Sb 5-4 Calculate SUTA Tax r each of the following independent circumstances calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500. OTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: A-1 Framing employs three workers who, as of the beginning of the current pay period, have earned $8,550, $8,200, and $7,400. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $1,000, $1,350, and $1,800, respectively. SUTA tax = $

Sb 5-4 Calculate SUTA Tax r each of the following independent circumstances calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500. OTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: A-1 Framing employs three workers who, as of the beginning of the current pay period, have earned $8,550, $8,200, and $7,400. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $1,000, $1,350, and $1,800, respectively. SUTA tax = $

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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Gross Pay through August 31 $ 6,600 2,200 131,600 Gross Pay for September $ 500 2,300 8,200 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are $80 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. Note: Round your answers to 2 decimal places. Taxes to be withheld From Gross Pay (Employee-Paid Taxes) Federal income tax September Earnings Subject to Tax Tax Rate Tax Amount $ 80.00 Taxes to be General Journal >
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PSc 3-2 Calculate Gross Pay & Taxable Pay For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: An employee works 45 hours (45 - 40 were overtime hours) during a workweek in October of 2020. The employee earns $45/hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $140,550 during the present year. He has requested that his employer withhold 8% of gross pay, which is to be contributed to a 401(k) plan. Taxable income for federal income tax withholding = $. %3D Taxable income for social security tax = $. Taxable income for medicare tax = $ 2: An employee works 35 regular hours during a workweek in September of 2020. The employee was hired twelve years ago, earns a…
DATE OF PAY PERIOD ENDING 20- 20 PAYMENT NET СК. EARNINGS DEDUCTIONS EMPLOYEE MAR. TOTAL NAME ALLOW RATE SOC. SEC. FED. INC. STATE INC. HOSP. INS OTHERS TOTAL PAY NO. NUMBER STATUS HOURS REGULAR OVERTIME TOTAL MED. TAX TAX TAX TAX 10 2 3 6. 9. 10 11 10 12 11 13 14 13 15 14 16 17 15 18 16 17 18 25 12 7.
DIRECTIONS 1 Journalize the entry to RECORD the payroll 2 Journalize the entry to RECORD the employer's payroll taxes (SUTA rate is 3.7%) 3 Journalize the entry to deposit the FICA and FIT taxes TOTAL EARNINGS FICA OASDI FICA HI FIT W/H STATE TAX UNION DUES NET PAY $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 1 JOURNAL DATE DESCRIPTION DEBIT CREDIT 2 JOURNAL DATE DESCRIPTION DEBIT CREDIT…
Required information Exercise 9-13A (Static) Computation of net pay and payroll expense LO 9-5 [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 t 1. Kayla earns $28 per hour and 1½ times her regular rate for hours over 40 per week. Kayla worked 52 hours the first week in January, Kayla's federal income tax withholding is equal to 15 percent of her gross pay. Webber pays medical insurance of $50 per week for Kayla and contributes $50 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,600, Paula's federal income tax withholding is 18 percent of her gross pay. Webber pays medical insurance of $80 per week for Paula and contributes $100 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 $60 per week for Paula. Assume the Social Security…
Problem 5-6A (Algo) Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: On Form W-4, complete Step 2, the Multiple Jobs Worksheet (when applicable) to obtain the amount for Step 4(c). Calculate the federal income tax withholding using the wage-bracket tables with Forms W-4 from 2020 or later in Appendix C. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee L. Torabi Filing Status S Dependents None Annual Salary Spouse Annual Salary and Pay Frequency Federal Income Tax per Period $ 42,500 Not applicable R. Beninati S One Other $ 51,500 Not applicable G. Fisher MJ Three <17 $ 48,000 $80,000 per biweekly J. Tillman MJ Two <17 SA 39,650 $23,790 per weekly
@ S Problem 5-6A (Algo) Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. X * Required: Complete the W-4 multi-jobs worksheet (when applicable) Section 2(b), for all employees, each will use the standard deduction, and calculate the federal income tax withholding using the wage-bracket tables in Appendix C. (Round your intermediate calculations and final answers to 2 decimal places.) Employee L. Torabi R. Beninati G. Fisher J. Tillman F2 # 3 E D Filing Status S S MJ MJ JUL 7 80 F3 $ 4 Dependents None One Other Three 8 Federal Income Tax per Period J DII F8 A CV B N M DD 9 F9 K ) O 4 O W F10 L < Check my work * P F11 {
Hello, can you help me with this question? Amount to BeWithheld Employee FilingStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Lennon, A. MFJ N/A $675 weekly $fill in the blank 1 $fill in the blank 2 Starr, P. MFJ N/A 1,929 weekly fill in the blank 3 fill in the blank 4 McNeil, S. S N/A 1,775 biweekly fill in the blank 5 fill in the blank 6 Harrison, W. HH N/A 2,580 semimonthly fill in the blank 7 fill in the blank 8 Smythe, M. HH N/A 5,380 monthly fill in the blank 9 fill in the blank 10
6-9B LO 3 See Example 6-5 on page 6-12, Example 6-7 on page 6-19 The following information pertains to a weekly payroll of Fanelli Fashion Company: a. The total wages earned by employees are $2,910. b. The state unemployment insurance contribution rate is 3.75%. C. The entire amount of wages is taxable under FICA, FUTA, and SUTA. d. The amount withheld from the employees' wages for federal income taxes is $491; for state income taxes. $49.10; and for group insurance, $87.10. Journalize the payment of wages, and record the payroll taxes for this payroll. JOURNAL POST. REF. DATE DESCRIPTION DEBIT CREDIT 6. 10 11 11 12 4. 6