a) Tax FUTA SUTA b) Tax 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). (Round your answers to 2 decimal places.) 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. FICA-Social Security FICA-Medicare FUTA SUTA a. b. C. c) Tax Gross Pay through August 31 $ 6,400 2,700 133,300 FICA-Social Security FICA-Medicare FUTA SUTA FICA-Social Security FICA-Medicare September Earnings Subject to Tax 1,600.00 1,600.00 800.00 800.00 $ Gross Pay for September $ 1,700 2,800 9,900 September Earnings Subject to Tax 2,700.00 2,700.00 2,700.00 27,000.00 $ September Earnings Subject to Tax 4,700.00 9,600.00 $ 0 0 Tax Rate 6.20% 1.45% 0.60% 5.40% Tax Rate Tax Rate Tax Amount $ 6.20% $ 1.45% 0.60% 5.40% 6.20% 1.45% Tax Amount 99.20 23.20 4.80 43.20 $ 167.40 39.15 16.20 1,458.00 Tax Amount 291.40 139.20

a) Tax FUTA SUTA b) Tax 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). (Round your answers to 2 decimal places.) 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. FICA-Social Security FICA-Medicare FUTA SUTA a. b. C. c) Tax Gross Pay through August 31 $ 6,400 2,700 133,300 FICA-Social Security FICA-Medicare FUTA SUTA FICA-Social Security FICA-Medicare September Earnings Subject to Tax 1,600.00 1,600.00 800.00 800.00 $ Gross Pay for September $ 1,700 2,800 9,900 September Earnings Subject to Tax 2,700.00 2,700.00 2,700.00 27,000.00 $ September Earnings Subject to Tax 4,700.00 9,600.00 $ 0 0 Tax Rate 6.20% 1.45% 0.60% 5.40% Tax Rate Tax Rate Tax Amount $ 6.20% $ 1.45% 0.60% 5.40% 6.20% 1.45% Tax Amount 99.20 23.20 4.80 43.20 $ 167.40 39.15 16.20 1,458.00 Tax Amount 291.40 139.20

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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N2. Account
Tio Tom's Dive Shop has 6 employees who each make $12,500 for the first quarter. Total quarterly federal income tax withheld from wages = $6,900. What should line 6 be on the first quarter Form 941 for Tio Tom's Dive Shop? (All wages are taxable for OASDI, HI and federal income tax).
Payroll Tax Entries According to a summary of the payroll of Guthrie Co., $629,000 was subject to the 6.0% social security tax and $774,000 was subject to the 1.5% Medicare tax. Also, $21,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.2%; federal unemployment, 0.6%. b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.
d
K t ht ences The employees of Ethereal Bank are paid on a semimonthly basis. All employees are single. There are no pre-tax deductions. Required: Compute the FICA taxes for the employees for the November 30 payroll. All employees have been employed for the entire calendar year. Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places. Employee R. Bellagio B. Khumalo S. Schriver K. Saetang T. Ahmad M. Petrova Semimonthly Pay $ $ $ $ $ $ 9,519 6,719 6,838 8,200 10,700 9,050 YTD Pay for November 15 Pay Date Social Security Tax for November 30 Pay Date Medicare Tax for November 30 Pay Date
Kenneth McFarland's weekly gross earnings for the week ending March 9 were $2,170, and her federal income tax withholding was $390.60. Assuming the social security tax rate is 6% and Mcdicarc tax is 1.5% of all carnings, what is McFarland's net pay? If required, round your answer to two decimal places.
Payroll Tax Entries According to a summary of the payroll of Mountain Streaming Co., $582,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $19,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.2%; federal unemployment, 0.8%. $ b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank. ▼
Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes: FICA tax—OASDI 6.2% on first $132,900 FICA tax—HI 1.45% on total pay Federal income tax $232.00 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 $100 per pay Health insurance premium $95 per pay
Required Information [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. செ Gross Pay through August 31 Gross Pay for September $ 6,800 2,400 131,800 $ 700 2.500 8.400 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. a) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA b) September Earnings Tax Tax Rate Tax Amount Subject to Tax FICA-Social Security FICA-Medicare FUTA BUTA
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. a. b. c. Gross Pay through August 31 $ 6,400 2,700 133,300 Gross Pay for September $1,700 2,800 9,900 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answer in the tabs below. Employer Payroll taxes Payroll Taxes General Journal Expense Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) September earnings subject to tax Tax Rate
[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. $ 6,000 $ 1,500 b. 2,000 2,100 c. 132,900 9,500 Exercise 11-9 (Algo) Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer’s September 30 journal entry to record the employer’s payroll taxes expense and its related liabilities. Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits. Date General Journal Debit Credit September 30 Payroll taxes expense FICA—Social security taxes payable FICA—Medicare taxes payable Federal…