ayroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the week ending September 30. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2%), Medica ), federal income tax withholding (use the withholding table in Exhibit 11A.6), state income tax (1.0%), and net pay for the eriod. Round your final answers to 2 decimal places. l (gross) earnings for current pay period lative earnings of previous pay periods pay ial security tax deduction dicare tax deduction eral income tax deduction e income tax deduction $ 740.00 $ 740 $ 9,700

ayroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the week ending September 30. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2%), Medica ), federal income tax withholding (use the withholding table in Exhibit 11A.6), state income tax (1.0%), and net pay for the eriod. Round your final answers to 2 decimal places. l (gross) earnings for current pay period lative earnings of previous pay periods pay ial security tax deduction dicare tax deduction eral income tax deduction e income tax deduction $ 740.00 $ 740 $ 9,700

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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Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $11,500. He is single. Before this payroll, Barrett's cumulative earnings were $142,080. (Social Security maximum is 6.2% on $142,800 and Medicare is 1.45%.) Calculate FIT by the percentage method. (Use Table 9.1) Note: Round your answers to 2 decimal places. FIT Social Security taxes Medicare taxes $ 4,025.00 $ 44.64 $ 166.75
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The following journal entry for payroll taxes has been recorded by Ruth for her hair salon business. Assume federal income tax is $3,832.00 and state income tax is $306.00.Prepare the journal entry to record payment of the payroll taxes, assuming all taxes were paid on the same day. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) General Journal Date Account Titles and Explanation Ref. Debit Credit Payroll Tax Expense 2,232.20 FICA Taxes Payable 1,223.00 Federal Unemployment Taxes Payable 67.20 State Unemployment Taxes Payable 942.00 (To record employer’s payroll taxes) Account Titles and Explanation Debit Credit
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Give me correct answer with explanation.j
Can I do a general journal entry on this scenario, if so how do i do it? Master Flow’s first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20 / Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma’s Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay.
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