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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Summary Payroll Data Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. 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 $80,000 3. Total earnings ? Deductions: 4. Social security tax 32,400 5. Medicare tax 8,100 6. Federal income tax withheld 135,000 7. Medical insurance 18,900 8. Union dues ? 9. Total deductions 201,150 10. Net amount paid 338,850 Accounts debited: 11. Factory Wages 285,000 12. Sales Salaries ? 13. Office Salaries 120,000 a. Determine the amounts omitted in lines (1), (3), (8), and (12). (1) $fill in the blank 87b534fc705303d_1 (3) $fill in the blank 87b534fc705303d_2 (8) $fill in the blank 87b534fc705303d_3 (12) $fill in the blank 87b534fc705303d_4 b. Journalize the entry to record the payroll accrual. If an amount box does not require…
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Se and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Before Current Weekly Payroll $ 30,000 54,000 126,000 127,600 Current Gross Pay $1,440 2,880 3,560 2,960 Year-to-Date Earnings Soc. Sec. Maximum $128,400 128,400 128,400 128,400 $ Amount Over Max. Soc. Sec. Amount Subject to Soc. Sec. Soc. Sec. Tax Withheld Medicare Tax Withheld
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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.
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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.
Consider gross earnings of $86,000. The standard deduction is $12,000 and itemized deduction is $8,000. Social security tax rate is 6.2%; Medicare tax rate is 1.45%. How much is the taxable income (for federal income tax)? Give typing answer with explanation and conclusion