In December 2018, GrabCo withholds from an employee’s pay: $100 Medicare; $200 FITW; $50 SIT, and a $40 contribution to a 401k. For this pay period, its 941-tax liability for this employee is: Group of answer choices $100 $200 $400 $450
Q: Vander Company provides medical care and insurance benefits to its retirees. In the current year,…
A: When a company records the compensation of its employees, such type of accounting is known as…
Q: Calculate the Social Security and Medicare deduction for the following employee (assume a tax rate…
A:
Q: The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes…
A: Total unemployment taxes = FUTA unemployment taxes + SUTA unemployment taxes where, FUTA…
Q: In December 2018, GrabCo withholds from an employee’s pay: $100 Medicare; $200 FITW; $50 SIT, and a…
A: According to IRS form 941, the employer should include the information regarding the FIT, Medicare…
Q: K.S. Perez pays a 12% average tax rate on gross pay in federal taxes. K.S. also pays $100 into a…
A: There are different types of income taxes that are required to be paid by the residents of the US.…
Q: Maze Company has one employee that is paid $1,000 weekly. All of the employee's wages are subject to…
A: Payroll tax expense is the amount if tax charged on the payroll paid to the employees. It includes…
Q: arned $45, 800 during the year working for an employer when the maximum limit for Social Security…
A: FICA Tax -The Federal Insurance Contributions Act is referred to as FICA. According to this rule,…
Q: An employee has year-to- date earnings of $41,050. The employee's gross pay for the next pay period…
A: Federal Insurance Contributions Act tax: It is a federal payroll contribution that is directed for…
Q: An employer is required to withhold 7.65 percent of the first $62,700 of an employee's income for…
A: Social tax security is a compulsory contribution of employer and employee. It funds the retirement,…
Q: John Jenkins earns $1,290 per week. The deductions from his pay were: FIT $111.00 FICA—OASDI 79.98…
A: Step 1 Hello. Since your question has multiple parts, we will solve first question for you. If you…
Q: Blossom Inc. has a defined-benefit pension plan covering its 384 employees. Blossom agrees to amend…
A: The cost incurred by a business or organization to provide pension benefits to its employees under a…
Q: An employee earned $37,000 during the year working for an employer when the maximum limit for Social…
A: Formula to calculate employee's annual FICA taxes amount:Employee's annual FICA taxes = Employee…
Q: Bob, age 35, carns $200,000 annually from ABC Incorporated. ABC sponsors a SIMPLE and matches all…
A: The amount an employee contributes from their salary to a SIMPLE IRA cannot exceed $15,500 in…
Q: Which of the following statements is correct? a. The contribution limits for SEPs are a maximum…
A: The given question is answered as per the IRS Rules for year 2020.
Q: For tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and…
A: Taxable Earnings: These are those earnings for which one has to pay tax to the government as per the…
Q: Calculate the Social Security and Medicare deductions for the following employee (assume a tax rate…
A: Tax rate – 6.2% On 142,800 for SS And tax rate – 1.45% for Medicare Cumulative earnings before pay…
Q: Pharoah Company sponsors a defined benefit plan for its 100 employees. On January 1, 2025, the…
A: Based on the provided information, we can calculate various figures related to Pharoah Company's…
Q: Pearsall offers defined benefit pension plan to employees, which had a PBO of $265,000 on January 1,…
A: Ending PBO = Beginning PBO + Service costs + Interest Costs - Pension benefit paid where, Interest…
Q: Sharks Company implemented a defined benefit pension plan for its employees. The following data are…
A:
Q: entry fo
A: Payroll entries are extremely sensitive and important. A single mistake can lead to errors in…
Q: Davison Company has a noncontributory defined benefit pension plan for its employees. During 2019,…
A: A projected benefit is the present value of an employee's pension. It is an obligation of present…
Q: An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…
A: a. Gross pay = Normal pay + Overtime pay = $16*40 + 1.5* $16* (55-40)Gross pay = $640 + $560 Gross…
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: An employer uses a final pay formula to determine retirement payouts to its employees. The annual…
A: 1) Average salary (S) = $54000 Years worked (y) = 17
Q: Taxable earnings = $
A: Given, Gross pay of the employee is $920 To calculate the taxable earnings, we need to deduct all…
Q: In addition to gross pay, the company must pay 60% of the $50 per employee weekly health insurance;…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub- parts for…
Q: Pharoah Inc. has a defined-benefit pension plan covering its 248 employees. Pharoah agrees to amend…
A: Management gives various benefits to employees including pension benefits. It needs to book as a…
Q: Blossom Company has five employees participating in its defined benefit pension plan. Expected years…
A: Pension is defined as the fund collected from the taxpayer or employee during his term of…
Q: Employee DD earned $43,300 working for an employer in the current year. The current rate for Social…
A: Please see the next step for the solution
Q: An employee earned $45,400 during the year working for an employer when the maximum limit for Social…
A: The FICA tax amount is the sum of 6.2% social security tax and 1.45% Medicare tax on the employee…
Q: Select answer from the options below 192 for 2026 and 590 overall.
A: Defined-benefit pension plans are retirement plans where employers commit to providing specific…
Q: Martin Services Company provides its employees vacation benefits and a defined contribution pension…
A: Solution:- a) Preparation of the journal entry for the vacation pay as follows under:-
Q: An employee earned $43,300 working for an employer in the current year. The current rate for Federal…
A: Payroll tax refers to the tax that is subtracted from, assessed against, or imposed on an employer's…
Q: The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting…
A: A portion of an employee's earnings is contributed towards Medicare by both employee and employer.…
Q: or tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and…
A: Taxable earnings is the earnings upon which tax is calculated by the individual using the given tax…
Q: The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability…
A: Tax deductions are the amounts which are reduced from the taxable income to be paid to the…
Q: For each employee listed, use both the wage-bracket method and the percentage method to calculate…
A: Tax is the means by which a government or taxing authority imposes or levies a tax on its citizens…
Q: Compute the net pay for each employee using the federal income tax withholding table included.…
A: Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…
Q: Lorin Management Services has an unfunded postretirement benefit plan. On December 31, 2024, the…
A: Dear student, check the answer in the explanation box below.Explanation:To address the questions…
Q: An employee earned $50,000 during the year. FICA tax for Social Security is 6.2% and FICA tax for…
A: FICA tax is contributed both the employees and the employer with 6.2% of social security tax till…
Q: Multiple Choice $2,789.20. $6,489.70. $7160.40. $3,580.20. $670.70.
A: FICA is a U.S. federal payroll tax. The acronym "FICA" stands for the Federal Insurance…
Q: In 2020, Willow Corporation had three employees. Two of the employees worked full-time and earned…
A: Amount paid under State Unemployment Tax = [($7,000. x 2 employees) + $4,000] x state unemployment…
Q: Pearsall Company has a defined benefit pension plan. On December 31 (the end of the fiscal year),…
A: Defined pension plan is plan which is a type of pension plan in which both employees and employer…
Q: The employees of Lillian's Interiors are paid on a semimonthly basis. Required: Compute the FICA…
A: In computing the FICA (Federal Insurance Contributions Act) taxes for the employees of Lillian's…
Q: Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI-6.2% both on…
A: Cumulative Earning before Present Salary Salary Received OASDI HI a) 9th Pay Check $56,800.00…
In December 2018, GrabCo withholds from an employee’s pay: $100 Medicare; $200 FITW; $50 SIT, and a $40 contribution to a 401k. For this pay period, its 941-tax liability for this employee is:
Group of answer choices
$100
$200
$400
$450
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Federal Gross Income Employee Filing Status Allowances Income Withholding Sarah $10,000 $962 $1,362 Joe $8,000 $7,000 Kevin $357 Lemur's payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31. If required, round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank. Dec. 31 Married Single Single 4 1Brianna Whitman works for Schaum, Whitney, & Matte, LLP, in Washington, D.C., which pays employees on a biweekly basis. Brianna's annual salary is $162,600. The company started in 2021. Required: Calculate the following: (Do not round intermediate calculations. Round your answers to 2 decimal places.) Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax Pay Period End September 24 December 31For the first week of 2022, Coby Co. pays wages of $6,000 and withholds $1,000 for federal income taxes and $400 for state income taxes. The combined FICA and Medicare tax rate is 7.65%. The FUTA rate is 0.8% and the SUTA rate is 5.4% Record the payroll. Record the payroll tax.
- John Jenkins earns $1,290 per week. The deductions from his pay were: FIT $111.00 FICA-OASDI 79.98 FICA-HI 18.71 State income tax 31.00 State disability insurance 9.03 Credit union deduction 40.00 Health insurance premium 47.50 Charitable contribution 5.00 John's disposable earnings would be: $1,290.00 - $111.00 (FIT) - $79.98 - $18.71 (FICA deductions) - $31.00 (SIT) - $9.03 (disability insurance) = $1,040.28 Example 6-3 Huffman Company has a child support order outstanding on one of its employees (Charles Suffert-$170 per week). Charles Suffert's disposable income is $950 per week. A new garnishment is received for a $5,000 debt to a credit card company. The company would take an additional $237.50 out of Suffert's pay. Lesser of: 25% x $950 $237.50 or $950 - (30 x $7.25) = $732.50 Kalen O'Brien earned $730 this week. The deductions from her pay were as follows: FIT $66.00 FICA-OASDI 45.26 FICA-HI 10.59 State income tax 36.50 State disability insurance 8.61 Health insurance premium…Putnam Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $19,500 for the period. The pension formula calculated a pension cost of $264,000. Only $15,840 was contributed to the pension plan administrator. (a) Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. (b) Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank.Sabrina Duncan had gross earnings for the pay period ending 10/15/20X1 of $5,785. Her total gross earnings as of 9/30/20X1 were $126,600. If Social Security taxes are 6.2% on a maximum earnings threshold of $132,900 per year, Sabrina’s Social Security withheld from her 10/15/20X1 paycheck would be: Multiple Choice $358.67 $220.47 $216.07 $390.60
- An employer agrees to pay $14,800 for medical insurance and contribute an additional 5% of the employees' $148,000 gross salaries to a retirement program. The entry to record these accrued benefits is:An employee earns $5,750 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $192 in tederal income taxes withheld. The employee has voluntary deductions for health insurance of $160 and contributes $80 to a retirement plan each month. What is the amount of net pay for the employee for the month of January? (Round your intermediate calculations to two decimal places.) Multiple Choice $4.87812 $4,56762For each employee listed, use both the wage-bracket method and the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to Publication 15-T (2020). Carol Harrison (single; 0 federal withholding allowance) earned daily gross pay of $210. For each period, she makes a 401(k) contribution of 13% of gross pay.Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $
- An employee earns $36 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 55 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee’s federal income tax withheld is $518. a. Determine the gross pay for the week.$fill in the blank 1 If applicable, round your final answer to two decimal places. b. Determine the net pay for the week.An employee earned $44,600 during the year working for an employer when the maximum limit for Social Security was $128,400. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employee's annual FICA taxes amount is: Multiple Choice $3,411.90. $646.70. $6,177.10. $6,823.80. $2,765.20.Vander Co. provides medical care and insurance benefits to its retirees. In the current year, Vander agrees to pay $9,500 for medical insurance and contribute an additional 5% of the employees’ $200,000 gross salaries to a retirement program. (1) Record the entry for these accrued (but unpaid) benefits on December 31. (2) Assuming $5,000 of the retirement benefits are not to be paid for five years, how should this amount be reported on the current balance sheet?
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)