An employee has year-to-date earnings of $143,500. The employee's gross pay for the next pay period is $6,300. If the FICA-OASDI is 6.2% and the wage base is $147,000, how much FICA OASDI tax will be withheld fromthe employee's pay? (Answer is rounded to whole dollar.)A. $391B. $265C. $217○ D. $91

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Answered: An employee has year-to-date earnings…

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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19.The SUTA rate for Thomson Temp Agency is 5.4% and its FUTA rate is 6% less the 5.4% SUTA credit. If its semimonthly payroll is $139,320 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes (in $) for the payroll? SUTA tax $ FUTA tax $ Total tax $
An employee earns $20 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $265. a. Determine the gross pay for the week.$fill in the blank 1 b. Determine the net pay for the week. Round your answer to two decimal places.$fill in the blank 2
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%.
D1.
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1 ences Piperel Lake Resort's four employees are paid monthly. Assume an income tax rate of 20%. Required: Complete the payroll register below for the month ended January 31, 2021. (Do not round intermediate values. Round the final answers to 2 decimal places.) Click here to view the CPP Tables for 2021. Click here to view the El Tables for 2021. Employee Wynn, L Short, M. Pearl, P Quincy, B Totals $ $ Gross Pay 2,000.00 1,750.00 1,950.00 1,675.00 7,375.00 El Premium Income Taxes Medical Ins. $ Deductions $ 65.00 65.00 65.00 65.00 260.00 A CPP $ $ United Way 40.00 100.00 0.00 50.00 190.00 Total Deductions Pay Net Pay Distribution Office Salaries 1,750.00 Guide Salaries S 2.000.00 1,950.00 1,675.00
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• 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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Required information Skip to question [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 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 throughAugust 31 Gross Pay forSeptember a. $ 6,400 $ 800 b. 2,000 2,100 c. 122,100 8,000 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.) a) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA—Social Security FICA—Medicare FUTA SUTA b) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA—Social Security…
Given the following, calculate the state (assume 5.3%) and federal unemployment taxes that the employer must pay for each of the first two quarters. The federal unemployment tax is 0.8% on the first $7,000. Both state and federal unemployment taxes apply to the first $7,000 only. (Round your answers to the nearest cent.) PAYROLL SUMMARY Quarter 1 Quarter 2 $3,200 Bill Adams $ 7,300 12,800 Rich Haines 7,400 Alice Smooth 2,600 4,400 PAYROLL SUMMARY Quarter 1 Quarter 2 Total $780.8 8 $451.4 SUTA $678.4 $392.2 8 FUTA $102.4 24 59.2 * ...

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