nmentRequired informationProblem 6-4A & 6-5A (Algo)[The following information applies to the questions displayed below.]Problem 6-4A (Algo)F2Federal income tax withholdingSocial Security taxMedicare taxState income tax withholdingGerald Utsey earned $48,700 in 2021 for a company in Kentucky. He is single with one dependent under 17 and is paidweekly. The FUTA rate in Kentucky for 2021 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is5.4 percent with a wage base of $11,100. Use the percentage method in Appendix Cand the state information inAppendix D. Manual payroll system is used and Box 2 is not checked.3Required:Compute the following employee share of the taxes. (Do not round intermediate calculation. Round your final answers to 2 decimalplaces.)JUL1580F3$4E RQF4%5< PrevTn0F5A6tvSavedCS78F6Yof 102&7KF7* 008Next >DIIF8(9AF9U I OHelp)0Save & ExitF10PCheck my wom4F11Sub{+[F

Introduction:SUTA and FUTAFUTA refers to the Federal Unemployment Tax Act which states that every…

Answered: Required information Problem 6-4A &…

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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Required information (The following information applies to the questions displayed below. Gerald Utsey earned $47,600 in 2021 for a company in Kentucky. He is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2021 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5,4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in ARRendix D. Manual payroll system is used and Box 2 is not checked. Required: Compute the following employee share of the taxes. (Do not round Intermediate calculation. Round your final answers to 2 decimal places.) Federal income tax withholding Social Security tax 56.75 13.27 Medicare tax State income tax withholding
aj.3
ces ! Required information [The following information applies to the questions displayed below.] The following information is available for the employees of Webber Packing Company for the first week of January Year 1: 1. Kayla earns $27 per hour and 1½ times her regular rate for hours over 40 per week. Kayla worked 45 hours the first week in January. Kayla's federal income tax withholding is equal to 9 percent of her gross pay. Webber pays medical insurance of $75 per week for Kayla and contributes $55 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,400. Paula's federal income tax withholding is 19 percent of her gross pay. Webber pays medical insurance of $105 per week for Paula and contributes $120 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $70 per week for Paula. Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the…
Total Cost of Empleyee R.D. Kagen employs Audrey Lopez at a salary of $33,800 a year. Kagen is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on Lopez's salary. In addition, Kegen must pey SUTA tax et a rate of 5.4% and FUTA tax at a rate of 0.0% on the first $7,000 uf Lopez's salary. Compute the total cost to Kagen of emplaying Lopez for the year.
H-1
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.)
Laura Corbin’s regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay period, Laura works 45 hours. Laura’s federal income tax withholding is $98, she has no voluntary deductions, and the FICA tax rate is 7.65%. Use January 15 for the end of the pay period and the payment date.1. Prepare the journal entries to record (a) Laura’s pay for the period and (b) the payment of Laura’s wages. (Round Intermediate calculation and final answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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Required information [The following information applies to the questions displayed below.] The following information is available for the employees of Webber Packing Company for the first week of January Year 1: 1. Kayla earns $27 per hour and 1½ times her regular rate for hours over 40 per week. Kayla worked 45 hours the first week in January. Kayla's federal income tax withholding is equal to 9 percent of her gross pay. Webber pays medical insurance of $75 per week for Kayla and contributes $55 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,400. Paula's federal income tax withholding is 19 percent of her gross pay. Webber pays medical insurance of $105 per week for Paula and contributes $120 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $70 per week for Paula. Y Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the…
• X Corp. pays its employees monthly. The payroll information for Employee Barney listed below is for January, 2021, the first month of X's fiscal year. Salary: $40,000 Fed. Income Tax Withheld: $8,000 Federal and State Unemployment Tax: 6% Social Security Tax: 6.2% Medicare Tax: 1.45% Payroll tax expense related to this employee will be: O $7,140 $47,140 O $40,000 O $5,460
An employee who earned a salary of $4,000 per month was startled at how low his net pay was. The Payroll Department provided the following information: CPP: $100 each (employee and employer EI: $80 re employee. $112 re emplyer Income tax $750 Union dues $50 Charitable donation $25 Vacation pay accrued $240 Calculate the employee’s net pay. Select answer from the options below $2,783 $2,995 $2,775 $2,543

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