FINANCIAL+MANAG.ACCT.
9th Edition
ISBN: 9781260728774
Author: Wild
Publisher: RENT MCG
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Chapter 9, Problem 11E
a
To determine
Concept Introduction:
Payroll liabilities are salaries, wages, benefits payable and payroll taxes levied on the employer. Payroll taxes are social security, Medicare taxes, and federal and state taxes payable.
The table shows payroll liabilities, from the given data.
b
To determine
Concept Introduction:
Payroll liabilities are salaries, wages, benefits payable and payroll taxes levied on the employer. Payroll taxes are social security, Medicare taxes, and federal and state taxes payable.
The computation of FICA social security, Medicare taxes, and FUTA and SUTA taxes for the company.
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Students have asked these similar questions
CALCULATING PAYROLL TAXES EXPENSE AND PREPARING JOURNALENTRY Selected information from the payroll register of Ebeling's Dairyfor the week ended July 7, 20--, is shown below. The SUTA tax rate is5.4%, and the FUTA tax rate is 0.6%, both on the first $7,000 of earnings.Social Security tax on the employer is 6.2% on the first $128,400 ofearnings, and Medicare tax is 1.45% on gross earnings.
REQUIRED1. Calculate the total employer payroll taxes for these employees.2. Prepare the journal entry to record the employer payroll taxes asof July 7, 20--
At the end of the weekly payroll period on June 30, the payroll register of Concord Consultants showed employee earnings of
$71,000. Determine the firm's payroll taxes for the period. Use a social security rate of 6.2 percent, Medicare rate of 1.45 percent, FUTA
rate of 0.6 percent, and SUTA rate of 5.4 percent. Consider all earnings subject to social security tax and Medicare tax and $40,908
subject to FUTA and SUTA taxes. (Round your answers to 2 decimal places.)
Base
Rate
Tax
Social security
Medicare
FUTA
SUTA
Total
%
%
%
%
Amount
A company's payroll records report $3,210 of gross pay and $434 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
40.30
$
40.30
-40.30
Chapter 9 Solutions
FINANCIAL+MANAG.ACCT.
Ch. 9 - Prob. 1QSCh. 9 - Prob. 2QSCh. 9 - Prob. 3QSCh. 9 - Prob. 4QSCh. 9 - Prob. 5QSCh. 9 - Prob. 6QSCh. 9 - Prob. 7QSCh. 9 - Prob. 8QSCh. 9 - Prob. 9QSCh. 9 - Prob. 10QS
Ch. 9 - Prob. 11QSCh. 9 - Prob. 12QSCh. 9 - Prob. 13QSCh. 9 - Prob. 14QSCh. 9 - Prob. 15QSCh. 9 - Prob. 16QSCh. 9 - Prob. 17QSCh. 9 - Prob. 18QSCh. 9 - Prob. 19QSCh. 9 - Prob. 20QSCh. 9 - Prob. 1ECh. 9 - Prob. 2ECh. 9 - Prob. 3ECh. 9 - Prob. 4ECh. 9 - Prob. 5ECh. 9 - Prob. 6ECh. 9 - Exercise 9-5 Computing payroll taxes P2 P3 BMX...Ch. 9 - Prob. 8ECh. 9 - Prob. 9ECh. 9 - Prob. 10ECh. 9 - Prob. 11ECh. 9 - Prob. 12ECh. 9 - Prob. 13ECh. 9 - Prob. 14ECh. 9 - Prob. 15ECh. 9 - Prob. 16ECh. 9 - Prob. 17ECh. 9 - Prob. 18ECh. 9 - Prob. 19ECh. 9 - Prob. 20ECh. 9 - Prob. 21ECh. 9 - Prob. 22ECh. 9 - Prob. 1PSACh. 9 - Prob. 2PSACh. 9 - Prob. 3PSACh. 9 - Prob. 4PSACh. 9 - Prob. 5PSACh. 9 - Prob. 6PSACh. 9 - Prob. 1PSBCh. 9 - Prob. 2PSBCh. 9 - Prob. 3PSBCh. 9 - Prob. 4PSBCh. 9 - Prob. 5PSBCh. 9 - Prob. 6PSBCh. 9 - Prob. 9SPCh. 9 - Prob. 9CPCh. 9 - Prob. 1.1AACh. 9 - Prob. 1.2AACh. 9 - Prob. 2.1AACh. 9 - Prob. 2.2AACh. 9 - Prob. 2.3AACh. 9 - Prob. 3.1AACh. 9 - Prob. 3.2AACh. 9 - Prob. 3.3AACh. 9 - Prob. 1DQCh. 9 - Prob. 2DQCh. 9 - 3. What are the three important questions...Ch. 9 - 5. What is the combined amount (in percent) of the...Ch. 9 - 6. What is the current Medicare tax rate? This...Ch. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQCh. 9 - 12. ᴬWhat is a wage bracket withholding table?
Ch. 9 - Prob. 12DQCh. 9 - Prob. 1BTNCh. 9 - Prob. 2BTNCh. 9 - Prob. 4BTNCh. 9 - Prob. 5BTN
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