Please help me with this question answer general Accounting An employee's gross pay is $925.50 and their total payrolldeductions amount to $196.80. Calculate what percentage oftheir gross pay is being withheld for deductions.

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Answered: An employee's gross pay is $925.50 and…

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter6: Analysing And Journalizing Payroll

Section: Chapter Questions

Problem 18QR

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The total amount og deduction from an employee's gross pay is solve this question
Only need help with the first question please.
activity Investigating Payroll Deductions Read the problem and answer the question. An employer is required to withhold 7.65 percent of the first $62,700 of an employee's income for FICA taxes. Suppose you earn $50,000. How much will be withheld for FICA?
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For tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and $7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee. If an amount is zero, enter "0". NAME BEGINNINGCUMULATIVEEARNINGS TOTALEARNINGS ENDINGCUMULATIVEEARNINGS TAXABLE EARNINGS UNEMPLOYMENT SOCIAL SECURITY MEDICARE Axton, C. 112,800.00 7,691.00 120,491.00 fill in the blank 1 fill in the blank 2 fill in the blank 3 Edgar, E. 145,465.00 10,900.00 156,365.00 fill in the blank 4 fill in the blank 5 fill in the blank 6 Gorman, L. 36,879.00 3,064.00 39,943.00 fill in the blank 7 fill in the blank 8 fill in the blank 9 Jolson, R. 24,634.00 2,325.00 26,959.00 fill in the blank 10 fill in the blank 11 fill in the blank 12 Nixel, P. 6,850.00 2,463.00 9,313.00 fill in the blank 13 fill in the blank 14 fill in the blank 15
For tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and $7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee. If an amount is zero, enter "0". NAME BEGINNINGCUMULATIVEEARNINGS TOTALEARNINGS ENDINGCUMULATIVEEARNINGS TAXABLE EARNINGS UNEMPLOYMENT SOCIAL SECURITY MEDICARE Axton, C. 112,800.00 7,691.00 120,491.00 Edgar, E. 145,465.00 10,900.00 156,365.00 Gorman, L. 36,879.00 3,064.00 39,943.00 Jolson, R. 24,634.00 2,325.00 26,959.00 Nixel, P. 6,850.00 2,463.00 9,313.00
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Use the 2020 Federal income taxes tables for the percentage method table and the wage bracket method table
Assume the following payroll information for John Bell: Gross pay $10,000; deductions: income tax $2,500, FICA Social Security $620, FICA Medicare $145. What is included in the journal entry to record the employer amounts of the payroll? Assume gross salary maximums have not been reached. FICA Medicare taxes payable of $145 Employer portion of income tax $2,500 Salaries expense of $6,740 Salaries payable of $10,000
A company's payroll records report $3,210 of gross pay and $434 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 40.30 $ 40.30 -40.30
Identify all correct statements concerning payrolls andrelated payroll costs.a. Both employers and employees pay Social Security andMedicare taxes.b. Workers’ compensation premiums are withheld fromemployees’ wages.c. An employer’s total payroll costs usually exceed totalwages expense by about 71⁄2 percent.d. Under current law, employers are required to pay SocialSecurity taxes on employees’ earnings, but they are notrequired to pay for health insurance.
Gross pay is: Deductions withheld by an employer Salaries after taxes are deducted Total compensation earned by an employee before any deductions The amount of the paycheck
Assume the following payroll information for Jane Smith: Gross pay $10,000; deductions: income tax $2,500, FICA Social Security $620, FICA Medicare $145; company health insurance plan, $100. What is the total amount remitted to the Internal Revenue Service by the employer? Assume gross salary maximums have not been reached. $1,530 $4,030 $4,130 $6,530

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An employee's gross pay is $925.50 and their total payroll deductions amount to $196.80. Calculate what percentage of their gross pay is being withheld for deductions.