Determine the total taxable earnings for unemployment, Social Security, and Medicare.
Determine the total taxable earnings for unemployment, Social Security, and Medicare.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The information on earnings and deductions for the pay period ended December 14 from King Company's payroll records is as follows:
Beginning | ||
Cumulative | ||
Name | Gross Pay | Earnings |
Burgess, J. L. | $410 | $6,750 |
Clayton, M. E. | 785 | 40,200 |
Drugden, T. F. | 860 | 38,500 |
Lui, L. W. | 990 | 39,700 |
Sparks, C. R. | 4,094 | 115,700 |
Stevers, D. H. | 850 | 6,810 |
For each employee, the Social Security tax is 6.2 percent of the first $118,500 and the employer's Social Security tax is 6.2 percent on the same earnings limit. The Medicare tax is 1.45 percent on all earnings. The federal
Required:
Determine the total taxable earnings for unemployment, Social Security, and Medicare. If an amount is zero, enter "0".
NAME |
BEGINNING CUMULATIVE EARNINGS |
TOTAL EARNINGS |
ENDING CUMULATIVE EARNINGS |
TAXABLE EARNINGS | ||
UNEMPLOY- MENT |
SOCIAL SECURITY |
MEDICARE |
||||
Burgess, J. L. | fill in the blank c0561bfc801c06b_1 | fill in the blank c0561bfc801c06b_2 | fill in the blank c0561bfc801c06b_3 | fill in the blank c0561bfc801c06b_4 | fill in the blank c0561bfc801c06b_5 | fill in the blank c0561bfc801c06b_6 |
Clayton, M. E. | fill in the blank c0561bfc801c06b_7 | fill in the blank c0561bfc801c06b_8 | fill in the blank c0561bfc801c06b_9 | fill in the blank c0561bfc801c06b_10 | fill in the blank c0561bfc801c06b_11 | fill in the blank c0561bfc801c06b_12 |
Drugden, T. F. | fill in the blank c0561bfc801c06b_13 | fill in the blank c0561bfc801c06b_14 | fill in the blank c0561bfc801c06b_15 | fill in the blank c0561bfc801c06b_16 | fill in the blank c0561bfc801c06b_17 | fill in the blank c0561bfc801c06b_18 |
Lui, L. W. | fill in the blank c0561bfc801c06b_19 | fill in the blank c0561bfc801c06b_20 | fill in the blank c0561bfc801c06b_21 | fill in the blank c0561bfc801c06b_22 | fill in the blank c0561bfc801c06b_23 | fill in the blank c0561bfc801c06b_24 |
Sparks, C. R. | fill in the blank c0561bfc801c06b_25 | fill in the blank c0561bfc801c06b_26 | fill in the blank c0561bfc801c06b_27 | fill in the blank c0561bfc801c06b_28 | fill in the blank c0561bfc801c06b_29 | fill in the blank c0561bfc801c06b_30 |
Stevers, D. H. | fill in the blank c0561bfc801c06b_31 | fill in the blank c0561bfc801c06b_32 | fill in the blank c0561bfc801c06b_33 | fill in the blank c0561bfc801c06b_34 | fill in the blank c0561bfc801c06b_35 | fill in the blank c0561bfc801c06b_36 |
Total | fill in the blank c0561bfc801c06b_37 | fill in the blank c0561bfc801c06b_38 | fill in the blank c0561bfc801c06b_39 | fill in the blank c0561bfc801c06b_40 | fill in the blank c0561bfc801c06b_41 | fill in the blank c0561bfc801c06b_42 |
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