An employee earns $5,750 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and theSUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $192 intederal income taxes withheld. The employee has voluntary deductions for health insurance of $160 and contributes $80 to aretirement plan each month. What is the amount of net pay for the employee for the month of January? (Round yourintermediate calculations to two decimal places.)Multiple Choice$4.87812$4,56762

Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

An employee earns $5,750 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 06%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $192 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $160 and contributes $80 to a retirement plan each month. What is the amount of net pay for the employee for the month of January? (Round your Intermediate calculations to two decimal places.) Multiple Choice O S4.07812

An employee earns $5,750 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 06%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $192 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $160 and contributes $80 to a retirement plan each month. What is the amount of net pay for the employee for the month of January? (Round your Intermediate calculations to two decimal places.) Multiple Choice O S4.07812

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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Dixon Sales has six employees that receive weekly paychecks. Each employee earns $14.00 per hour and has worked 40 hours in the pay period. Total federal income tax withholdings are $403.20. Each employee pays 3.0% in state income tax, 6.0%% in Social Security tax, 1.5% in Medicare tax, and 0.5% toward retirement savings. Journalize the recognition of the pay period ending January 19 that will be paid to the employees on January 26 using the chart of accounts below. Medicare Tax Payable Payroll Tax Expense Payroll Tax Payable Sales Wages Expense Sales Wages Payable Social Security Tax Expense Cash Employees Federal Income Tax Expense Employees Federal Income Tax Payable Social Security Tax Payable mployees State Income Tax Expense Prepaid Payroll Taxes Unearned Sales Wages nployees State Income Tax Payable edicare Tax Expense Retirement Savings Payable Sales er your answers into the table below. the account names carefully (exactly as shown above) and follow formatting instructions…
An employee receives an hourly rate of $25.00, 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, 42; federal income tax withheld, $281.00; 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. $769.00 $1,075.00 $688.38 $713.38
An employee earned $43,300 working for an employer in the current year. The current rate for Federal Insurance Contributions Act (FICA) Social Security is 6.2% payable on earnings up to $137,700 maximum per year, and the rate for Federal Insurance Contributions Act (FICA) Medicare 1.45%. The employer's total Federal Insurance Contributions Act (FICA) payroll tax for this employee is: Multiple Choice O $7.221.60 $3,312.45 $10,534.05 $2.684 60
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
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.
An employee receives an hourly wage rate of $20, 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, 43; federal income tax withheld, $338; social security tax rate, 6.0%; and Medicare tax rate, 1.5% on all earnings. What is the gross pay for the employee? Select the correct answer. $890 $1,290 $1,720 $860
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