Required: Calculate the following: (Do not round intermediate calculations. Round your answers to 2 decimal places.) Pay Period End September 24 December 31 Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax
Q: Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has…
A: | Employee | Federal Withholding Tax | Social Security Tax | Medicare Tax | Total Taxes Withheld |…
Q: Calculate the Social Security and Medicare deduction for the following employee (assume a tax rate…
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Q: Calculate the amount to withhold from the following employees using the biweekly table of the…
A: Withhold Taxes Withhold taxes is the tax amount which was withhold from the wages of the employees…
Q: Complete the following weekly payroll: Assume: (1) FIT calculated by percentage method assuming…
A: It is the amount of gross earnings of an employee reduced by the income tax to be withheld on the…
Q: Complete the following weekly payroll: Assume: (1) FIT calculated by percentage method assuming…
A: Gross pay refers to the total amount of money an employee earns before any deductions, such as…
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Q: During the month of January, an employer incurred the following payroll taxes: FICA Social Security…
A: The journal entries are prepared to record the transactions on the regular basis.
Q: omplete the following payroll register. Calculate FIT by the percentage method for this weekly…
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A: Income tax payable=Gross pay×rate=$2,000×15%=$300
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Q: The following totals for the month of June were taken from the payroll register of Arcon Company:…
A: Salaries means the amount paid to employee for the services rendered.
Q: KA Payroll Related Accounting Assume a weekly payroll of $30,000 entirely subject to…
A: Assume a weekly payroll of $30,000 entirely subject to F.I.C.A. and Medicare (7.65%) taxes, with…
Q: The following totals for the month of June were taken from the payroll register of Arcon Company:…
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Q: The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting…
A: Step 1: Determine the taxable earnings for December.EmployeeAnnual Taxable LimitTotal Earnings for…
Q: The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting…
A: According to the Federal Insurance Contributions Act, all employers are required to withhold one of…
Q: Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied…
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A: a) Workings:
Q: During the month of January, an employer incurred the following payroll taxes: FICA Social Security…
A: Working notes: Payroll tax expense = FICA social security tax + FICA Medicare tax + FUTA taxes +…
Q: At least But less than- B The tentative Plus this amount to percentage withhold is: A C D Married…
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Q: Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—:…
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Q: The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting…
A: The Social Security tax, also known as the Federal Insurance Contributions Act (FICA) tax, is a…
Q: ournalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates…
A: ParticularsWages%AmountSocial Security Tax $ 8,0006.20%$ 496.00Medicare Tax$ 8,7001.45%$…
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…
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A: FICA (Federal Insurance Contributions Act) consists of two components: the medical tax (Medicare)…
Q: Using the percentage method
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Q: Assume the following payroll information for Jane Smith: Gross pay $10,000, Income tax $2,500, EI…
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Q: Am.1111.
A: YTD Pay for December 15 Pay Date a. W. Babish YTD Pay for December 15 Pay Date = Semimonthly Pay X…
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Q: Assume a tax rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. No one will reach…
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Q: Calculate the Social Security and Medicare taxes for the following situations: If required, round…
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A: Note 1] In general, you must deposit federal income tax and additional Medicare tax withheld as…
Q: Find the employer’s FICA deduction for each of the following employees. Find the amounts of the FUTA…
A: Federal Unemployment Taxes (FUTA) The threshold limit for the Federal Unemployment taxes (FUTA) is $…
Q: Lindsey Vater's weekly gross earnings for the week ended March 9 were $2,980, and her federal income…
A: Gross pay is the total wages or salary earned by an employee during an accounting period.Net pay is…
Q: LZ Uonsəno Total gross earnings of all employees: $ 9,814.40 608.49 Total social security tax…
A: Payroll tax expense for the employer includes FICA taxes (social security tax and medicare tax) ,…
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A: Case 1: Cumulative Gross Pay at October 31 = $15,570Social Security Tax:The Social Security tax rate…
Q: e is a single taxpayer- nce on her pre-2021 ere to access the wit
A: Part A Particulars Amount Wages 2,200.00 Less: Allowance -358.00 Adjusted Wages…
Q: Required information [The following information applies to the questions displayed below.] BMX…
A: Given that: Social security tax rate = 6.2% Medicare tax rate = 1.45% Federal Income tax withheld =…
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- Using the percentage method for manual payroll with W 4s from 2020 or later in Appendix C calculate the federal withholding amounts for the following employees. No information was included in Step 4 of the W 4, and no box was checked in Step 2. (Round your intermediate calculations and final answers to 2 decimal places.) Pay Frequency Amount per Fedei Employee Filing Status Dependents Pay Period Income S. Calder MJ Three <17 Monthly 24 10,600 P Singh HH One <17 Biweekly 2$ 3,360 B. Nelson MJ None Daily 2$ 508On September 30, Hilltop Company's selected payroll accounts are as follows: FICA Social SecurityTax Payable FICA Medicare Tax Payable Employees’ Federal IncomeTax Payable − + − + − + Sept. 30 1,876.08 Sept. 30 438.76 Sept. 30 3,210.85 (employer) (employer) Sept. 30 1,876.08 Sept. 30 438.76 (employee) (employee) Bal. 3,752.16 Bal. 877.52 Federal Unemployment Tax Payable State Unemployment Tax Payable − + − + Sept. 30 575.32 Sept. 30 1,183.40 Required: Prepare general journal entries to record the following: Oct. 15 Payment of federal tax deposit of FICA taxes and the federal income tax. 31 Payment of state unemployment tax. 31 Payment of federal unemployment tax. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded…Page 1 of Form 941. Note: Round your final answers to 2 decimal places. Form 941 for 2023: (Rev. March 12, 2023) Employer Identification number (EIN) Name (not your trade name) Employer's QUARTERLY Federal Tax Return Department of the Treasury - Internal Revenue Service 78-7654398 Skyler Peoples Veryclear Glassware 950121 OMB No. 1545- 0029 Report for this Quarter 2023 (Check one.) January, February, March Trade name (if any) Address 23051 Number Old Redwood Highway Street Sebastopol City 1: 2: April, May, June 3: Suite or room number July, August, September CA 95482 04: State (NN) ZIP code Foreign Postal October, November, December Instructions and prior-year forms are available at www.irs.gov/form941. code Foreign country name Foreign Province/county Read the separate instructions before you complete this form. Please type or print within the boxes. Part 1: Answer these questions for this quarter. 1 Number of employees who received wages, ups, or other compensation for the pay period…
- b. Provide a June 28 journal entry to record the employer's payroll taxes, which have not yet been paid to the government. Date June 28, 2023 June 28, 2023 June 28, 2023 June 28, 2023 C. Payroll Tax Expense FICA Payable Date Account Debit Provide a June 30 journal entry to show the payment of all amounts owed to employees, government agencies, and a health insurance provider. Account Credit Debit Credit 2 0The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting Company as of November 30 follow. Determine the amount of Medicare tax to be withheld from each employee's gross pay for December. Assume a 1.45 percent Medicare tax rate and that all salaries and wages are subject to the tax. (Round your final answers to 2 decimal places.) Medicare Taxable Year-to-Date Employee No. December Salary Earnings Through Earning- Medicare Tax 1.45% November 30 December 1 $ 9,400 $ 99,500 2 9,500 70,500 3 10,209 123,800 4 9,500 100,500 es.How do you calculate FIT on payroll register? If employees are paid on a biweekly basis and they are all married and do not request any additional withholding. Each employee has also requested that 5% of their pay is withheld for the retirement plan. What calculations do I use to find FIT?
- Calculation and Journal Entry for Employer Payroll Taxes Earnings for several employees for the week ended March 12, 20--, are as follows: Taxable Earnings Employee Name CurrentEarnings UnemploymentCompensation SocialSecurity Aus, Glenn E. $700 $200 $700 Diaz, Charles K. 350 350 350 Knapp, Carol S. 1,200 — 1,200 Mueller, Deborah F. 830 125 830 Yeager, Jackie R. 920 35 920 1. Calculate the employer’s payroll taxes expense for the week ended March 12, 20--, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%.On September 30, Cody Company's selected account balances are as follows: Employees' Federal Income Tax Payable $4,738.00 FICA Social Security Tax Payable (employer, $2,110.80; employee, $2,110.80) 4,221.60 FICA Medicare Tax Payable (employer, $493.66; employee, $493.66) 987.32 State Unemployment Tax Payable 2,200.00 (Some employees have Federal Unemployment Tax Payable 570.00 reached the limit.) Required: In general journal form, prepare the entries to record the following: If an amount box does not require an entry, enter '0' or leave it blank. Oct. 15 Payment of liabilities for FICA taxes and the federal income tax. 31 Payment of liability for state unemployment tax. 31 Payment of liability for federal unemployment tax.Calculate the net pay. The balance before this weekly payroll is $90 below maximum as related to cumulative earnings in calculating Social Security. Assume a tax rate of 6.2% for Social Security on $142,800 and 1.45% for Medicare. status = single Gross= 900 calculate: FIT, social security, Medicare, and Net pay
- I need help getting the answers to Social Security, Medicare, Vol. Withholding, and Net pay for #1!!!on 4 An employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment Expense. What is the correct journal entry for the employer's payroll taxes and otl expenses? Debit Crédit $535.50 $420.00 FICA Expenses Federal Unemployment Expense State Unemployment $378.00 Expense FICA Payable Federal Unemployment Expense State Unemployment Expense $535.50 $420.00 $378.00 Debit Credit FICA Expenses Federal Unemployment $535.50 $420.00 Expense State Unemployment Expense $378.00 Cash $1,333.50 Debit Credit FICA Payable Federal Unemployment $535.50 $420.00 Expense State Unemployment Payable FICA Expenses Federal Unemployment Expense State Unemployment Expense $378.00 $535.50 $420.00 $378.00 MacBook Air5