Compute the total federal and state unemployment taxes given the following independent scenarios for SugarTime. 1.   The gross payroll total for all employees this month is $10,000. Assume that all employees’ wages fall below the $7,000 unemployment tax limit. 2.   The gross payroll total for all employees this month is $10,000. The amount of employees’ wages that fall below the $7,000 unemployment tax limit is $8,000. 1.   Total unemployment taxes   $  2.   Total unemployment taxes   $

Q: Assume the following data for Blossom Home Appliance Repair for the payroll quarter ended March 31.…

A: The business organizations enter the transactions into the journal for the purpose of keeping track…

Q: An employee earns $24 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: Formula: Net Pay = Gross pay - Total deductions Deductions are to be subtracted  from Gross pay to…

Q: Stone's gross pay for the week is $1,400. Stone's year-to-date pay is under the limit for OASDI.…

A: Payroll tax refers to any tax that is withheld from, levied against, or assessed against an…

Q: The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes…

A: Total unemployment taxes = FUTA unemployment taxes + SUTA unemployment taxes where, FUTA…

Q: Quirk Corp.'s payroll for the pay period ended October 31, 2010 is summarized as follows: Total…

A: First, we need to calculate the Social Security taxes. The rate is 6.2% and it applies to the wages…

Q: K Stone's gross pay for the week is $1,300. Stone's year-to-date pay is under the limit for OASDI.…

A: Payroll Tax: Any tax that is deducted from, assessed on, or levied against an employer's salary is…

Q: Assume the FUTA tax rate is 0.6% and the SUTA tax rate is 5.4%. Both taxes are applied to the first…

A: Unemployment taxes are a type of tax paid by employers to fund unemployment insurance programs.…

Q: William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is…

A: Date Account Titles and Explanation Debit Credit   Payroll Tax Expense $6850…

Q: Cheyenne Hardware payroll for November 2020 is summarized below.           Amount Subject to…

A: GIVEN DATA    Cheyenne Hardware payroll for November 2020 is summarized below.           Amount…

Q: The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes…

A: To calculate the total unemployment taxes the employer must pay, we need to find the amounts for…

Q: Given the following, calculate the state (assume 5.3%) and federal unemployment taxes that the…

A: The State Unemployment Tax Act, or SUTA, is a payroll tax that employers must pay to their…

Q: QUESTION 18 Assume that social security taxes a and state unemployment compensa employee's…

A: Employer withhold Social Security and Medicare taxes from employee's pay and contribute the same…

Q: Big Pine Tree Service has 18 employees, 12 with gross earnings of $350 per week and 6 with gross…

A: Payroll taxes The employer is required to pay a certain percentage to the government on the behalf…

Q: The SUTA rate for Thomson Temp Agency is 5.4% and its FUTA rate is 6% less the 5.4% SUTA credit. If…

A: SUTA credit is to be reduced from FUTA rate to find correct FUTA rate after credit of SUTA.

Q: Sky Company employed To

A: Payroll tax: A payroll tax is a tax withheld from an employee's salary by an employer who remits it…

Q: Don't give solution in image format..

A: PJW Co. Payroll Taxesa. Employer's Payroll TaxesFICA Tax: The FICA tax rate is 7.5%, but it's a…

Q: According to a summary of the payroll of PJW Co., $700,000 in earnings were subject to the 7.7% FICA…

A: Payroll taxes refers to the taxes that are applicable on the payroll expense of the entity. It…

Q: Compute Payroll An employee earns $22 per hour and 2 times that rate for all hours in excess of 40…

A: The gross pay of an employee indicates the total earnings to an employee for the services provided.…

Q: Assume that the MUST Co. pays a weekly payroll. Using the portion of the Wage Bracket Withholding…

A:

Q: Assume that the MUST Co. pays a weekly payroll. Using the portion of the Wage Bracket Withholding…

A: The answer is $44.60.

Q: Instructions 1. Compute the amounts to be reported for the year on each employee's Wage and Tax…

A: Amount receives as retirement, disability, and survivorship benefits from the Social Security…

Q: 2. Record employer payroll taxes.

A: Payroll Tax :— It is the tax that is levied on payroll of the employers.

Q: Prior to the last payroll period of the calendar year, the cumulative earnings of Employee A were…

A: The Social Security program, which pays retirement benefits to qualified persons, is financed by…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: Runner Company incurred the following amounts for their most recent pay period for employee gross…

A: Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a…

Q: A company wants to pay a bonus to an employee so that the net pay is $10,000. The federal income tax…

A: Federal income tax, State income tax and FICA tax are to be deducted from the bonus paid.     We…

Q: Sylvester's gross pay for the month of February is $3,900. His year-to-date pay is under the limit…

A: The objective of the question is to calculate the employer payroll taxes for Sylvester for the month…

Q: The payroll register of Salem Communications Co. indicates 6.2% of social security withheld and…

A: Payroll taxes are the amount of tax liability that is to be paid on payment of salaries and wages to…

Q: compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both…

A: Federal tax:- It is a U.S based income tax levied on an individual or company, firms etc on the…

Q: The following is a payroll sheet for Metlock Imports for the month of September. The company is…

A: The journal entry can be defined as the process of accounting where the transaction is recorded in…

Q: ​Tan's gross pay for the week is​ $1,400. His​ year-to-date pay is under the limit for OASDI. Assume…

A: Introduction:- Total payroll tax = FICA - OASDI tax + FICA - Medicare tax + State and Federal…

Q: According  to the accounted of larkspur, inc its payroll taxes for the week were as follows $133.50…

A: Given data: FICA tax = $133.5 Federal unemployment taxes = $16.50 State unemployment tax = $93

Q: the following; round your answers to the nearest cent.

A: As we know, SUTA tax = $ 7182 Net FUTA tax for 2015 = $ 520.20

Q: please give me answer in relatable

A: Part B: Payment of the Net PayrollJournal Entry:DateAccountDebitCreditMay 31Salaries Payable114,469…

Q: The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes…

A: Tax refers to the amount charged by the government from the individuals and organizations on the…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.