! Required information [The following information applies to the questions displayed below.] Gerald Utsey earned $49,100 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 Appendix 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 Medicare tax State income tax withholding

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Required information
[The following information applies to the questions displayed below.]
Gerald Utsey earned $49,100 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 Appendix 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
Medicare tax
State income tax withholding
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Gerald Utsey earned $49,100 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 Appendix 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 Medicare tax State income tax withholding
!
Required information
[The following information applies to the questions displayed below.]
Gerald Utsey earned $49,100 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 Appendix D. Manual payroll system is used and Box 2 is not checked.
Required:
Compute the employer's share of the taxes. (Do not round intermediate calculation. Round your final answer to 2 decimal places.)
Federal income tax withholding
Social Security tax
Medicare tax
FUTA tax
SUTA tax
State income tax withholding
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] Gerald Utsey earned $49,100 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 Appendix D. Manual payroll system is used and Box 2 is not checked. Required: Compute the employer's share of the taxes. (Do not round intermediate calculation. Round your final answer to 2 decimal places.) Federal income tax withholding Social Security tax Medicare tax FUTA tax SUTA tax State income tax withholding
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