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9 Quiz: Accounting for Current Liabi... G Help Save & Exit Submi- Saved Check my work i Required information Knowledge Check 01 Lopez Company has a single employee, who earns a salary of $192,000 per year. That employee is paid on the 15th and last day of each month. On January 15, Lopez is subject to the following payroll taxes: FICA-Social Security Taxes (at 6.2% of the first $118,500 each employee earns in the calendar year), FICA-Medicare Taxes (at 1.45%), FUTA (at 0.6% of the first $7,000 each employee earns in the calendar year), and SUTA (at 5.4% of the first $7,000 each employee earns in the calendar year). The journal entry to record the employer's payroll tax expense and related liabilities would include a debit to: O Payroll Taxes Expense for $1,108. O FICA-Social Security Taxes Payable for $496. O Payroll Taxes Expense for $1,032. O FICA-Medicare Taxes Payable for $116. II へ F3 F5 F4 F7 F8 F10 F12 Finder LL 1AA $4 3. 0.

QS 9-19A (Algo) Net pay and tax computations LO P5 The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2%), Medicare tax (1.45%), federal income tax withholding (use the withholding table in Exhibit 9A.6), state income tax (1.0%), and net pay for the current pay period. (Round your final answers to 2 decimal places.) Total (gross) earnings for current pay period Cumulative earnings of previous pay periods $ 635 $ 8,255 Gross pay 635.00 Social security tax deduction 39.37 Medicare tax deduction 9.21 Federal income tax deduction State income tax deduction 3.65 Total deductions 52.23 Net pay 582.77 search 10 99 68°F 10 40 144 4 5 6. 6) Y [O G\ H. J. K MI

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AP#6_4 Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,300 each week. Additional tax information includes:       FICA tax—OASDI   6.2% on first $137,700   FICA tax—HI   1.45% on total pay   Federal income tax   $195.00 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   $105 per pay   Health insurance premium   $90 per pay   Record the payroll entry and payroll tax entry for the pay of the week ended June 7 (his year-to-date pay is $27,300). If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent

Problem 9-3Withholding Methods (LO 9.1) Sophie is a single taxpayer. For the first payroll period in July 2021, she is paid wages of $2,200 monthly. Sophie claims one allowance on her pre-2021 Form W-4. Click here to access the withholding tables. IRS Publication 15-T, Federal Income Tax Withholding Method Pay period 2021 Allowance Amount Weekly $ 83   Biweekly 165   Semimonthly 179   Monthly 358   Quarterly 1,075   Semiannually 2,150   Annually 4,300   Round intermediate computations and your final answer to two decimal places. Question Content Area Use the percentage method to calculate the amount of Sophie's withholding for a monthly pay period. Sophie's withholding: $fill in the blank b40091006028014_1 Feedback Area Feedback Employers are required to withhold taxes from amounts paid to employees for wages, including salaries, fees, bonuses, commissions, vacation and retirement pay. Form W-4, showing the filing…

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Example 3-1 During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly salary of $9,000. Compute the amount of FICA taxes that should be withheld from her. Note: Rachael's tax return status s single. If an amount is zero, enter "0". a. 9th paycheck b. 17th paycheck c. 22nd paycheck d. If Lopez's year-to-date earnings as of her 24th paycheck are $216,000, and her year-end bonus is $100,000, how much additional 0.9% HI tax would be deducted for the year? $ $ OASDI 558 186 ✓ 0 ✓ $ HI 1,044 ✔

Problem 6-18 The Nanny Tax (LO 6.7) Ann hires a nanny to watch her two children while she works at a local hospital. She pays the 19-year-old nanny $180 per week for 42 weeks during the current year. Do not round immediate computations and round your final answers to two decimal places. a. What is the employer's portion of Social Security and Medicare tax for the nanny that Ann should pay when she files her Form 1040 for 2021? b. What is the nanny's portion of the Social Security and Medicare tax?

Problem 6-18 The Nanny Tax (LO 6.7) Ann hires a nanny to watch her two children while she works at a local hospital. She pays the 19-year-old nanny $180 per week for 42 weeks during the current year. Do not round immediate computations and round your final answers to two decimal places. a. What is the employer's portion of Social Security and Medicare tax for the nanny that Ann should pay when she files her Form 1040 for 2021? 217.50 x Feedback b. What is the nanny's portion of the Social Security and Medicare tax?

Example 3-1 During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly salary of $9,825. Compute the amount of FICA taxes t Note: Rachael's tax return status is single. If an amount is zero, enter "0". a. 9th paycheck b. 17th paycheck c. 20th paycheck d. If Lopez's year-to-date earnings as of her 24th paycheck are $235,800, and her year-end bonus is $100,000, how much additional 0.9% HI tax would be withheld for the year? Feedback OASDI HI 609.15 142.46 609.15 X 0

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Example 3-1 During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly salary of $9,825. Compute the amount of FICA taxes that should be withheld from her. Note: Rachael's tax return status is single. If an amount is zero, enter "0". OASDI a. 9th paycheck b. 17th paycheck c. 20th paycheck d. If Lopez's year-to-date earnings as of her 24th paycheck are $235,800, and her year-end bonus is $100,000, how much additional 0.9% HI tax would be withheld HI 609.15 ✔ 142.46 $

Example 3-1 During 20--, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $8,500. Compute the amount of FICA taxes that should be withheld from her. Note: Rachael's tax return status is single. If an amount is zero, enter "0". OASDI HI a. 9th paycheck b. 17th paycheck c. 23rd paycheck d. If Rachael Parkin's year-to-date earnings as of her 24th paycheck are $204,000, and her year-end bonus is $100,000, how much is the additional 0.9% HI tax on all total earnings?

Accounting Scenario 1 Clara Tate an employee of Harrow's Accounting Firm, worked 44 hours during the week of June 8 through 12. Her rate of pay is $15 per hour and she receives time-and-a-half for work in excess of 40 hours per week. She is married and claims two allowances on her W-4 form. Her wages are subject to the following deductions: Federal income tax (use the table in the link below). Social Security tax at 6.2 percent. Medicare tax at 1.45 percent. Union dues, $30.00 What you must do: Compute Clara’s: regular pay overtime pay gross pay net pay Submission Format To help you calculate the amounts to be withheld for Clara, use the attached 2016 Withholding Table (Word.doc).

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Problem 9-15 The FUTA Tax (LO 9.6) Thomas is an employer with two employees, Patty and Selma. Patty's wages are $12,450 and Selma's wages are $3,110. The state unemployment tax rate is 5.4 percent. Calculate the following amounts for Thomas: Round your answer to two decimal places. а. FUTA tax before the state tax credit b. State unemployment tax C. FUTA tax after the state tax credit %24 %24

Ward Feb. 1 6,300 1,355 Required: 1. Calculate the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 2018. Note: Round amounts to the nearest whole dollar and enter all amounts as positive values. Employee Gross Earnings Federal Income Social Security Medicare Tax Withheld Tax Withheld Tax Withheld Arnett 3,900 546 234 $ 59 Cruz 5,100 918 306 77 Edwards 2,900 363 174 44 Harvin 2,200 275 132 33 < Nicks 5,650 1,271 339 47 Shiancoe 3,100 481 186 85 Ward 6,300 1,355 378 95 $ 1,318 331 2. Calculate the following employer payroll taxes for the year: (a) social security; (b) Medicare; (c) state unemployment compensation at 5.4% on the first $10,0 employee's earnings; (d) federal unemployment compensation at 0.6% on the first $10,000 of each employee's earnings; (e) total. Note: Round amounts to the nearest whole dollar and enter all amounts as positive values. (a) $ 1,745

v2.cengagenow.com Employee Net Pay Stan Stately's weekly gross earnings for the week ended April 22 were $2,400, and his federal income tax withholding was $407.58. Assuming that the social security rate is 6% and Medicare is 1.5% of all earnings, what is Stately's net pay? Round your answer to two decimal places. LA O $ ♥

Question 3 of 10 Calvin received bimonthly paychecks of $2007.25 last year. If 17.1% of his yearly income got withheld for federal income tax, how much got withheld for federal income tax from each of Calvin's paychecks last year? O A. $82.38 O B. $34.32 O C. $343.23 O D. $823.78 LI