Harriet Pandel, an employer, is subject to FICA taxes but exempt
from FUTA and SUTA taxes....
Harriet Pandel, an employer, is subject to FICA taxes but exempt
from FUTA and SUTA taxes. During the last quarter of the year, her
employees earned monthly wages of $16,900, all of which is taxable.
The amount of federal income taxes withheld each month is $1,698.
Journalize the payment of wages, and record the payroll tax on
November 30.
Prior to posting the November 30 payroll transaction, FICA Taxes
Payable—OASDI, FICA Taxes Payable— HI, and Employees FIT Payable
had zero...
a. Cal Ruther, an employer, is subject to FICA
taxes but exempt from FUTA and SUTA...
a. Cal Ruther, an employer, is subject to FICA
taxes but exempt from FUTA and SUTA taxes. During the last quarter
of the year, his employees earned monthly wages of $9,600, all of
which is taxable. The amount of federal income taxes withheld each
month is $1,250. Journalize the payment of wages, and record the
payroll tax on November 30.
If an amount box does not require an entry, leave it blank or
enter "0". When required, round your answers...
Vulcra, Inc., has a semimonthly payroll of $67,160 on September
15, 20--. The total payroll is...
Vulcra, Inc., has a semimonthly payroll of $67,160 on September
15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,450
is taxable under FICA Taxes-OASDI; and $10,260 is taxable under
FUTA and SUTA. The state contribution rate for the company is 4.1%.
The amount withheld for federal income taxes is $9,949. The amount
withheld for state income taxes is $1,424.
Part A: Payment of the Wages, and the Payroll Taxes
a. Journalize the payment of the wages, and
record...
The following monthly data are taken from Ramirez Company at
July 31: Sales salaries, $560,000; Office...
The following monthly data are taken from Ramirez Company at
July 31: Sales salaries, $560,000; Office salaries, $112,000;
Federal income taxes withheld, $168,000; State income taxes
withheld, $37,500; Social security taxes withheld, $41,664;
Medicare taxes withheld, $9,744; Medical insurance premiums,
$13,500; Life insurance premiums, $10,500; Union dues deducted,
$7,500; and Salaries subject to unemployment taxes, $63,000. The
employee pays 40% of medical and life insurance premiums. Assume
that FICA taxes are identical to those on employees and that SUTA
taxes...
Journalize the following payroll from information in the payroll
register and the related employer payroll taxes...
Journalize the following payroll from information in the payroll
register and the related employer payroll taxes and other
expense:
Gross pay $ 200,000
Federal Income Tax Withheld 30,000
FICA - Social Security 12,500
FICA - Medicare 2,900
401(k) withholding 12,000
Union dues withheld 2,000
United Way withheld 3,000
Net Pay 137,600
FUTA 1,500
SUTA 10,500
ER 401(k) Match 25%
Kip Bowman is owner and sole employee of KB Corporation. He pays
himself a salary of...
Kip Bowman is owner and sole employee of KB Corporation. He pays
himself a salary of $1,550 each week.
Additional tax information
includes:
FICA tax—OASDI
6.2% on first $132,900
FICA tax—HI
1.45% on total pay
Federal income tax
$232.50 per pay
State income tax
22% of the federal income tax withholding
Federal unemployment tax
0.6% on first $7,000
State unemployment tax
0.05% on first $14,000
Additional payroll deductions
include:
401(k) plan
3% per pay
Child support garnishment
$115 per pay...
Kip Bowman is owner and sole employee of KB Corporation. He pays
himself a salary of...
Kip Bowman is owner and sole employee of KB Corporation. He pays
himself a salary of $1,650 each week.
Additional tax information
includes:
FICA tax—OASDI
6.2% on first $127,200
FICA tax—HI
1.45% on total pay
Federal income tax
$247.50 per pay
State income tax
22% of the federal income tax withholding
Federal unemployment tax
0.6% on first $7,000
State unemployment tax
0.05% on first $14,000
Additional payroll deductions
include:
401(k) plan
3% per pay
Child support garnishment
$120 per pay...
The payroll of Flint Company for September 2016 is as follows.
Total payroll was $484,000, of...
The payroll of Flint Company for September 2016 is as follows.
Total payroll was $484,000, of which $100,000 is exempt from Social
Security tax because it represented amounts paid in excess of
$118,500 to certain employees. The amount paid to employees in
excess of $7,000 was $373,000. Income taxes in the amount of
$86,700 were withheld, as was $8,700 in union dues. The state
unemployment tax is 3.5%, but Flint Company is allowed a credit of
2.3% by the state...
BMX Company has one employee. FICA Social Security taxes are
6.2% of the first $128,400 paid...
BMX Company has one employee. FICA Social Security taxes are
6.2% of the first $128,400 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.
$
6,400
$
800
b.
2,000
2,100
c.
122,100
8,000
Assuming situation (a), prepare the employer’s
September 30 journal entries to record...
In preparing for next year, on December 1 Tony Freedman hired
two hourly employees to assist...
In preparing for next year, on December 1 Tony Freedman hired
two hourly employees to assist with some troubleshooting and repair
work.
a. Prepare a payroll register for the three pay periods.
b. Record the following transactions in the general journal and
post them to the general ledger.
Assume the following transactions:
Dec. 7 Paid employee wages: Lance Kumm, 38 hours, and Anthony
Hall, 42 hours.
Dec. 14 Paid employee wages: Lance Kumm, 25 hours, and Anthony
Hall, 36 hours....