Homework Help is Here – Start Your Trial Now!
Business
Accounting
Assume that instead of $5,000 per month Juan earned $9,500 per month. Answer the questions in Requirement a.

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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

onlyy need b, tnks

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.
Transcribed Image Text: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.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS