.The SUTA rate for Worldwide Industries is 5.4% and its FUTA rate is 6.0% less the 5.4% SUTA credit. If its weekly payroll is $58,174 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes for the payroll? $3,070.44 $3,490.44 $5,833.84 $6,631.84

.The SUTA rate for Worldwide Industries is 5.4% and its FUTA rate is 6.0% less the 5.4% SUTA credit. If its weekly payroll is $58,174 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes for the payroll? $3,070.44 $3,490.44 $5,833.84 $6,631.84

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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1. The data below pertains to the earnings of Peter Castro for the week ended June 30,2020. Hours and rate Earnings to date | 42 hours worked at P80 an hour P 28.00 150% of the regular rate for hours worked in excess of 40 hours. Overtime rate Withholding tax SSS contributions PHIC contribution Pag-ibig contribution 3% of gross earnings 2% of gross earnings 1% of gross earnings | 1% of gross earnings What is the net pay of Peter Castro for the week?
3. EX.10.162 An employee earns $40 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 60 hours during the week, and that the gross pay prior to the current week totaled $58,000. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and the federal income tax to be withheld was $614. Required: a. Determine the gross pay for the week. b. Determine the net pay for the week. 4. EX.10.170 According to a summary of the payroll of Scotland Company, salaries for the period were $500,000. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (5.4%) and federal (0.8%) unemployment taxes. All earnings are subject to social security tax of 6.0% and Medicare tax of 1.5%.
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Required information Skip to question [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 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 $ 1,700 b. 2,700 2,800 c. 133,300 9,900 Compute BMX’s amounts for each of these four taxes as applied to the employee’s gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places.
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am.300.
ABC Co. distributes annual bonus to its sales manager. The company reported 2 million profit for 2021 before bonus and income tax. Income tax of ABC Co. is 25%. What is the amount of bonus if bonus is computed at 10% of profit after taxes and bonuses?
14. Éthel Corp. Has the following data for the month of March 2021: Gross Payroll P1,000,000 Employee's deductions: SSS Contribution P20,000 Philhealth 10,000 PAg-ibig 10,000 Witholding taxes 100,000 The employer share of mandatory deductions are as follows: SSS Contribution P40,000 Philhealth 10,000 Pag-ibig 10,000 The company distributes its total payroll as foilows: 50% to direct labor; 20% to indirect labor; 25% to administrative and 5% to sales salary. The company also apportions employer's contribution as follows: 70% to factory overhead; 25% to administrative and 5% to selling expenses. What is the total accrued payroll?
DETAILS ASK YOUR TEACHER The SUTA rate for Worldwide Industries is 5.4% and its FUTA rate is 6.0% less the 5.4% SUTA credit. If its weekly payroll is $54,174 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes for the payroll? O $2,830.44 O $3,250.44 O $5,377.84 O $6,175.84
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 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. b. C. Gross Pay through August 31 $ 6,700 2,300 131,700 Exercise 9-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay Gross Pay for September $ 400 2,400 8,300 General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.)…
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