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

Hi

Let me know in case you face any issue:

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...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 2 minutes ago

asked 2 minutes ago

asked 10 minutes ago

asked 11 minutes ago

asked 15 minutes ago

asked 15 minutes ago

asked 16 minutes ago

asked 16 minutes ago

asked 19 minutes ago

asked 19 minutes ago

asked 20 minutes ago

asked 21 minutes ago