Swifty Corporation, which has a taxable payroll of $1300000, is subject to FUTA tax of 6.2% that includes a state contribution rate of 5.4%. However, because of stable employment experience, the company's state rate has been reduced to 2%. What is the total amount of federal and state unemployment tax for Swifty Corporation? O $ 106600 O $ 36400 O $150800 O $ 52000
Q: Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700…
A: Tax represents the liability that is reported in the balance sheet of the company.
Q: Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $147,000…
A: The official term for Social Security income benefits is the Old Age, Survivors, and Disability…
Q: Assuming a FICA tax rate of 7.65% on the first $142800 in wages, 1.45% on amounts in excess of…
A: Lets understand the basics. Gross pay is a pay which is actually earned by the employees. It is…
Q: Omega Limited has shown a provision for employee benefits balance of $6,000 under current…
A: As per IAS/IFRS 12 Income taxes Deferred tax asset and deferred tax liability arises due to…
Q: Problem Information Use the following tax rates and taxable wage bases: Employees' and Employer's…
A: FICA stands for Federal Insurance Contribution Act Tax. FICA consists of OASDI (Old Age Survivor…
Q: ! a) Tax FUTA SUTA b) Tax Required information [The following information applies to the questions…
A: Introduction: A tax is a mandatory fee or financial charge imposed by the government on an…
Q: Shu Company located in Arkansas had FUTA taxable wages of $130,000 and SUTA taxable wages (on first…
A: Formula: Total Unemployment taxes = Net FUTA tax + Net SUTA tax
Q: 1. :An employer in the U.S. Virgin Islands, employs two individuals, whose taxable earnings to date…
A: Federal Unemployment Taxes (FUTA) Federal unemployment taxes which are provided for the benefit for…
Q: Lopez Company has a single employee, who earns a salary of $2,500 per pay perlod (or $60,000 per…
A: Given that: Salaries Expense = $2500 per pay period
Q: Employee Salary Hrs. Worked Regular Earnings (A) Overtime Earnings (B) Total Reg. and O/T Earnings…
A: Employees' and Employer's OASDI—6.2% both on $137,700 = $8,537 HI—1.45% for employees and employers…
Q: Swifty Corporation, which has a taxable payroll of $1300000, is subject to FUTA tax of 6.2% that…
A: Payroll is the amount paid to the employees for the work done by the employers. Payroll tax is the…
Q: [The following information applies to the questions displayed below.] BMX Company has one employee.…
A: Answer:- Social Security Taxes:- The United States' social security programme is funded through…
Q: Caruso Company's SUTA rate for next year is 2.9% because its reserve ratio falls in its state's 8%…
A: Step 1 The voluntary contribution less benefits paid of $97,150 is obtained by multiplying the…
Q: Don't give solution in image format..
A: PJW Co. Payroll Taxesa. Employer's Payroll TaxesFICA Tax: The FICA tax rate is 7.5%, but it's a…
Q: Pharoah Co. has a taxable payroll of $1320000. The company is subject to FUTA tax of 6.2% that…
A: There are many taxes in relation to provide safeguard to workers. There are Federal Unemployment Tax…
Q: Ken's earnings for the pay period are $5,200. Prior to this, he has earned a total of $3,000. If the…
A: Employers are generally liable to the Federal Unemployment Tax Act (FUTA) tax, which funds…
Q: "Your company will generate $470,000 in taxable income for 2020. Assume that your state tax rate is…
A: The tax amount refers to the liability of the corporation towards the government. It is calculated…
Q: Blue Corporation is an IFRS reporter. Blue's taxable income is $700,000 and the company estimates a…
A: The acknowledgment of uncertainty around the eventual realization of a deferred tax asset is…
Q: P12.4 (LO 1) Excel (Payroll Tax Entries) The following is a payroll sheet for Otis Imports for the…
A: Payroll sheet based on the data provided:EmployeeEarnings Till August 31Sept EarningsIncome Tax…
Q: [The following information applies to the questions displayed below.] BMX Company has one employee.…
A: Payroll: It refers to the process of computing the gross and net salaries and wages and the payment…
Q: Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each…
A: Federal income taxes (FIT) are imposed in USA. Tax is calculated by applying tax rates which…
Q: Based on the withholding tax table above solve the following problems: I am receiving monthly…
A: Monthly Compensation = 65000 SSS Contribution = 1500 Philhealth Contribution = 500 Pag ibig…
Q: Echeveria Company provides an incentive compensation plan under which its president receives a bonus…
A: Answer:- Bonus definition:- A bonus is basically a monetary award that goes above and beyond the…
Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its…
A: Please find the Journal Entry to record the employer's payroll tax expenses on September 30 in Step…
Q: The SUTA rate for Thomson Temp Agency is 5.4% and it’s FUTA rate is 6% less the 5.4% SUTA credit. If…
A: The following is the Calculation of total FUTA and SUTA taxes: SUTA tax = $378FUTA…
Q: urd LLC has two employees Thomas and Marsha who are paid $ !5,500 and $2, 500 respectively. If the…
A: Step 1 A payroll tax is an amount deducted from an employee's salary that is paid to the government…
Q: Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20%…
A: OASDI full form is Old Age Survivor and Disability Insurance also known as social security , created…
Q: Roark Co., which has a taxable payroll of $400,000, is subject to FUTA tax of 6.2% and a state…
A: The U.S. federal government imposes the Federal Unemployment Tax (FUTA) on payroll to pay for…
Q: Employees' and Employer's OASDI—6.2% both on $137,700; HI—1.45% for employees and employers on the…
A: FICA tax is the short form of Federal insurance contribution act tax. It is the contribution taken…
Q: Garrison Shops had a SUTA tax rate of 3.7%. The state's taxable limit was $8,000 of each employee's…
A: Tax is the amount which is to be paid by an individual or entity on the taxable income.
Q: [The following information applies to the questions displayed below.] BMX Company has one employee.…
A: Gross earnings is the amount before any deductions but after expenses. It is sales revenue less cost…
Q: Since the SUTA rates changes are made at the end of each year, the available 2021 rates were used…
A: Tax savings=Taxable payroll×Original tax rate-Changed tax rate-Voluntary contribution
Q: During FEB, HCorp.'s employees earned wages of $74,000. Withholding (taxes) were . $5,661 for FICA;…
A: Journal entries are used to keep track of financial transactions. To create a journal entry, you…
Q: Note: For this textbook edition the rate 0.6% was used for the net FUTA tax rate for employers.…
A: GIVEN DATA Reserve Ratio Contribution Rate Contributions falling below benefits paid 7.0%…
Q: XYZ Corporation has a deferred compensation plan under which it allows certain employees to defer up…
A: Deferred compensation refers to a compensation arrangement in which an employee earns income in one…
Q: 742.88 Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500…
A: Given that, Kip Bowmen is a owner and sole employee of KB Corporation Salary of Kip Bowmen = $1500…
Q: BMX Company has one
A: Payroll tax expense is shown as a percentage of the wages received by employees working on payroll…
Q: Compilation Presentation Alternatives. Jimmy C. operates a large service station, garage, and truck…
A: a,
Q: Since the SUTA rates changes are made at the end of each year, the available 2021 rates were used…
A: Annual Contribution Per Year:
Q: TIGLES BE10.7 (LO 1), AP Betsy Strand's regular hourly wage rate is $16, and she receives an hourly…
A: The tax that is deducted, charged, or levied against an employer's paycheck is referred to as…
Q: Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each…
A: Journal Entries A journal entry is a record of transactions in the company's books. A minimum…
Q: () ax FUTA SUTA =) Required information [The following information applies to the questions…
A: Introduction: Taxes are mandatory suggestions levied on individuals or corporations by a government…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Question text Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI-6.2% both on $128,400; HI-1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9 percent on wages in excess of $200,000 was not applicable. PROBLEM: During 2019, Amanda Hines, president of Dunne, Inc., was paid a semimonthly salary of $7,100. Determine the following amounts. OASDI HI (a) The amount of FICA taxes to withhold from her 9th pay is ______ ______ (b) The amount of FICA taxes to withhold from her 19th pay is ______ ______ (c) The amount of FICA taxes to withhold from her 24th pay is ______ ______ Problem Information Use the following tax rates, celling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700 $8,537.40 Employee and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $137,700 $17,074.80 Self-employed HI: 2.9% No limit No maximum "Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-haif to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, drop the third decimal place. Also, use the minimum hourty wage of $7.25 in solving these problems and all that follow. Jax Company's (a monthly depositor) tax lability (amount withheld from…Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700 $8,537.40 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $137,700 $17,074.80 Self-employed HI: 2.9% No limit No maximum *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). If the third decimal place is 5 or more, round to the next higher cent. If the third decimal place is less than 5, drop the third decimal place. Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Dee is paid $2,345 on November 8, 20--. Dee had cumulative gross earnings, including…
- [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. a. b. C. Gross Pay through Gross Pay for August 31 $ 5,700 3,200 132,600 Exercise 11-8 (Algo) Payroll-related journal entries LO P2 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 $70 for this pay period. Taxes to be Withheld From Gross Pay September $ 1,800 Complete this question by entering your answers in the tabs below. 3,300 9,200 General Journal Federal income tax The employee's federal income taxes withheld by the employer are $70 for this pay period. Assuming situation (a), compute the…An employer in The U.S. Virgin Islands employs two individuals, whose taxable earnings to date (prior to the current pay period) are $8,500, and $3,400. During the current pay period, these employees earn $870 and $525, respectively. FUTA tax = $ What is the FUTA tax? The FUTA rate is for year 2022 The FUTA rate for this problem is 0.042%Kk131.
- Private academic institutions and other special domestic businesses are exempt from the MCIT as long as they pay a preferential payroll tax of 10%. True or False.16. An employee receives a monthly salary of P20,0000. The following items are withheld from the monthly salary: Income tax, P2,000; SSS contribution, P800; Philhealth contribution, P300 and Pag-ibig contribution, P200. The net monthly amount received by the employee is P16,700. The monthly taxable income is: a. P16,700 b. P17,000 c. P18,700 d. P20.000Based on a more likely than not (MLTN) basis: Co. should only have claimed federal R&D credit of $8,000 Co. identified a bonus accrual at the end of YrX1 of $20,000 that should not have been deducted for tax purposes. This bonus accrual was new this year. For federal and state purposes, each jurisdiction assesses a 10% penalty on underpayment of taxes, and simple interest of 5% per year. g) What are the amounts of the unrecognized tax benefits? h) What are the penalties and interest resulting from these UTBs at 12/31/YrX1? i) What are the journal entries to book the effects of the unrecognized tax benefits? j) What is the total provision for income tax on a MLTN basis?
- 30. Banner Company had the following payroll data for the year: Gross eamings of employees Employee earnings not subject to Social Security tax Employee earnings not subject to FUTA or SUTA tax Assume the following: FICA tax rate on first $110,100 State Unemployment tax rate Federal Unemployment tax $900,000 100,000 610,000 7.65% (1.45% over $110,100) 5.4% (SUTA) (FUTA) .8% rate Instructions Compute Banner's payroll tax expense for the year. Make a summary journal entry to record the payroll tax expense.Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI—6.2% both on $132,900; HI—1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9% on wages in excess of $200,000 was not applicable. At Haddon, Inc., the office workers are employed for a 40-hour workweek and are paid on either an annual, monthly, or hourly basis. All office workers are entitled to overtime pay for all hours worked beyond 40 each workweek at 1.5 times the regular hourly rates. Company records show the following information for the week ended December 26, 20--. Employee Salary Hrs. Worked Cumulative Taxable Wages as of Last Pay Period (12/19/--) OFFICE King, M. $135,200.00 per year 40 $132,600.00 Manera, E. $6,500.00 per month 40 $76,500.00 Tate, S. $3,900.00 per month 48 $45,900.00 Yee, L. $12.50 per hour 44.5 $27,675.13 PLANT Diaz, R. $12.50 per hour 48 $14,778.96…Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,700 each week. Additional tax information includes: FICA tax—OASDI 6.2% on first $137,700 FICA tax—HI 1.45% on total pay Federal income tax $255.00 per pay State income tax 22% of the federal income tax withholding Federal unemployment tax 0.6% on first $7,000 State unemployment tax 0.05% on first $14,000 Additional payroll deductions include: 401(k) plan 3% per pay Child support garnishment $110 per pay Health insurance premium $95 per pay Here is what I need help with: Record the payroll entry and payroll tax entry for the pay of the week ended June 7 (his year-to-date pay is $35,700). If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Account Debit Credit Payment of wages fill in the blank 35542201cfaf02a_2 fill in the blank 35542201cfaf02a_3 fill in the…