Assume that the social security tax rate is 6% and the Medicare tax rate i 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally e Earnings: 1. At regular rate 2. At overtime rate $57,500 3. Total earnings Deductions: 4. Social security tax 23,040 5. Medicare tax 5,760 6. Federal income tax withheld 97,800 7. Medical insurance 13,200 8. Union dues 9. Total deductions 142,000 10. Net amount paid 242,000 Accounts debited: 11. Factory Wages 203,500 12. Sales Salaries 76,800 13. Office Salaries

Assume that the social security tax rate is 6% and the Medicare tax rate i 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally e Earnings: 1. At regular rate 2. At overtime rate $57,500 3. Total earnings Deductions: 4. Social security tax 23,040 5. Medicare tax 5,760 6. Federal income tax withheld 97,800 7. Medical insurance 13,200 8. Union dues 9. Total deductions 142,000 10. Net amount paid 242,000 Accounts debited: 11. Factory Wages 203,500 12. Sales Salaries 76,800 13. Office Salaries

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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Concerning payroll accounting - Is Social Security & Medicare tax calculated on the entire salary for 1 pay period?
Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate 2. At overtime rate 3. Total earnings Deductions: 4. Social security tax 5. Medicare tax 6. Income tax withheld 7. Medical insurance 8. Union dues 9. Total deductions 10. Net amount paid Accounts debited: 11. Factory Wages 12. Sales Salaries 13. Office Salaries $80,000 ? (32,400) (8,100) (135,000) (18,900) (201,150) $338,850 285,000 ? 120,000 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). Assume that the social security tax rate was 6.0% and the Medicare tax rate was 1.5%. (1) (3)
Payroll Tax Entries According to a summary of the payroll of Guthrie Co., $587,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $19,000 was subject to state and federal unemployment taxes. Question Content Area a. Compute the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%.$fill in the blank 04825efc801a047_1 Question Content Area b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.
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
The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.
Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $70,400 3. Total earnings ? Deductions: 4. Social security tax 28,200 5. Medicare tax 7,050 6. Income tax withheld 119,700 7. Medical insurance 16,200 8. Union dues ? 9. Total deductions 174,000 10. Net amount paid 296,000 Accounts debited: 11. Factory Wages 249,100 12. Sales Salaries ? 13. Office Salaries 94,000
Concerning payroll accounting - How would Medicare Tax withholdings be determined on Period wages of $10,500 & Year To Date salary @ end of previous pay period is $195,000? Thank you, Jewelee Marple
verlay/Index 6. Use the figure below. George Clinton works for a company that uses a percentage method to compute the income tax withheld. Clinton is single and claims one allowance. The weekly withholding for each allowance is $61.54. He earns $421 a week. Find the amount of income tax withheld. SINGLE PERSONS-WEEKLY PAYROLL PERIOD If the amount of wages (after subtracting withholding allowances) is: withheld shall be Under $51- The amount of income tax to be Over - But not over - of excess over- $51 S188 10% $51 $188 $606 $13.70 plus 15% $188 $606 $1,341 Clarion University of Penneyvania $76.40 plus 25% $606 OA $25.72 B $39.42 OC $53.92 D $67.62
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Based on the payroll information above... Total gross earnings of all employees: $ 9,814.40 Total social security tax withheld: 608.49 Total medicare tax withheld 142.31 Total federal income tax withheld 1,766.00 Total insurance premiums withheld 804.00 Based on the payroll information above, calculate and record the employer's payroll taxes for the period on the general journal. The state unemployment tax rate is 5.4 percent, and the federal unemployment tax rate is 0.8 percent. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)
Entries for payroll and payroll taxes The following information about the weekly payroll was obtained from the records of Saine Co.: Salaries: Sales salaries Warehouse salaries Office salaries Deductions: Income tax withheld U.S. savings bonds Group insurance Tax rates assumed: $214,000 118,000 109,000 $441,000 $77,616 9,702 7,938 Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll related to the first full week of the year and was paid on January 11, journalize the entry on January 11, to record the payroll.