Start company has five employees employees paid by an hour and $10 per hour for the regular 40 hour work week and $15 per hour beyond 40 hours per week hourly employees are paid every two weeks for employees are paid monthly on the last biweekly payday of each month Vica Social Security taxes are 6.2% of the first 137 700 paid.

Start company has five employees employees paid by an hour and $10 per hour for the regular 40 hour work week and $15 per hour beyond 40 hours per week hourly employees are paid every two weeks for employees are paid monthly on the last biweekly payday of each month Vica Social Security taxes are 6.2% of the first 137 700 paid.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter10: Payroll Register (pr)

Section: Chapter Questions

Problem 4R

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Moisa Evans is a maitre d at Red Rock Club. On September 6, his gross pay was 900 (three days working, one paid vacation day, and one paid sick day). He also reported to his employer tips of 860 for the previous month (applicable taxes to be deducted out of this pay). Evans belongs to the companys 401(k) plan and has 5% of his gross pay (900) deducted each week (salary reduction). Red Rock Club also provides a matching contribution (45) into the plan for Evans. This weeks pay would have a: a. Deduction for OASDI tax_______ b. Deduction for HI tax__________
_____1. Johnson Industries, a semiweekly depositor, pays its employees every Friday. When should the company deposit the employment taxes for each weekly payday? _____2. What rule should Bartlett Repair, a new company, follow in making its deposits for accumulated employment taxes? _____3. Quail Hollow Motors (a semiweekly depositor) accumulates taxes of 105,000 on Monday and must deposit this amount on Tuesday, the next banking day. On Tuesday, the company accumulates additional taxes of 20,000. What deposit rule should Quail Hollow Motors follow for depositing the additional 20,000?
Payrex Co. has six employees. All are paid on a weekly basis. For the payroll period ending January 7, total employee earnings were 12,500, all of which were subject to SUTA, FUTA, Social Security, and Medicare taxes. The SUTA tax rate in Payrexs state is 5.4%, but Payrex qualifies for a rate of 2.0% because of its good record of providing regular employment to its employees. Other employer payroll taxes are at the rates described in the chapter. REQUIRED 1. Calculate Payrexs FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7. 2. Prepare the journal entry for Payrexs payroll taxes for the week ended January 7. 3. What amount of payroll taxes did Payrex save because of its good employment record?
Toren Inc. employs one person to run its solar management company. The employees gross income for the month of May is $6,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $400, state income tax of $75, health-care insurance premium of $200, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. B. Record remittance of the employees salary with cash on June 1.
FICA Medicare FICA S.S. Employee Plan Withholding FIT Current Period Gross Pay FUTA Withholding Cumulative Pay Employee (Excludes Current Period) Employee Employee Employee Net Pay Pay Туре FICA Medicare Employer SIT Pay Hours FICA S.S. Employer Plan Expense Gross Pay SUTA Withholding Employer $ 2,000.00 $ 0.00 $ 111.60 Kathleen $ 126,600.00 Salary $ 7,000.00 300.00 80.00 25.00 Anthony 6,800.00 Salary 500.00 20.00 50.00 Regular 80 110.00 Nichole 15,100.00 Overtime 8 25.00 Regular 80 100.00 Zoey 6,500.00 Overtime 4 22.00 Regular 74 740.00 90.00 Gracie 5,000.00 Overtime 21.00 $ 2,380.00 $ 0.00 $ 111.60 $ 0.00 $ 25.00 $ 50.00 Totals $ 160,000.00 0.00 388.00 0.00 0.00 0.00 %24
Stark Company has five employees. Employees paid by the hour earn $12 per hour for the regular 40-hour workweek and $18 per hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. The company has a benefits plan that includes medical insurance, life insurance, and retirement funding for employees. Under this plan, employees must contribute 5% of their gross income as a payroll withholding, which the company matches with double the amount. Following is the partially completed payroll register for the biweekly period ending August 31, which is the last payday of August. a. Complete this payroll register by filling in all cells for the pay period ended August 31. Prepare…
Stark Company has five employees. Employees paid by the hour earn $10 per hour for the regular 40-hour workweek and $15 per hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. The company has a benefits plan that includes medical insurance, life insurance, and retirement funding for employees. Under this plan, employees must contribute 5% of their gross income as a payroll withholding, which the company matches with double the amount. Following is the partially completed payroll register for the biweekly period ending August 31, which is the last payday of August. a. Complete this payroll register by filling in all cells for the pay period ended August 31. Prepare…
Dixon Sales has six sales employees that receive weekly paychecks. Each employee earns $18.00 per hour and has worked 40 hours in the pay period. Total federal income tax withholdings are $518.40. Each employee pays 3.0% in state income tax, 6.0% in Social Security tax, 1.5% in Medicare tax, and 0.5% toward retirement savings. Journalize the recognition of the pay period ending January 19 that will be paid to the employees on January 26. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. Jan. 19
Dixon Sales has six employees that receive weekly paychecks. Each employee earns $14.00 per hour and has worked 40 hours in the pay period. Total federal income tax withholdings are $403.20. Each employee pays 3.0% in state income tax, 6.0%% in Social Security tax, 1.5% in Medicare tax, and 0.5% toward retirement savings. Journalize the recognition of the pay period ending January 19 that will be paid to the employees on January 26 using the chart of accounts below. Medicare Tax Payable Payroll Tax Expense Payroll Tax Payable Sales Wages Expense Sales Wages Payable Social Security Tax Expense Cash Employees Federal Income Tax Expense Employees Federal Income Tax Payable Social Security Tax Payable mployees State Income Tax Expense Prepaid Payroll Taxes Unearned Sales Wages nployees State Income Tax Payable edicare Tax Expense Retirement Savings Payable Sales er your answers into the table below. the account names carefully (exactly as shown above) and follow formatting instructions…
Can I please get help with this question? Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company’s FUTA taxes are 0.6% and SUTA taxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company’s four employees. Current Week Name Gross Pay through August 18 Gross Pay Income Tax Withholding Dali $ 125,500 $ 3,400 $ 369 Trey 135,100 2,600 411 Kiesha 7,700 1,800 44 Chee 1,650 1,000 35 In addition to gross pay, the company must pay one-half of the $72 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 8% of each employee’s gross pay (at no cost to employees) to a pension fund. Required: Compute the following for the week ended August 25.
Metro Express has 5 sales employees, each of whom earns $4,000 per month and is paid on the last working day of the month. Each employee’s wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages. Withholding for each employee also includes federal tax of 16% and monthly medical insurance premiums of $110 for each employee. Prepare the journal entry to record the January 31 payroll expense and salaries. The employer payroll taxes for Metro Express includes FICA taxes, federal unemployment taxes of 0.8% of the first $7,000 paid to each employee, and state unemployment taxes of 4.0% of the first $7,000 paid to each employee. Prepare the journal entry to record the employer’s payroll taxes on January 31 (Assume that none of the employees has reached the unemployment limit of $7,000). Journal entries will be journalized on the general journal for Problem 6. When complete, upload the general journal to this problem.
Dixon sales has five sales employees that receive weekly paychecks. Each earns $12 per hour and each has worked 40 hours in the pay period. Each employee pays 12% of gross in federal income tax, 3% of gross in state income tax, 6% of gross in social security tax, 1.5% of gross in Medicare tax, and 0.5% of gross in state disability insurance. Journalize the recognition of the pay period ending January 19 which will be paid to the employees January 26.