Swift Manufacturing's payroll shows: gross wages $50,000, income tax withheld 20%, social security 6.2%, and Medicare 1.45%. Calculate the net pay.
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Swift Manufacturing's payroll shows: gross wages $50,000, income tax withheld 20%, social security 6.2%, and Medicare 1.45%. Calculate the net pay.
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- Give me answerThe weekly payroll of Abkar Hardware includes 19 employees who earn $280.00 each. Using a 6.2% FICA Social Security rate and a 1.45% FICA Medicare rate, how much is the employer's share of total social security and Medicare taxes for the first quarter of the year?At the end of the weekly payroll period on June 30, the payroll register of Concord Consultants showed employee earnings of $71,000. Determine the firm's payroll taxes for the period. Use a social security rate of 6.2 percent, Medicare rate of 1.45 percent, FUTA rate of 0.6 percent, and SUTA rate of 5.4 percent. Consider all earnings subject to social security tax and Medicare tax and $40,908 subject to FUTA and SUTA taxes. (Round your answers to 2 decimal places.) Base Rate Tax Social security Medicare FUTA SUTA Total % % % % Amount
- According to a summary of the payroll of Scofield Industries Co., $600,000 was subject to the 6.0% social security tax and $740,000 was subject to the 1.5% Medicare tax. Also, $20,000 was subject to state and federal unemployment taxes. a. Calculate the employer’s payroll taxes, using the following rates: state unemployment, 4.2%; federal unemployment, 0.8%. b. Journalize the entry to record the accrual of payroll taxesFrom the following information, calculate the payroll tax expense for Bowling Company for the payroll of April 9: View the payroll. The FICA Social Security tax rate is 6.28n the first $142,800earned, and FICA Medicare is 1.45% all earings. Federal unemployment tax is 0.68 the first $7,000 earned by each employee. The SUTA tax rate for Bowling 5.70m the first $7,000 of employee earnings for state unemployment purposes. (Round to the nearest cent as needed.) Total Payroll Employee U. Acorn F. Jackson Q. Roberts $ ACETE Cumulative Earnings Before Weekly Payroll Print Gross Pay for the Week 3,600 $ 6,400 7,200 Done - X 900 550 350Calculate
- A company's payroll records report $3,210 of gross pay and $434 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 40.30 $ 40.30 -40.30Subject - account Please help me. Thankyou.From the following information, calculate the payroll tax expense for Gray Company for the payroll of April (Click the icon to view the payroll) The FICA tax rate for OASDI is 6.2% on the first $127,200 eamed, and Medicare is 1.45% on all earnings. Federal unemployment tax is 0 6% on the first $7,000 earned by each employee. The SUTA tax rate for Gray Company is 5.4% on the first $7,000 of employee earnings for state unemployment purposes. (Round to the nearest cent as needed.) FICA-OASDI FICA-Medicare FUTA SUTA Total 112.53
- From the following information, calculate the payroll tax expense for Bowling Company for the payroll of April (Click the icon to view the payroll) The FICA tax rate for OASDI is 6.2% on the first $127.200 eamed, and Medicare is 1.45% on all earnings. Federal unemployment tax is 0.6% on the first $7,000 eamed by each employee. The SUTA tax rate for Bowling Company is 5.4% on the first $7,000 of employes earnings for state unemployment purposes. (Round to the nearest cent as needed) Total CELESAn employee earned $60,700 during the year working for an employer. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% of the first $137,700 of employee earnings per calendar year, and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of total unemployment taxes the employee must pay? Multiple Choice O O $434.00 $56.00 $101.50 $378.00 $0.00Complete the following weekly payroll: Assume: (1) FIT calculated by percentage method and (2) Social Security 6.2% on $118,500; Medicare 1.45%. Cumulative earnings before this payroll are $118,100. (Use Table 71 and Table 7.2) (Round your answers to the nearest cent.) Marital Status Exemptions Claimed Gross FIT A Soc. Sec. B Medicare C Net Pay D Joe Riense M 3 1,400