Given the information below, what are the Assistant Project Manager's total wages and allowances? . . . . . . . Assistant Project Manager Makes $65,000 per year Gets a $2000 Christmas bonus Gets $500/mo truck allowance . . . . Medicare tax is 1.45% of entire wage Social Security tax is 6.2% of first $128,700 of wages No SUTA . (FUTA) Company can take the full 5.4% credit against the FUTA liability Company's compensation insurance rate is $2.04 per $100 in wages Company's general liability insurance rate for office personnel is 0.70% of wages Company pays $150/month to health insurance with $250 deducted from 4 employee's paycheck Company matches employee's contributions to a 401(k) plan at a rate of $0.50 per $1.00 contributed by the employee on the first 6% of employees' wages (including allowances) 50% match up to 6% of wages for 401(k) plan $68,000 $73,000 $70,000 $65,000

Given the information below, what are the Assistant Project Manager's total wages and allowances? . . . . . . . Assistant Project Manager Makes $65,000 per year Gets a $2000 Christmas bonus Gets $500/mo truck allowance . . . . Medicare tax is 1.45% of entire wage Social Security tax is 6.2% of first $128,700 of wages No SUTA . (FUTA) Company can take the full 5.4% credit against the FUTA liability Company's compensation insurance rate is $2.04 per $100 in wages Company's general liability insurance rate for office personnel is 0.70% of wages Company pays $150/month to health insurance with $250 deducted from 4 employee's paycheck Company matches employee's contributions to a 401(k) plan at a rate of $0.50 per $1.00 contributed by the employee on the first 6% of employees' wages (including allowances) 50% match up to 6% of wages for 401(k) plan $68,000 $73,000 $70,000 $65,000

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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Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $6,100 $ 1,400 b. 2, 100 2,200 c. 133,000 9, 600
National Storage employs 88 workers with a gross monthly payroll of $137,000. Fringe benefits are 8.4% of payroll for a profit sharing plan and $9.23 per employee for life insurance. What percent of payroll is the total cost of fringe benefits? Round your answer to the nearest tenth of a percent. ______%
Your client A1 Services Ply Ltd has 10 employees and has approached you for advice on the following transactions: a) Payment to an employee for an estimated cost of electricity used in his home workshop. The total amount paid during the Fringe Benefits Tax (FBT) year is $450. b) Loan to an employee at 1% interest. The employee used the loan as a deposit to buy a holiday home with the intention of renting it out. A loan of $45,000 was provided on the 1st of April 2023. c) Payment of an employee's medical bills for a recent heart scare. The total amount paid during the FBT year is $3,500. d) $150 gift card to all employees as a Christmas present e) Payment of Christmas party for all employees to attend, total cost $2,500 Additional Information Refresh the assessment to view updated details after you submit an attempt. I REQUIRED: Advise A1 Services Pty Ltd which of the above items will be subject to Fringe Benefits Tax and determine the taxable value of the benefit provided. Provide…
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Required Information [The following Information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, Its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 pald to its employee. a. b. C. Gross Pay through August 31 $ 6,400 2,000 131,400 Gross Pay for September $ 800 2,100 8,000 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes Expense General Journal Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. Employer Payroll taxes September earnings subject to tax Tax Rate Tax Amount
You are considering two job offers: Job 1 is a full-time position that pays $58,000 annually and Job 2 is a full-time (40 hours a week) job that pays $26 an hour. You will pay 12% of your income for federal income taxes, 6.2% for Social Security, 1.45% for Medicare, and 4% for state income taxes. Job 1 has the following benefits: Health insurance costs $220 a month pre-tax income and the retirement plan is $180 of your after-tax income. You receive (10 days) of paid vacation. Job 2 has the following benefits: health insurance costs $75 a month of your pre-tax income and the retirement plan is 5% of your pre-tax income. You receive 1 week (5 days) of paid vacation.You plan on taking 2 weeks (10 days) of vacation. What is the Gross Monthly Income ater Deductions for Job 1? $4,833.33 $4,613.33 $3,522.27 $3,342.27
CVP – Basic Analysis Raveen Products sells camping equipment. One of the company’s products, a camp lantern, sells for $90 per unit. Variable expenses are $63 per lantern, and fixed expenses associated with the lantern total $135,000 per month. Required: Compute the company’s break-even point in number of lanterns and in total sales dollars. Compute the company’s Margin of Safety in sales dollar and in percentage. At present, the company is selling 8,000 lanterns per month. The sales manager is convinced that a 10% reduction in the selling price will result in a 25% increase in the number of lanterns sold each month. Prepare two contribution format income statements, one under present operating conditions, and one as operations would appear after the proposed changes. Show both total and per unit data on your statements. Refer to the data in (3) above. How many lanterns would have to be sold at the new selling price to yield…
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0,6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee Gross Pay through August 31 $ 5,700 3,200 132,600 Gross Pay for September $1,800 3,300 9,200 Exercise 9-9 (Algo) Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes General Expense Journal Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places.
DETAILS ASK YOUR TEACHER The SUTA rate for Worldwide Industries is 5.4% and its FUTA rate is 6.0% less the 5.4% SUTA credit. If its weekly payroll is $54,174 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes for the payroll? O $2,830.44 O $3,250.44 O $5,377.84 O $6,175.84
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. b. C. Gross Pay through August 31 $ 6,700 2,300 131,700 Exercise 9-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay Gross Pay for September $ 400 2,400 8,300 General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.)…
You are considering two job offers: Job 1 is a full-time position that pays $58,000 annually and Job 2 is a full-time (40 hours a week) job that pays $26 an hour. You will pay 12% of your income for federal income taxes, 6.2% for Social Security, 1.45% for Medicare, and 4% for state income taxes. Job 1 has the following benefits: Health insurance costs $220 a month pre-tax income and the retirement plan is $180 of your after-tax income. You receive (10 days) of paid vacation. Job 2 has the following benefits: health insurance costs $75 a month of your pre-tax income and the retirement plan is 5% of your pre-tax income. You receive 1 week (5 days) of paid vacation.You plan on taking 2 weeks (10 days) of vacation. What is the Monthly Take Home Pay for Job 1? $4,833.33 $4,613.33 $3,522.27 $3,342.27
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