·Prepare and use a payroll register including Social Security and Medicare withholdings.Use =IF and =ROUND to design the Social Security tax and union dues formulas.Record journal entries for payroll, employer's tax liability, and payment of payroll taxes.Identify behavior patterns among payroll taxes over time.Alter the worksheet to include an additional employee.Create a chart showing the percentage of an employee's gross pay that is withheld for taxesand other such deductions, and how much is left over as net pay.PROBLEM DATAReno Graphics has five employees, and they are paid at the end of each month. Payroll data forNovember are as follows:EmployeeJonesMillerSmithWilliamsZlotorzynskiGross Pay forNovember$9,0001,5301,21012,0004,200Federal IncomeTax Withheld$1,94813789Cumulative Gross Pay atOctober 31$?15,5706,5502,788661Other information (using 2011 rates) is as follows:a. Social security taxes are 4.2% of monthly gross pay up to a cumulative total pay of $106,800for 2011. Employers must pay 6.2% of monthly gross pay up to a cumulative total pay of$106,800 for each employee.b. Medicare taxes are 1.45% on monthly gross pay with no upper limit.c. A $25 monthly deduction is made for union dues for all union members.d.120,00055,000Unemployment taxes are paid on mónthly gross pay up to the first $7,000 earned by eachemployee each year. State and federal rates are 2.7% and .8%, respectively.REQUIREMENT1. Based on 2011 tax rates provided, use a calculator to compute how much would be withheldfrom Jones's November paycheck in the following three cases (round to the nearest penny):

Case 1: Cumulative Gross Pay at October 31 = $15,570Social Security Tax:The Social Security tax rate…

a. Social security taxes are 4.2% of monthly gross pay up to a cumulative total pay of $106,800 for 2011. Employers must pay 6.2% of monthly gross pay up to a cumulative total pay of $106,800 for each employee. b. Medicare taxes are 1.45% on monthly gross pay with no upper limit. c. A $25 monthly deduction is made for union dues for all union members. d. Unemployment taxes are paid on mónthly gross pay up to the first $7,000 earned by each employee each year. State and federal rates are 2.7% and .8 %, respectively. REQUIREMENT Based on 2011 tax rates provided, use a calculator to compute how much would be withheld from Jones's November paycheck in the following three cases (round to the nearest penny):

a. Social security taxes are 4.2% of monthly gross pay up to a cumulative total pay of $106,800 for 2011. Employers must pay 6.2% of monthly gross pay up to a cumulative total pay of $106,800 for each employee. b. Medicare taxes are 1.45% on monthly gross pay with no upper limit. c. A $25 monthly deduction is made for union dues for all union members. d. Unemployment taxes are paid on mónthly gross pay up to the first $7,000 earned by each employee each year. State and federal rates are 2.7% and .8 %, respectively. REQUIREMENT Based on 2011 tax rates provided, use a calculator to compute how much would be withheld from Jones's November paycheck in the following three cases (round to the nearest penny):

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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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.
The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $3,060 in the current period and had cumulative pay for prior periods of $6,120. What is the amount of unemployment taxes the employer must pay on this employee's wages for the current period? Multiple Choice $420.00. $367.20. $52.80. O $183.60. $0.00.
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Compute the net pay for each employee using the federal income tax withholding table included. Assume that FICA Social Security tax is 6.2% on a wage base limit of $142,800, Medicare is 1.45% on all earnings, the payroll is paid biweekly, and no state income tax applies. (Round each computation to the nearest cent as needed.) View the employee information. Compute the net pay for each employee. View the biweekly payroll period percentage method withholding chart. Li Kan Isabel Poland Gross earnings for the current pay period Deductions for employee withholding taxes - BIWEEKLY Payroll Period Percentage Method Withholding Chart STANDARD Withholding Rate Schedules Single or Married Filing Separately of the amount The tentative amount to Plus this withhold is: percentage-exceeds— that the Adjusted Wage Total deductions Net pay Adjusted wage amount is at least $0, but less than $483 $ 0.00 0% $ Adjusted wage amount is at least $483, but less than $865 $ 0.00 10% $ 483 Adjusted wage amount…
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A company's payroll records report $3,460 of gross pay and $484 of federal income tax withholding for an employee for the weekly pay period. Compute this employee's FICA Social Security tax (6.2%), FICA Medicare tax (1.45%), state income tax (1.0%), and net pay for the current pay period. Note: Round your final answers to 2 decimal places. Gross pay FICA Social Security tax deduction FICA Medicare tax deduction Federal income tax deduction State income tax deduction Total deductions Net pay
Pls help in detailed way and correct plss stepwise.
• X Corp. pays its employees monthly. The payroll information for Employee Barney listed below is for January, 2021, the first month of X's fiscal year. Salary: $40,000 Fed. Income Tax Withheld: $8,000 Federal and State Unemployment Tax: 6% Social Security Tax: 6.2% Medicare Tax: 1.45% Payroll tax expense related to this employee will be: O $7,140 $47,140 O $40,000 O $5,460
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