During 20--, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $7,700. Compute the amount of FICA taxes that should be withheld from her. a. 9th paycheck  b. 18th paycheck c. 24th paycheck  d. If Rachael Parkin's year-to-date earnings as of her 24th paycheck      are $184,800, and her year-end bonus is $100,000, how much is      the additional 0.9% HI tax on all total earnings

Q: Donald Chin works for Northwest Supplies. His rate of pay is $12.00 per hour, and he is paid 1½…

A: Regular pay refers to the base salary or hourly wage that an employee earns for working their…

Q: On January 14, the end of the first pay period of the year, a company's employees earned $32,000 of…

A: FICA Social Security Tax Payable = $32,000 x 6.2% = $1,984FICA Medicare Tax Payable = $32,000 x…

Q: ​Jack, an employee of Desert​ Sky, Inc., has gross salary for May of $18,000. The entire amount is…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly salary of $8,300.…

A: FICA Taxes  A kind of tax which gets reduced from each paycheck of US employees is classified as…

Q: At the end of the first pay period of the year, Sofia earned $4,300 of salary. Withholdings from…

A: Net pay: It implies to the amount that is received by an employee as a take home after providing for…

Q: During 20--, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of…

A: Note: The OASDI tax wage limit for 2021 is $142,800.

Q: James Marbury is the payroll accountant at All's Fair Gifts. The employees of All's Fair Gifts are…

A: Payroll Accounting: - A payroll is a system handled by the business itself or outsourced to another…

Q: The employees of Ethereal Bank are paid on a semimonthly basis. All employees are single. Required:…

A: FICA taxes are collected from the employee and employer, both. FICA consists of Social Security Tax,…

Q: Sheffield Corbin's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work…

A: FICA tax = Gross pay  x FICA tax  rate = 760*7.65% = $58.14

Q: Donna Strand's regular hourly wage rate is $19, and she receives an hourly rate of $20 for work in…

A: FICA (Federal Insurance Contributions Act) taxes are payroll taxes that fund two major social…

Q: 33 Through November, Cameron has received gross income of $129,000. For December, Cameron is…

A: Standard DeductionSince Cameron is filing as a single taxpayer and we're assuming he has no itemized…

Q: Marbury is the payroll accountant at All's Fair Gifts. The employees of All's Fair Gifts are paid…

A: Federal Payroll SystemThe federal government of the United States processes and maintains employee…

Q: Christine Erickson is the payroll accountant for Multi Winds Energy of Lincoln, Nebraska. The…

A: Here we discuss the details of the payment of net pay which is incurred to the employees after…

Q: Sky Co. employed Tom Mills in Year 1. Tom earned $5,300 per month and worked the entire yearAssume…

A: Tax refers to the financial charge which is compulsory in nature and it is imposed through the…

Q: On January 14, the end of the first pay period of the year, a company's employees earned $50,000 of…

A: Payroll: The act of paying workers of a firm is referred to as payroll. This process involves…

Q: In 20-- the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid…

A: Introduction: Individual FICA contributions pay present benefits and develop future ones that will…

Q: Joel, an employee of Cruise​ Travel, Inc., has gross salary for March of​ $5,200. The entire amount…

A: FICA taxes are US payroll taxes calculated on employees wages. FICA tax rates are expressed in…

Q: n 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid…

A: FICA Social Security Tax Withheld A payroll tax is required to be deducted from employees' paychecks…

Q: The cumulative earnings of Kenney and Barry are $94,000 and $80,320, respectively. Their earnings…

A: At the time of making salaries payment to employees, several taxes and amount needs to be withheld.…

Q: In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid…

A: Social Security(OASDI) program limits the wage amounts of earnings subject to taxation for a given…

Q: At the end of the first pay period of the year, Sofia earned $5,400 of salary. Withholdings from…

A: Introduction:- Calculation of  Sofia’s net pay for this first pay period as follows under:- Net pay…

Q: In 20-- the annual salaries paid each of the officers of Perez, Inc., follow. The officers are paid…

A: FICA tax:   FICA tax refers to the Federal Insurance Contribution Act tax which is Country U law…

Q: Isabelle's hourly rate is $21.25. She worked 40 hours. Her deduction for federal income tax is based…

A: Gross pay= 40 hours * $ 21.25 = $ 850

Q: Donna Strand's regular hourly wage rate is $24, and she receives an hourly rate of $36 for work in…

A: Gross earnings refer to the total amount of money earned by an individual before any deductions or…

Q: The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting…

A: The Social Security tax, also known as the Federal Insurance Contributions Act (FICA) tax, is a…

Q: Old Town Entertainment has two employees in Year 1. Clay earns $3,600 per month, and Philip, the…

A: It is the amount of gross earnings of an employee reduced by the income tax to be withheld on the…

Q: Marbury is the payroll accountant at All's Fair Gifts. The employees of All's Fair Gifts are paid…

A: Federal Payroll SystemThe federal government of the United States processes and maintaining employee…

Q: The timesheet of employee Stevens shows that he worked 44 hours during a 40-hour workweek. On Monday…

A: Given data: Given that working hours per week = 40 hour workweek Also given that normal wage per…

Q: What is the total cost of compensation expense for the first week of January year 1 for Webber…

A: Compensation expenses include all expenses on employees provided for by the organization.

Q: The employees of Ethereal Bank are paid on a semimonthly basis. All employees are single. Required:…

A: FICA taxes include Social Security and Medicare contributions. These taxes are deducted from the…

Q: In 20-- the annual salaries paid each of the officers of Perez, Inc., follow. The officers are paid…

A: OASDI taxable is defined as the wages which are the earnings that are subject to the tax, also…

Q: The following information is available for the employees of Webber Packing Company for the first…

A: Payroll and employee compensation are related to the payments made by an employer to their employees…

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: Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…

A: Any company with employees is subject to a payroll tax under the Federal Unemployment Tax Act, and…

Q: entry fo

A: Payroll entries are extremely sensitive and important. A single mistake can lead to errors in…

Q: The following information is available for the employees of Webber Packing Company for the first…

A: Net pay is the amount of money that an employee receives after deductions such as taxes, Social…

Q: a. Cal Ruther, an employer is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the…

A: Employees wages and salaries are subject to federal income tax and other social security taxes.…

Q: Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: In 20-- the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid…

A: Introduction: If you earn a wage or a salary, you are most certainly subject to Federal Insurance…

Q: Marbury is the payroll accountant at All's Fair Gifts. The employees of All's Fair Gifts are paid…

A: Payroll accountingThe accounting process followed for the human resources payments regarding the…

Q: Excelsior, Inc. has one employee who has worked January - October of the current year. The employee…

A: According to the question given, we need to compute the payroll taxes and prepare the payroll…

Q: During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly salary of $7,500.…

A: OASDI Tax: The OASDI (Old Age, Survivors, and Disability Insurance program) tax, often referred as…

Q: Morgan is an employee of Redwind Company. He earned $12,350 for the current month. Prior to the…

A: Social security taxes are provided based on the FICA rate of 6.2% and 1.45% for Social security…

Q: During 20--, Matti Perez, president of Maggert Company, was paid a semimonthly salary of $6,500.…

A: For 2022, maximum taxable earnings for OASDI ( Old-Age, Survivors, and Disability Insurance) are…

Q: In 20--, the annual salaries paid to each of the officers of Abrew, Inc., follow. The officers are…

A: OSADI is also known as social security tax. Contribution to be deducted for each paycheck is 6.20%…

Q: The following information is available for the employees of Webber Packing Company for the first…

A: Social Security Taxes: Social security taxes are the compulsory payment by the taxpayers to the…