onlyy need b, tnks Exercise 9-culating employeeMarion Co. employed Juan Lopez in 2010. Juan earned $5,000 per month and worked the entireyear. Assume the Social Security tax rate is 6 percent on the first $110,000 of earnings and theMedicare tax rate is 1.5 percent. Juan's federal income tax withholding amount is $900 per month.Use 6.2 percent for the unemployment tax rate for the first $7,000 of earnings per employee.Requireda. Answer the following questions:(1) What is Juan's net pay per month?(2) What amount does Juan pay monthly in FICA payroll taxes?(3) What is the total payroll tax expense for Marion Co. for January 2010? February 2010?March 2010? December 2010?b. Assume that instead of $5,000 per month Juan earned $9,500 per month. Answer the questionsin Requirement a.

The solution has been provided for the requirement which has been asked which is part b and the…

Answered: Assume that instead of $5,000 per month…

Principles of Accounting Volume 1

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Chapter12: Current Liabilities

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Problem 14EA: Toren Inc. employs one person to run its solar management company. The employees gross income for...

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Connie Gibbs collected a 2,000 bonus for her departments safety record for the year (52 weeks). During that year, Gibbs worked an average of 44 hours each week. Calculate the extra overtime pay due Gibbs for that year. Extra overtime pay...................................... _______
Toren Inc. employs one person to run its solar management company. The employees gross income for the month of May is $6,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $400, state income tax of $75, health-care insurance premium of $200, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. B. Record remittance of the employees salary with cash on June 1.
Exercise 9- culating employee Marion Co. employed Juan Lopez in 2010. Juan earned $5,000 per month and worked the entire year. Assume the Social Security tax rate is 6 percent on the first $110,000 of earnings and the Medicare tax rate is 1.5 percent. Juan's federal income tax withholding amount is $900 per month. Use 6.2 percent for the unemployment tax rate for the first $7,000 of earnings per employee. Required a. Answer the following questions: (1) What is Juan's net pay per month? (2) What amount does Juan pay monthly in FICA payroll taxes? (3) What is the total payroll tax expense for Marion Co. for January 2010? February 2010? March 2010? December 2010? b. Assume that instead of $5,000 per month Juan earned $9,500 per month. Answer the questions in Requirement a.
H1
What is toms net pay per month and what does he pay in FICA taxes?
Complete table only
A-5
Subject: acounting
1
A5
None

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Assume that instead of $5,000 per month Juan earned $9,500 per month. Answer the questions in Requirement a.