7. Since an employee works 43 hours in a regular week of 40, with an hourly wage of S 10 andreceives double pay for hours worked in excess of 40, determines:7.1 Gross income7.2 7% income tax6.20% contribution to Social Security7.37.41.45% contribution to health care7.5 Net incomeFor this same situation, determine the employer's payroll contribution7.66.20% contribution to Social Security7.71.45% contribution to health care4.40% state unemployment7.87.90.60% federal unemployment7.100.60% Temporary disability insuranceTotal employer contribution7.11

Given,Hourly wage = $10Double pay for hours worked in excess of 40. No. of hours worked = 43Double…

Answered: 7. Since an employee works 43 hours in…

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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How do you calculate FIT on payroll register? If employees are paid on a biweekly basis and they are all married and do not request any additional withholding. Each employee has also requested that 5% of their pay is withheld for the retirement plan. What calculations do I use to find FIT?
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%.
An employee receives an hourly rate of $17, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 49; federal income tax withheld, $80; state income tax withheld is $22; social security tax rate, 6.2%; and Medicare tax rate, 1.45%. What is the net amount to be paid to the employee? Multiple Choice ) $737.92 $680.00 $909.50 $171.58
Total Cost of Employee G. E. Spring employs Trent Pelligrini at a salary of $46,200 a year. Spring is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on Pelligrini's salary. In addition, Spring must pay SUTA tax at a rate of 5.1% and FUTA tax at a rate of 0.6% on the first $7,000 of Pelligrini's salary. Compute the total cost to Spring of employing Pelligrini for the year. Round your answer to the nearest cent.
How do I do this?
on 4 An employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment Expense. What is the correct journal entry for the employer's payroll taxes and otl expenses? Debit Crédit $535.50 $420.00 FICA Expenses Federal Unemployment Expense State Unemployment $378.00 Expense FICA Payable Federal Unemployment Expense State Unemployment Expense $535.50 $420.00 $378.00 Debit Credit FICA Expenses Federal Unemployment $535.50 $420.00 Expense State Unemployment Expense $378.00 Cash $1,333.50 Debit Credit FICA Payable Federal Unemployment $535.50 $420.00 Expense State Unemployment Payable FICA Expenses Federal Unemployment Expense State Unemployment Expense $378.00 $535.50 $420.00 $378.00 MacBook Air
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 earnings to date have not reached the maximum subject to FICA taxes. Assume further that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the federal income tax to be withheld is $614. Required: a. Determine the gross pay for the week.$fill in the blank 1 b. Determine the net pay for the week.$fill in the blank 2
The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings. Refer to the Social Security and Medicare information. Employers are required to match the employee's deductions and send the total to the IRS. Compute the maximum percent that can be sent to the IRS for any one employee during the period of a year. 13.3% 13.5% 15.3% 15.5%
An employee receives an hourly wage rate of $18, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 45; federal income tax withheld, $349; social security tax rate, 6.0%; and Medicare tax rate, 1.5% on all earnings. What is the net amount to be paid to the employee? Select the correct answer. $442 $855 $1,151 $1,207
Question 2: Based on the wage-bracket method, the federal income tax withholding for an employee who files as Single, is paid weekly, completed the current Form W-4, has one job, and whose adjusted wage amount is $713 is $
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An employee earned $50,000 during the year. FICA tax for Social Security is 6.2% and FICA tax for Medicare is 1.45%. The employer’s share of FICA taxes is a. $0; employee’s pay exceeds FICA limit. b. $0; FICA is not an employer tax. c. $3,100. d. $725. e. $3,825.

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