12. The emp!oyer company gave the following cash benefit to the following:Supervisory empioyeesRank and file employeesP 195,00068,000The fringe benefit tax isC. 105,000P141.61591,765a.b.d.80,000CS Scanned with CamScanner

FBT refers to Fringe benefits tax which is a form of tax that the firms paid in relation to the…

Answered: 12. The employer company gave the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem Information Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: Employee* and Employer HI: Self-employed OASDI: Self-employed HI: *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. 6.20% 1.45% 12.4% a. OASDI tax b. HI tax 2.9% $147,000 No limit $147,000 No limit $9,114.00 No maximum $18,228.00 No maximum Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, drop the third decimal place. Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. On the last weekly pay of the first quarter, Lorenz…
1. Who assigns the SUTA tax rate to an employer? Answer: A. The Internal Revenue Service B. The state in which the employer is located C. The Social Security Administration D. The American Payroll Association 2. What is the due date for the first quarter FUTA tax? Answer: A. April 30 B. March 30 C. April 15 D. None of these options 3. Match each tax with its associated feature. SUTA Self-employment Social Security and Medicare The employer presently matches the amount employees pay. If net SE income is below $400, no tax is due. The number of laid-off employees may affect it.
Use the following tax rates, ceiling and maximum taxes to solve the problem below Employee and Employer OASDI: 6.20% $127,200 $7,886.40 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $127,200 $15,772.80 Self-employed HI: 2.9% No limit No maximum *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimals places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the…
A7
FIGURE 13-3 40. An employee earns a gross wage represented as W. The employee's payroll deductions are shown in Figure 13-4. What is the employee's net wage? Type of Deduction Amount of Deduction Federal Income Tax 0.22W Social Security 0.076W Health and Accident Insurance 0.065W Retirement 0.05W Miscellaneous 0.042W ⒸCengage Leaming 2013
Gg.15.
Problem Information Use the following tax rates, celling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700 $8,537.40 Employee and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $137,700 $17,074.80 Self-employed HI: 2.9% No limit No maximum "Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-haif to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, drop the third decimal place. Also, use the minimum hourty wage of $7.25 in solving these problems and all that follow. Jax Company's (a monthly depositor) tax lability (amount withheld from…
What is the name of the employee?
Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700 $8,537.40 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $137,700 $17,074.80 Self-employed HI: 2.9% No limit No maximum *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). If the third decimal place is 5 or more, round to the next higher cent. If the third decimal place is less than 5, drop the third decimal place. Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Dee is paid $2,345 on November 8, 20--. Dee had cumulative gross earnings, including…
6., RST Company offers a qualified retirement plan. Each employee contributes 4 percent of his or her pretax income to the plan, and RST matches each employee's contribution. An employee's benefit at retirement is determined by his or her account balance at the time of retirement. What type of retirement plan does RST offer? a. Defined contribution plan. b. Defined benefit, flat percentage of annual earnings c. Defined benefit, unit-credit formula. d. Defined benefit, flat dollar amount for all employees
N2.
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12. The employer company gave the following cash benefit to the tollowing. Supervisory employees Rank and file employees P 195,000 68,000 The fringe benefit tax is C. 105,000 P141.615 91,765 a. b. d. 80,000