7.65%, and the company's state unemployment tax rate is 3%. Which of the following is the formula used to determine this payroll calculation? Select one: a. $13,449.90 b. $14,214.64 c. $13,633.27 d. $7,713.07 e. $7,895.78arrow_forwardAccording to a summary of the payroll of Scofield Industries Co., $600,000 was subject to the 6.0% social security tax and $740,000 was subject to the 1.5% Medicare tax. Also, $20,000 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 taxesarrow_forward
- According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%.arrow_forwardAccording to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; 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. Payroll Tax ExpensE _______ __________ Social Security Tax Payable ________ _______ Medicare Tax Payable _______ ________ State Unemployment Tax Payable ________ ______ Federal Unemployment Tax Payable ________ ______arrow_forwardDuring the year, Zeno Company has a SUTA tax rate of 6.3%. The taxable payroll for the year for FUTA and SUTA is $77000. Conpute: *0.6% was used for the FUTA tax rate for employers. Net FUTA tax? Net SUTA tax? Total unemployment taxes?arrow_forward
- The following information pertains to a weekly payroll of Fanelli Fashion Company: a. The wages earned by employees are $2910 b. The state unemployment insurance contribution rate is 3.75% c. The entire amount of wages are taxable under FICA, FUTA, and SUTA d. The amount withheld from the employees' wages for federal income taxes is $491.00; for state income taxes, $49.10; and for group insurance, $87.10 Journalize the payment of wages, and record the payroll taxes for this payroll. Account Debit Credit Payment of wages ___________________________________________________________________________ ______________________________________________________________________________ ___________________________________________________________________________ ________________________________________________________________________________ _____________________________________________________________________________…arrow_forwardAccording to a summary of the payroll of PJW Co., $380,500 in earnings were subject to the 7.7% FICA tax. Also, $62,783 in earnings were subject to state and federal unemployment taxes. Round your answers to the nearest cent. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.4%; federal unemployment, 1.1%.arrow_forwardThe current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $11,300. What is the amount of total unemployment taxes the employer must pay on this employee's wages? Multiple Choice О $610.20. О $678.00. О $420.00. О $67.80. О $0.00. 18arrow_forward
- According to a summary of the payroll of Guthrie Co., $560,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $60,000 was subject to state and fed-eral unemployment taxes. a. Compute the employer’s payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%. b. Journalize the entry to record the accrual of payroll taxes.arrow_forwardThe following information pertains to a weekly payroll of Texera Tile Company:1. The total wages earned by employees are $17,210.2. The state unemployment insurance contribution rate is 3.5%.3. The entire amount of wages is taxable under FICA, FUTA, and SUTA.4. The amount withheld from the employees’ wages for federal income taxes is $1,890; for state income taxes, $369.40; and for group insurance, $193.00.Journalize the payment of wages and record the payroll taxes for this payrollarrow_forwardThe current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $11900. What is the amount of total unemployment taxes the employer must pay on this employee's wages? Multiple Choice $420.00. $71.40. $642.60. $0.00. $714.00.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
