Ms. Cumacaliua is concurrently employed at Cumanan Corporation an Paatras Company. She received the following during the month: Cumanan 50,000 P Paatras 40,000 Professional fees Less: Creditable withholding tax Loan repayment SSS, PhilHealth, HDMF Net pay 6,000 12,000 7,000 3.000 40.000 P P. 22,000 Compute the amount subject to business tax. ist
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- Required information 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 $128,400 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 throughAugust 31 Gross Pay forSeptember a. $ 6,400 $ 800 b. 2,000 2,100 c. 122,100 8,000 Compute BMX’s amounts for each of these four taxes as applied to the employee’s gross earnings for September under each of three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.) a) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA—Social Security FICA—Medicare FUTA SUTA b) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA—Social Security…Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes: FICA tax—OASDI 6.2% on first $132,900 FICA tax—HI 1.45% on total pay Federal income tax $232.00 per pay State income tax 22% of the federal income tax withholding Federal unemployment tax 0.6% on first $7,000 State unemployment tax 0.05% on first $14,000 Additional payroll deductions include: 401(k) plan 3% per pay Child support garnishment $100 per pay Health insurance premium $95 per payRequired 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 paid to its employee. செ Gross Pay through August 31 Gross Pay for September $ 6,800 2,400 131,800 $ 700 2.500 8.400 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. a) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA b) September Earnings Tax Tax Rate Tax Amount Subject to Tax FICA-Social Security FICA-Medicare FUTA BUTA
- 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. a. b. c. Gross Pay through August 31 $ 6,400 2,700 133,300 Gross Pay for September $1,700 2,800 9,900 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 answer in the tabs below. Employer Payroll taxes Payroll Taxes General Journal Expense Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) September earnings subject to tax Tax RateLemur 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 1es ! Required information [The following information applies to the questions displayed below.]. a) Tax 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. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. FUTA SUTA b) Tax a. b. C. FICA-Social Security FICA-Medicare FUTA SUTA c) Tax Gross Pay through August 31 $ 5,300 2,800 132,200 FICA-Social Security FICA-Medicare FICA-Social Security FICA-Medicare FUTA SUTA Gross Pay for September $ 2,600 2,900 8,800 September Earnings Subject to Tax 2,600.00 2,600.00 $ September Earnings Subject to Tax 2,900.00 2,900.00 September Earnings Subject to Tax 8,800.00 Tax Rate 6.20% 1.45%…
- Q) Find the federal withholding tax using the wage bracket method for each of the following employees. Kerry Cook: 1 withholding allowance, single, $2165.17 monthly earnings Mary Jackson: 2 withholding allowances, married, $639.80 weekly earnings Julie Pendleton: 0 withholding allowances, single, $1843.19 monthly earnings L. Sanchez: 3 withholding allowances, married, $521.10 weekly earnings B. Maynard: 4 withholding allowance, married, $2484.97 monthly earningsCan I do a general journal entry on this scenario, if so how do i do it? Master Flow’s first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20 / Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma’s Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay.Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,700 each week. Additional tax information includes: FICA tax—OASDI 6.2% on first $137,700 FICA tax—HI 1.45% on total pay Federal income tax $255.00 per pay State income tax 22% of the federal income tax withholding Federal unemployment tax 0.6% on first $7,000 State unemployment tax 0.05% on first $14,000 Additional payroll deductions include: 401(k) plan 3% per pay Child support garnishment $110 per pay Health insurance premium $95 per pay Here is what I need help with: Record the payroll entry and payroll tax entry for the pay of the week ended June 7 (his year-to-date pay is $35,700). If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Account Debit Credit Payment of wages fill in the blank 35542201cfaf02a_2 fill in the blank 35542201cfaf02a_3 fill in the…
- (a) Tax 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. noo FUTA SUTA Gross Pay through August 31 $6,400 2,700 133,300 Exercise 9-7 (Algo) Computing payroll taxes LO P2, P3 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c) Note: Round your answers to 2 decimal places. FICA-Social Security FICA-Medicare Gross Pay for September $ 1,700 2,800 9,900 $ September Earnings Subject to Tax 1.700.00 1.700.00 600.00 600 00 Tax Rate Tax Amount 6.20% $ 1:45% 0.60% 5.40% 105,40 24 65 3.60 32.40[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 $ 6,000 Gross Pay for September $ 1,500 2,100 9,500 a. 2,000 132,900 b. C. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.) a) September Earnings Subject to Tax Таx Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA b) September Earnings Subject to Tax Тax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA c) September Earnings Subject to Tax Тax Tax Rate Tax Amount FICA-Social Security FICA–Medicare FUTA SUTA
