A company deducts $230 in Employment Insurance and $195 in Canada Pension from the weekly payroll of its employees. Calculate the company's expense for these items for the week.
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A company deducts $230 in Employment Insurance and $195 in Canada Pension from the weekly payroll of its employees. Calculate the company's expense for these items for the week.
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- Thomas Martin receives an hourly wage rate of $16, 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, 48; federal income tax withheld, $363; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Oa. $832 Ob. $1,536 Oc. $1,152 Od. $768Metro Express has 5 sales employees, each of whom earns $4,000 per month and is paid on the last working day of the month. Each employee’s wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages. Withholding for each employee also includes federal tax of 16% and monthly medical insurance premiums of $110 for each employee. Prepare the journal entry to record the January 31 payroll expense and salaries. The employer payroll taxes for Metro Express includes FICA taxes, federal unemployment taxes of 0.8% of the first $7,000 paid to each employee, and state unemployment taxes of 4.0% of the first $7,000 paid to each employee. Prepare the journal entry to record the employer’s payroll taxes on January 31 (Assume that none of the employees has reached the unemployment limit of $7,000). Journal entries will be journalized on the general journal for Problem 6. When complete, upload the general journal to this problem.According to a payroll register summary of Swifty Company, the amount of employees' gross pay in December was $852,000, of which $88,000 was not subject to Social Security taxes of 6.2% and $744,000 was not subject to state and federal unemployment taxes. (a) Determine the employer's payroll tax expense for the month, using the following rates: FICA 7.65%, state unemployment 5.40%, and federal unemployment 0.60%. (Round answer to 0 decimal places, e.g. 125.) Payroll tax expense $ eTextbook and Media List of Accounts
- A company has one employee. All wages for September are subject to 6.2% FICA Social Security taxes and 1.45% FICA Medicare taxes. The company's FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August Gross Pay for September 31 $6,500 $ 1,900 Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Enter answers in the tabs below. Payroll Taxes General Expense Journal Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Note: Round answers to 2 decimals. No 1 Date X Answer is not complete. September 30 General Journal Salaries expense FICA-Social security taxes payable FICA-Medicare taxes payable Salaries payable < Payroll Taxes Expense X General Journal Debit 1,900.00 Credit 117.80 27.55 1,754.65DIRECTIONS: Taxable earnings should be computed on the basis of a 40-hour week with overtime earnings being paid at time and one-half for all hours over 40 each workweek (no overtime for salaried employees). All employees' wages are subject to the OASDI tax of 6.2% and the HI tax of 1.45%. The supplemental HI rate of 0.9% is not applicable. Click here to access the Left Side of Payroll Register Table Use the partial wage-bracket tables provided to determine the amount of federal income tax to be withheld. For the salaried employees (#32 and #10), use the percentage method table. All workers are employed in a state that imposes a 2% income tax on the gross wages earned by each worker. Click here to access the Percentage Method Tables. Click here to access the Wage-Bracket Method Tables. If an amount box does not require an entry, enter "0". Round your answers to 2 decimal places. If problem PR.04.31AT wasn't assigned, you will first need to use the link to the left side of the payroll…A company has 10 employees, each of whom earns $1,800 per month and has been employed since January 1. All wages for this period are subject to 6.2% FICA Social Security taxes and 1.45% FICA Medicare taxes. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the February 28 journal entry to record the February payroll taxes expense. Note: Round your answers to 2 decimal places. View transaction list Journal entry worksheet Record employer payroll taxes. Note: Enter debits before credits. General Journal Date February 28 Payroll taxes expense FICA-Social security taxes payable FICA-Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable Debit Credit
- The following information pertains to a weekly payroll of Texera Tile Company: a. The total wages earned by employees are $17,500.b. The state unemployment insurance contribution rate is 3.5%.c. The entire amount of wages is taxable under FICA, FUTA, and SUTA.d. The amount withheld from the employees' wages for federal income taxes is $1,950; for state income taxes, $372.60; and for group insurance, $192.00. ournalize the payment of wages, and record the payroll taxes for this payroll. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Account Debit Credit Payment of wages Payroll taxesThe company payroll for the week ended November 8 is $80,000, with 15 percent withheld for employee income taxes and 8 percent for FICA taxes. The total amount of taxes to be remitted by the employer for this payroll, ignoring unemployment insurance taxes, would be:A company’s first weekly pay period of the year ends on January 8. Sales employees earned $30,000 and office employees earned $20,000 in salaries. The employees are to have withheld from their salaries FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $9,000 of federal income taxes, $2,000 of medical insurance deductions, and $1,000 of pension contributions. No employee earned more than $7,000 in the first pay period. Part 1. Compute FICA Social Security taxes payable and FICA Medicare taxes payable. Prepare the journal entry to record the company’s January 8 (employee) payroll expenses and liabilities. Part 2. Prepare the journal entry to record the company’s (employer) payroll taxes resulting from the January 8 payroll. Its state unemployment tax rate is 5.4% on the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%.
- Thomas Martin receives an hourly wage rate of $16, 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, 47; federal income tax withheld, $354; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? a.$1,504 b.$808 c.$1,128 d.$752During the month of January, an employee earned $5,000 of salary. Withholdings from the employee’s salary consist of FICA Social Security taxes of $310.00, FICA Medicare taxes of $72.50, federal income taxes of $532.50, and medical insurance deductions of $212.50. Prepare the journal entry to record the employer’s salaries expense and related liabilities assuming these wages will be paid in early February. (Round your final answers to 2 decimal places.) Record payroll for period.An employee earns $24 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 50 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee’s federal income tax withheld is $304. a. the gross pay for the week. b. the employee’s net pay for the week. When required round interim computations to two decimal places. Round your final answer to two decimal places.