per employee for discount club memberships. What percent of payroll is the total cost of fringe benefits? (Round your answer to the nearest tenth of a percent.) 1.4% 3.7%
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A fringe benefit is any non wage payment or benefit offered to employees by their employers (for example, pension schemes, profit-sharing programmes, vacation pay, and company-paid life, health, and unemployment insurance programmes). It can be imposed by legislation, granted unilaterally by companies, or gained via collective bargaining.
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- East Coast DVD employs 54 workers with a gross biweekly payroll of $94,126.00. Fringe benefits are $14.18 per employee for life insurance and 12.3% of payroll for a stock purchase plan. What is the total cost of fringe benefits? O $3,085.80 O $6,171.61 O $12,343.22 O $104,342.22BMX 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 RateA restaurant supply seller works for a 6% commission. If the total sales for the week were S 18,200, determine the gross income for this seller. 4. 5. Determine the Social Security contribution (6.2%) and the medical care contribution (1.45%) for an employee with a gross income of $ 515. Round to the nearest penny. 6. An employee has a net income of $ 880 and total deductions of $ 262, determines the gross income.
- National Storage employs 88 workers with a gross monthly payroll of $131,000. Fringe benefits are 8.6% 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.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 $ 6,300 2,600 133,200 No Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Taxes to be Withheld From Gross Pay 1 Complete this question by entering your answers in the tabs below. General Journal Gross Pay for September $ 1,800 2,700 9,800 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Note: Round your answers to 2…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 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $60 for this pay period. Taxes to be Withheld From Gross Pay Gross Pay for September $ 1,700 Complete this question by entering your answers in the tabs below. 2,800 9,900 General Journal Federal income tax The employee's federal income taxes withheld by the employer are $60 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.) Taxes to be Withheld From Gross Pay…
- Computing Net Pay Tom Hallinan works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Hallinan's pay rate is $15 per hour. His wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. He is married and claims five withholding allowances. Hallinan has a 12-hour lunch break during an 8-hour day. His time card is shown. Name Tom Hallinan Week Ending March 30, 20- Hours Worked Day In Out In Out Regular Overtime M 7:55 12:02 12:32 5:33 8 1 T 7:59 12:04 12:34 6:05 8 1½ W 7:59 12:05 12:35 4:30 T 8:00 12:01 12:30 5:01 1/2 F 7:58 12:02 12:31 5:33 8 1 S 7:59 9:33 11/2 Complete the following for the week: regular hours x $15 per hour overtime hours x $22.50 per hour a. b. C. Total gross wages 000Employee's Share = Annual Amount × Employee's Percent Total Amount Paid by Employee Deduction per Pay Period = Number of Pay Periods per Year 1. Ruth Lockwood earns $2,917 a month as a supervisor for Acme Steel. Her group medical coverage costs $6,240 per year. The company pays 75% of the cost of group insurance. a. Find the percent paid by Ruth. b. Find the total amount paid annually by Ruth. c. How much is deducted each month from her paycheck for medical insurance?BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 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. $ 6,500 $ 1,900 b. 2,800 2,900 c. 128,600 10,000 Assuming situation (a), prepare the employer’s September 30 journal entry to record the employer’s payroll taxes expense and its related liabilities.
- East Coast DVD employs 54 workers with a gross biweekly payroll of $98,126.00. Fringe benefits are $14.18 per employee for life insurance and 12.3% of payroll for a stock purchase plan. What is the total cost of fringe benefits? a) $3,208.80 b) $6,417.61 c) $12,835.22 d) $104,834.22Chapter 9 Homework - Payroll (Homework) Question is : A paving company has 24 employees, 15 with gross earnings of $355 per week and nine with gross earnings of $385 per week. What is the total social security and Medicare tax (in $) the company must send to the Internal Revenue Service for the first quarter of the year?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. $ 6,400 $ 800 b. 2,000 2,100 c. 131,400 8,000 Exercise 9-8 (Static) 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 for this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period. Prepare the employer's September 30 journal entry to record accrued salary expense and its related payroll liabilities for this employee.
