Required: White Lemon Cameras's SUTA tax rate is 5.4 percent and applies to the first $11,600 of employee wages. White Lemon Cameras's FUTA tax rate of 6% is subject to a 5.4% reduction and applies to the first $7,000 of employee wages. What is the annual amount of FUTA and SUTA taxes due for each employee? Note: Round your answers for "SUTA Due" to 2 decimal places.

Required: White Lemon Cameras's SUTA tax rate is 5.4 percent and applies to the first $11,600 of employee wages. White Lemon Cameras's FUTA tax rate of 6% is subject to a 5.4% reduction and applies to the first $7,000 of employee wages. What is the annual amount of FUTA and SUTA taxes due for each employee? Note: Round your answers for "SUTA Due" to 2 decimal places.

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

Requlred Information (The following information applies to the questions displayed below] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 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 29% of the first $7,000 paid to its employee. Gross Pay through August $ 6,200 19,900 113,900 dross Pay for September $1,600 3,800 9,700 a. b. c. Assuming situation a, prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its elated liabilities. (Round your answers to 2 decimel places.) Employer Payroll taxes September eamings subject to tax Tax Rate Tax Amount 0.00
Subject - account Please help me. Thankyou.
Required information Skip to question [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 Gross Pay for September a. $ 6,400 $ 1,700 b. 2,700 2,800 c. 133,300 9,900 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). Note: Round your answers to 2 decimal places.
a) Tax FUTA SUTA b) Tax 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.) 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. FICA-Social Security FICA-Medicare FUTA SUTA a. b. C. c) Tax Gross Pay through August 31 $ 6,400 2,700 133,300 FICA-Social Security FICA-Medicare FUTA SUTA FICA-Social Security FICA-Medicare September Earnings Subject to Tax 1,600.00 1,600.00 800.00 800.00 $ Gross Pay for September $ 1,700 2,800 9,900 September Earnings Subject to Tax 2,700.00 2,700.00 2,700.00 27,000.00 $ September Earnings Subject to Tax 4,700.00 9,600.00 $ 0 0 Tax Rate 6.20% 1.45% 0.60% 5.40% Tax Rate Tax Rate Tax Amount 6.20% 1.45% $…
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. $ 6,700 $ 400 b. 2,300 2,400 c. 131,700 8,300 Prepare the employer's September 30 journal entry to record accrued salary expense and its related payroll liabilities for this employee.
please answer
Required information Use the following information for the Exercises below. (Algo) [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 $ 5,700 3,200 132,600 Gross Pay for September $1,800 3,300 9,200 Exercise 9-9 (Algo) Payroll-related journal entries LO P3 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 answers in the tabs below. Payroll Taxes General Expense Journal Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places.
Tio Tom's Dive Shop has 6 employees who each make $12,500 for the first quarter. Total quarterly federal income tax withheld from wages = $6,900. What should line 6 be on the first quarter Form 941 for Tio Tom's Dive Shop? (All wages are taxable for OASDI, HI and federal income tax).
Compute the net pay for each employee using the federal income tax withholding table included. Assume that FICA Social Security tax is 6.2% on a wage base limit of $142,800, Medicare is 1.45% on all earnings, the payroll is paid biweekly, and no state income tax applies. (Round each computation to the nearest cent as needed.) View the employee information. Compute the net pay for each employee. View the biweekly payroll period percentage method withholding chart. Li Kan Isabel Poland Gross earnings for the current pay period Deductions for employee withholding taxes - BIWEEKLY Payroll Period Percentage Method Withholding Chart STANDARD Withholding Rate Schedules Single or Married Filing Separately of the amount The tentative amount to Plus this withhold is: percentage-exceeds— that the Adjusted Wage Total deductions Net pay Adjusted wage amount is at least $0, but less than $483 $ 0.00 0% $ Adjusted wage amount is at least $483, but less than $865 $ 0.00 10% $ 483 Adjusted wage amount…
For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: Jenna Love works at College of Charlotte and is paid $35 per hour for a 40-hour workweek and time-and-a-half for hours above 40. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Requirement 1. Compute Love's gross pay for working 58 hours during the first week of February. Net (take-home) pay Gross Pay Requirement 2. Love is single, and her income tax withholding is 10% of total pay. Love's only payroll deductions are payroll taxes. Compute Love's net (take-home) pay for the week. Assume Love's earnings to date are less than the OASDI limit. (Round all amounts to the nearest cent.) Withholding deductions: Date (...) Begin with the entry to accrue wages expense and payroll withholdings for Jenna…
Solve
A company's payroll records report $3,460 of gross pay and $484 of federal income tax withholding for an employee for the weekly pay period. Compute this employee's FICA Social Security tax (6.2%), FICA Medicare tax (1.45%), state income tax (1.0%), and net pay for the current pay period. Note: Round your final answers to 2 decimal places. Gross pay FICA Social Security tax deduction FICA Medicare tax deduction Federal income tax deduction State income tax deduction Total deductions Net pay