Qwan Company's payroll for the year is $737,910. Of this amount, $472,120 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Qwan Company's state is 2.9% on the first $7,000 of each employee's earnings. Compute: Round your answers to the nearest cen

Qwan Company's payroll for the year is $737,910. Of this amount, $472,120 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Qwan Company's state is 2.9% on the first $7,000 of each employee's earnings. Compute: Round your answers to the nearest cen

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

[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 2,000 132,900 Gross Pay for September $ 1,500 a. b. 2,100 с. 9,500 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 Tax 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
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…
The employees of Sponsel Manufacturing achieved all of the sales goals for the current year. The company will pay the employees the promised bonus of 6% on annual net income, after deducting the bonus. The net income before the calculation of the bonus is $740,000. The journal entry to record the bonus owed to employees would be (round to the nearest dollar): C. Employee Bonus Payable Employee Bonus Expense 47,234 47,234 OD. Employee Bonus Expense Employee Bonus Payable 47,234 47,234 Click to select your answer. Show Transcribed Text ? The employees of Sponsel Manufacturing achieved all of the sales goals for the current year. The company will pay the employees the promised bonus of 6% on annual net income, after deducting the bonus. The net income before the calculation of the bonus is $740,000. The journal entry to record the bonus owed to employees would be (round to the nearest dollar): A. Employee Bonus Expense Employee Bonus Payable 41,887 41,887 B. Employee Bonus Payable…
am.300.
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
Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $7,208. 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 $400 • State income tax of $75 Health-care insurance premium of $298 • Union dues of $50 • The employee is responsible for covering 14% of his or her health insurance premium What is the net pay of the one employee for the month of May? Round to the nearest penny, two decimals. # No new data to save. Last checked at 11:47pm Submit C
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows. Employee Cumulative Pay Ken S $5,000 Tim V Steve S 43,400 90,000 Employee Michelle W Michael M. Zach R Cumulative Pay $146,500 109,900 131,400 Employee Lori K Kitty O John W Cumulative Pay $133,900 39,900 7,000 a. Compute the amounts in this table for each employee. b. For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes.
Redmont Company's gross salaries and wages are $50,000, and it withholds $7,500 for income taxes and $3,825 for FICA taxes, the journal entry to record the employees' pay should include a: Multiple Choice debit to Salaries and Wages Payable for $38,675. debit to Salaries and Wages Expense for $38,675. credit to Salaries and Wages Payable for $38,675. credit to Salaries and Wages Payable for $50,000.
Merger Company has 10 employees, each of whom earns $1,600 per month and has been employed since January 1, FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expense. Note: Round your answers to 2 decimal places. View transaction list Journal entry worksheet Record employer payroll tax expense. Note: Enter debits before credits Date March 31 General Journal Debit Credit
Merger Company has 10 employees, each of whom earns $1,900 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expense. Note: Round your answers to 2 decimal places. View transaction list Journal entry worksheet 1 Record employer payroll tax expense. Note: Enter debits before credits. Date March 31 Record entry General Journal Clear entry Debit Credit View general journal
On January 8, the end of the first weekly pay perlod of the year, Regis Company's employees earned $21,760 of office salarles and $70,840 of sales salarles. Withholdings from the employees' salarles Include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $13,560 of federal Income taxes, $1,400 of medical Insurance deductions, and $880 of union dues. No employee eamed more than $7,000 in this first period. Required: 1.1 Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is 5.4% of the first $7,000 pald to each employee. The federal unemployment tax rate is 0.6% 1.2 Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilitles. 2 Prepare the Journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax…
Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTA taxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company's four employees. Current Week Gross Pay through August 18 $ 124,200 134,300 9,000 2,950 Income Tax Name Gross Pay $ 4,700 3,400 1,600 1,000 Withholding $ 554 Dali Trey Kiesha 306 55 Chee 44 In addition to gross pay, the company must pay one-half of the $98 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 8% of each employee's gross pay (at no cost to employees) to a pension fund. Required: Compute the following for the week ended August 25. (Round your intermediate calculations and final answers to 2 decimal…