Gamma, Inc., has the following information from the payroll of June 30. Following are the details of federal taxes:Employees' federal income taxes withheldEmployees' FICA taxes withheldEmployer's share of FICA taxes$2,108.481,104.361,104.36Determine the total federal undeposited taxes of Gamma, Inc., for the payroll period ended June 30.a. $2,108.48b. $3,212.84c. $2,208.72d. $4,317.20

The objective of the question is to calculate the total federal undeposited taxes of Gamma, Inc.,…

Answered: Gamma, Inc., has the following…

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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Carter Manning has a weekly adjusted gross income of $990, is single, and claims one withholding allowance. Find the federal tax withholding to be deducted from his weekly paycheck using the percentage method tables. LOADING... Click the icon to view the IRS Table for Figuring Withholding Allowance According to the Percentage Method. LOADING... Click the icon to view the Table for Percentage Method of Withholding - Weekly Payroll Period. Question content area bottom Part 1 The federal tax withholding to be deducted from his salary is $ enter your response here.
Payroll Tax Entries According to a summary of the payroll of Guthrie Co., $587,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $19,000 was subject to state and federal unemployment taxes. Question Content Area a. Compute the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%.$fill in the blank 04825efc801a047_1 Question Content Area b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Use the 2020 Federal income taxes tables for the percentage method table and the wage bracket method table
The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.
Prior to posting the November 30 payroll transaction, FICA Taxes Payable - OASDI, FICA Taxes Payable - HI and employees FIT payable had zero balances. Pandel must pay the FICA taxes and income taxes withheld on the November 30 payroll. Jornalize the electronic transfer of the payroll taxes on December 17.
Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.
Below is a payroll sheet for Otis Import Company for the month of September 2014. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $113,700. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $113,700 per employee.
A company's employer payroll tax rates are 0.6% for federal unemployment taxes, 5.4% for state unemployment taxes, 6.2% for FICA social security taxes on earnings up to $128,400, and 1.45% for FICA Medicare taxes on all earnings. Compute the W-2 Wage and Tax Statement information required below for one of the following employees: Gross Eamings Employee Withheld A. Baylor. C. Jasmine, Federal Income Taxes $114,000 52,000 $17,600 8,200 A. Baylor C. Jasmine W-2 Information: Federal Income Tax Withheld Wages, Tips, Other Compensation. Social Security Tax Withheld. Social Security Wages.. Medicare Tax Withheld. Medicare Wages.
McLaughlin Manufacturing has the following data available for its March 31 payroll: *All subject to Social Security and Medicare matching and withholding at 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.50% and state unemployment taxes of 0.80% are payable on the first $1,000,000. 1 Wages earned Federal income taxes withheld 2 3 4 General Journal Instructions 5 Required: 1. Compute the taxes payable and wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes 1b. Prepare the journal entries for the transactions on March 31. 2. Conceptual Connection: McLaughlin Manufacturing would like to hire a new employee at a salary of $60,000. Assuming Social Security and Medicare taxes are as described earlier in the problem (with unemployment taxes paid on the first $7,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 28% of gross pay, what will be the total cost of this employee for McLaughlin?…
Journalize the entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.
Waterway Industries's payroll for the pay period ended October 31, 2021 is summarized as follows: DepartmentPayroll TotalWages FederalIncome TaxWithheld Amount of Wages Subjectto Payroll Taxes F.I.C.A. Unemployment Factory $77000 $9000 $68000 $33000 Sales 23000 3000 17000 3000 Office 18000 3000 9000 - $118000 $15000 $94000 $36000 Assume the following payroll tax rates: F.I.C.A. for employer and employee 7.65% each Unemployment 3% What amount should Waterway accrue as its share of payroll taxes in its October 31, 2021 balance sheet?

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