The information on earnings and deductions for the pay period ended December 14 from King Company's payroll records is as follows: Beginning CumulativeNameGross PayEarningsBurgess, 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 unemployment tax rate is 0.6 percent of the first $7,000 of earnings of each employee. The state unemployment tax rate is 5.4 percent of the same base.Required:Determine the total taxable earnings for unemployment, Social Security, and Medicare. If an amount is zero, enter "0".NAMEBEGINNINGCUMULATIVEEARNINGSTOTALEARNINGSENDINGCUMULATIVEEARNINGSTAXABLE EARNINGSUNEMPLOY-MENTSOCIALSECURITYMEDICAREBurgess, J. L.fill in the blank c0561bfc801c06b_1fill in the blank c0561bfc801c06b_2fill in the blank c0561bfc801c06b_3fill in the blank c0561bfc801c06b_4fill in the blank c0561bfc801c06b_5fill in the blank c0561bfc801c06b_6Clayton, M. E.fill in the blank c0561bfc801c06b_7fill in the blank c0561bfc801c06b_8fill in the blank c0561bfc801c06b_9fill in the blank c0561bfc801c06b_10fill in the blank c0561bfc801c06b_11fill in the blank c0561bfc801c06b_12Drugden, T. F.fill in the blank c0561bfc801c06b_13fill in the blank c0561bfc801c06b_14fill in the blank c0561bfc801c06b_15fill in the blank c0561bfc801c06b_16fill in the blank c0561bfc801c06b_17fill in the blank c0561bfc801c06b_18Lui, L. W.fill in the blank c0561bfc801c06b_19fill in the blank c0561bfc801c06b_20fill in the blank c0561bfc801c06b_21fill in the blank c0561bfc801c06b_22fill in the blank c0561bfc801c06b_23fill in the blank c0561bfc801c06b_24Sparks, C. R.fill in the blank c0561bfc801c06b_25fill in the blank c0561bfc801c06b_26fill in the blank c0561bfc801c06b_27fill in the blank c0561bfc801c06b_28fill in the blank c0561bfc801c06b_29fill in the blank c0561bfc801c06b_30Stevers, D. H.fill in the blank c0561bfc801c06b_31fill in the blank c0561bfc801c06b_32fill in the blank c0561bfc801c06b_33fill in the blank c0561bfc801c06b_34fill in the blank c0561bfc801c06b_35fill in the blank c0561bfc801c06b_36Totalfill in the blank c0561bfc801c06b_37fill in the blank c0561bfc801c06b_38fill in the blank c0561bfc801c06b_39fill in the blank c0561bfc801c06b_40fill in the blank c0561bfc801c06b_41fill in the blank c0561bfc801c06b_42

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

Answered: Determine the total taxable earnings…

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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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 unemployment tax rate is 0.6 percent of the first $7,000 of earnings of each employee. The state unemployment tax rate is 5.4 percent of the same base.

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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