B. Record the payment in cash of all employer liabilities only on June 1. Round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank.June 1June 1June 1To recognize payment of accrued tax liabilitiesTo recognize payment of accrued employee union liabilitiesTo record payment of accrued employee benefit liabilities38 Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $16,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%,federal income tax of $450, state income tax of $80, health-care insurance premium of $210, and union dues of $70. The employee is responsible for covering 30% of his or her health insurance premium.Toren Inc. have the following additional information:. May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,700 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of thehealth insurance premium.A. Record the employer payroll for the month of May, dated May 31, 2017. If an amount box does not require an entry, leave it blank.May 31 Employer Payroll Taxes ExpenseSalaries ExpenseMay 31To recognize employer payroll for MayTo record employer-paid benefits for May

For a transaction with dual purposes known as a journal entry, the debit and credit accounts can be…

oren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $16,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, ederal income tax of $450, state income tax of $80, health-care insurance premium $210, and union dues of $70. The employee is responsible for covering 30% of his or her health insurance premium. oren Inc. have the following additional information: May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,700 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium. A. Record the employer payroll for the month of May, dated May 31, 2017. If an amount box does not require an entry, leave it blank. May 31 Employer Payroll Taxes Expense Salaries Expense May 31 To recognize employer payroll for May record amplower paid I

oren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $16,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, ederal income tax of $450, state income tax of $80, health-care insurance premium $210, and union dues of $70. The employee is responsible for covering 30% of his or her health insurance premium. oren Inc. have the following additional information: May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,700 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium. A. Record the employer payroll for the month of May, dated May 31, 2017. If an amount box does not require an entry, leave it blank. May 31 Employer Payroll Taxes Expense Salaries Expense May 31 To recognize employer payroll for May record amplower paid I

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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An employee receives an hourly rate of $22, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the first week of the calendar year are as follows: hours worked, 42; federal income tax withheld, $144; Social security tax rate, 6%; and Medicare tax rate, 1.5%; state unemployment tax, 5.4% on the first $7,000; federal unemployment tax, 0.8% on the first $7,000. What is the net amount to be paid to the employee? If required, round your answers to the nearest cent.
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,260 The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137700 earned each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 145% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate of 06% and the State Unemployment Taxes (SUTA) tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,32517 What is the total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculetions to two decimal places.) Multiple Choice $3,09717 $2,443 21 $2,443.21 $1,957.06 $1,722.00 $1,495.36
Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $16,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $450, state income tax of $80, health-care insurance premium of $210, and union dues of $70. The employee is responsible for covering 30% of his or her health insurance premium. Toren Inc. have the following additional information: May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,700 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium. Question Content Area A. Record the employer payroll for the month of May, dated May 31, 2017. If an amount box does not require an entry, leave it blank. May 31 - Select - - Select - - Select - - Select -…
Toren Inc. employs one person to run its solar management company. The employee’s gross income for the month of May is $6,600. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $420, state income tax of $85, health-care insurance premium of $230, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. Round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank. May 31 fill in the blank f06e6df38fa3f84_2 fill in the blank f06e6df38fa3f84_3 fill in the blank f06e6df38fa3f84_5 fill in the blank f06e6df38fa3f84_6 fill in the blank f06e6df38fa3f84_8 fill in the blank f06e6df38fa3f84_9 fill in the blank f06e6df38fa3f84_11 fill in the blank f06e6df38fa3f84_12 fill in the…
Employee AA is paid monthly. For the month of January, she earned a total of $8,260. The tax for social security is 6.2% of the first $128,400 of employee earnings each calendar year and the tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of .6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from Employee AA’s earnings was $1,325.17. Employee AA’s net pay for the month is:
Great Lakes Tours' total payroll for the month of January was $440,000. The following withholdings, fringe benefits, and payroll taxes apply: Federal and state income tax withheld Health insurance premiums paid by employer (payable to Blue Cross) Contribution to retirement plan paid by employer (payable to Fidelity) FICA tax rate (Social Security and Medicare) Federal and state unemployment tax rate $44,000 Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes. 7,920 17,600 7.65% 6.20% Assume that none of the withholdings or payroll taxes has been paid by the end of January (record them as payables), and no employee's cumulative wages exceed the relevant wage bases. Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Domestic
Thomas Martin receives an hourly wage rate of $15, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $370; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Round your answer to the nearest whole dollar. Oa. $720 Ob. $780 Oc. $1,080 Od. $1,440
On January 15, the end of the first biweekly pay period of the year, North Company;s payroll register showed that its employees earned $48,000 of sales salaries. Withholdings from the employees; salaries include FICA Social Security taxes at the rate of 6 2%, FICA Medicare taxes at the rate of 145%, $3.100 of federal income taxes, $1,037 of medical insurance deductions, and $130 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record North Company39;s January 15 (employee) payroll expenses and iabilities View transaction list Journal entry worksheet Record the employee payroll for period Notei Enter debits baface Credts, Date General Journal Debit Credit Jan 15 Sales saiañies expense 48,000 cA-Medicare faxes payable FICA Social sec taxes payable Employ es lfeinsurance payable Emoloyes unign dues payabls mplo ee fed inc tares payabe
Compute the net pay for each employee using the federal income tax withholding table included. Assume that FICA Social Security tax is 6.2% on a wage base limit of $142,800, Medicare is 1.45% on all earnings, the payroll is paid biweekly, and no state income tax applies. (Round each computation to the nearest cent as needed.) View the employee information. Compute the net pay for each employee. View the biweekly payroll period percentage method withholding chart. Li Kan Isabel Poland Gross earnings for the current pay period Deductions for employee withholding taxes - BIWEEKLY Payroll Period Percentage Method Withholding Chart STANDARD Withholding Rate Schedules Single or Married Filing Separately of the amount The tentative amount to Plus this withhold is: percentage-exceeds— that the Adjusted Wage Total deductions Net pay Adjusted wage amount is at least $0, but less than $483 $ 0.00 0% $ Adjusted wage amount is at least $483, but less than $865 $ 0.00 10% $ 483 Adjusted wage amount…
Deep Mouse Designs has 14 employees within Denver City and County. The employees earned $9.80 per hour and worked 160 hours each during the month. The employer must remit $4.00 per month per employee who earns more than $500 per month. Additionally, employees who earn more than $500 per month must have $5.75 withheld from their pay. Required: What is the employee and employer Occupational Privilege Tax for these employees? (Round your answers to 2 decimal places.)
An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 of employer earnings per calendar year and the FICA tax rate 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. What is the amount of total unemployment taxes the employee must pay?