Question

41. An employee earns $5,550 per month working for an employer.
The FICA tax rate for Social Security is 6.2% of the first $118,500
earned each calendar year and the FICA tax rate for Medicare is
1.45% of all earnings. The current FUTA tax rate is 0.6%, and the
SUTA tax rate is 5.4%. Both unemployment taxes are applied to the
first $7,000 of an employee's pay. The employee has $184 in federal
income taxes withheld. The employee has voluntary deductions for
health insurance of $152 and contributes $76 to a retirement plan
each month. What is the amount of net pay for the employee for the
month of January? **(Round your intermediate calculations to
two decimal places.)** $4,793.90 $4,669.02
$4,369.32 $4,413.72 $4,713.42

42. A company has beginning inventory of 24 units at a cost of $13.00 each on October 1. On October 5, it purchases 18 units at $14.00 per unit. On October 12 it purchases 28 units at $15.00 per unit. On October 15, it sells 54 units. Using the FIFO periodic inventory method, what is the value of the inventory at October 15 after the sale? $270.00 $208.00 $448.00 $510.00 $240.00

61. Gary Marks is paid on a monthly basis. For the month of
January of the current year, he earned a total of $9,288. FICA tax
for Social Security is 6.2% on the first $118,500 of earnings each
calendar year and the FICA tax for Medicare is 1.45% of all
earnings. The FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%.
Both unemployment taxes are applied to the first $7,000 of an
employee's pay. The amount of Federal Income Tax withheld from his
earnings was $1,541.17. What is the amount of the employer's
payroll taxes expenses for this employee? ** (Round
your intermediate calculations to two decimal
places.)** $134.68
$1,130.54 $378.00 $42.00
$575.86

29. If a check correctly written and paid by the bank for $501 is incorrectly recorded in the company's books for $510, how should this error be treated on the bank reconciliation?? Add $9 to the bank's balance. Subtract $9 from the book balance. Subtract $9 from the bank's balance and add $45 to the book's balance. Add $9 to the book balance. Subtract $9 from the bank's balance.

Answer #1

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An employee earns $6,100 per month working for an employer. The
FICA tax rate for Social Security is 6.2% of the first $118,500
earned each calendar year and the FICA tax rate for Medicare is
1.45% of all earnings. The current FUTA tax rate is 0.6%, and the
SUTA tax rate is 5.4%. Both unemployment taxes are applied to the
first $7,000 of an employee's pay. The employee has $206 in federal
income taxes withheld. The employee has voluntary deductions...

66A) An employee earned $62,100 during the year working for an
employer. The FICA tax rate for Social Security is 6.2% of the
first $118,500 of employee earnings per calendar year and the FICA
tax rate for Medicare is 1.45% of all earnings. The current FUTA
tax rate is 0.6%, and the 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 total unemployment taxes the employee...

QUESTION HAS 2 PARTS
1. An employee earns $6,200 per month working for an employer.
The FICA tax rate for Social Security is 6.2% of the first $118,500
earned each calendar year and the FICA tax rate for Medicare is
1.45% of all earnings. The current FUTA tax rate is 0.6%, and the
SUTA tax rate is 5.4%. Both unemployment taxes are applied to the
first $7,000 of an employee's pay. The employee has $210 in federal
income taxes withheld....

An employee earns $5,500 per month working for an employer. The
FICA tax rate for Social Security is 6.2% of the first $128,400 of
earnings each calendar year and the FICA tax rate for Medicare is
1.45% of all earnings. The current FUTA tax rate is 0.6%, and the
SUTA tax rate is 5.4%. Both unemployment taxes are applied to the
first $7,000 of an employee’s pay. The employee has $182 in federal
income taxes withheld. The employee has voluntary...

This question has parts.
36A) An employee earned $61,600 during the year working for an
employer. The FICA tax rate for Social Security is 6.2% of the
first $118,500 of employee earnings per calendar year and the FICA
tax rate for Medicare is 1.45% of all earnings. The current FUTA
tax rate is 0.6%, and the 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 total...

1. The chief executive officer earns $10,100 per month. As of
May 31, her gross pay was $50,500. The tax rate for Social Security
is 6.2% of the first $128,400 earned each calendar year and the
FICA tax rate for Medicare is 1.45% of all earnings. The current
FUTA tax rate is 0.6%, and the 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 FICA-Social Security...

An employer has one employee who earned $3,000 his first month
of employment. The employee’s federal income tax withholding (FITW)
is $400, and the employee has voluntary monthly deductions of $125
for health insurance and $25 for union dues. The FICA tax rate for
Social Security is 6.2% and the FICA tax rate for Medicare is
1.45%. The employer's FUTA tax rate is 0.6% and the SUTA tax rate
is 5.4%. (Note: The limit for FICA Social Security is $128,400...

1. A company that reports segment information had average total
assets of $1,558,450 and total net income of $644,700. Segment A
had average total assets of $945,800 and segment operating income
of $325,300. Segment B had average assets of $612,650 and segment
operating income of $319,400. The segment return on assets for
Segment B is:? 41.4% 52.1% 34.4% 60.7% 50.5%
2. During the first week of January, an employee works 47 hours.
For this company, workers earn 150% of their...

[The following information applies to the questions
displayed below.]
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.
$
6,500
$
900
b.
2,050
2,150
c.
122,200
8,100
a)
Tax
September...

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.
$
6,600
$
500
b.
2,100
2,200
c.
122,300
8,200
Compute BMX’s amounts for each of these four taxes as applied to...

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