Tea Tree Therapeutics is an Arizona company with a SUTA tax of 5.2% and a SUTA wage base of $7,000. The employee earnings for the past year are: Theresa, $25, 340; Gregori, $7,400; Alain, $20, 860; and Katlyn, $5,730. Arizona employers pay a State Unemployment Insurance Tax (SUI) of 2.0% on all wages up to the first $7,000 annually. What is the total of Tea Tree Therapeutic' employer - share taxes for FUTA, SUTA, SUI, and FICA for the year? (Round your intermediate calculations to 2 decimal places.) Multiple Choice $6,840.79 $6,682.39 $6,623.69 $6,463.31
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- Portia Grant is an employee who is paid monthly. for the month of Jan of the current year, she earned a total of 8,538. the FICA tax for social security is 6.2% of the first 128,400 of employee earnings each calendar year and the FICA tax for medicare is 1.45% of all earnings. the FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first 7,000 of an employee's pay. the amount of federal income tax withheld from her earnings was 1,416.67. her net pay for the month is?Zolnick Enterprises has two hourly employees—Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $270 and $228, respectively, for the first week of January. The following information is for the first week in January Year 1. Employee Hours Worked Wage Rate per Hour Kelly 54 $ 20 Jon 49 $ 25 Requireda. Calculate the gross pay for each employee for the week.b. Calculate the net pay for each employee for the week.c. Prepare the general journal entry to record payment of the wages.Peyton Company's payroll for the year is $741,150. Of this amount, $472,770 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first $7,000 of each employee's earnings. Compute: Net FUTA tax
- William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following: • Social security tax 6.0%• Medicare tax 1.5%• State unemployment compensation tax 5.4%• Federal unemployment compensation tax 0.8% Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500. ________________________________________ When William Corp. records the journal entry to recognize payroll every two weeks, Payroll Tax Expense will be: Question 30 options: Debited for $75,000 Credited for $12,500 Debited for $12,500 Credited for $75,000 Neither debited nor creditedSky Company employed Tom Mills in Year 1. Tom earned $5,300 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $110,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom's federal income tax withholding amount is $940 per month. Use 5.4 percent for the state unemployment tax rate and 0.6 percent for the federal unemployment tax rate on the first $7,000 of earnings per employee. Required a. Answer the following questions. (1) What is Tom's net pay per month? (2) What amount does Tom pay monthly in FICA payroll taxes? (3) What is the total payroll tax expense for Sky Company for January Year 1? February Year 1? March Year 1? December Year 1? b. Assume that instead of $5,300 per month Tom earned $9,700 per month. Answer the following questions. (1) What is Tom's net pay per month? (2) What amount does Tom pay monthly in FICA payroll taxes? (3) What is the total payroll tax expense for Sky Company for January Year 1? February Year…Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $132,900 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. Cumulative pay for the current year for each of its employees follows. Employee Ken S Tim V Steve S Cumulative Pay $ 6,000 40,400 87,000 Employee Julie W Michael M Zach R Required A Required B Cumulative Pay $ 143,500 106,900 132,900 FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes 1. Compute the amounts in this table for each employee. 2. For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes. Complete this question by entering your answers in the tabs below. Tax Paid by Employee Employee Christina S For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes. Note: Round your final answers to 2 decimal…
- The following information pertains to a weekly payroll of Texera Tile Company: a. The total wages earned by employees are $17,500.b. The state unemployment insurance contribution rate is 3.5%.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 $1,950; for state income taxes, $372.60; and for group insurance, $192.00. ournalize the payment of wages, and record the payroll taxes for this payroll. 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 Payroll taxesZolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $270 and $233, respectively, for the first week of January. The following information is for the first week in January Year 1. Employee Kelly Jon Required a. Calculate the gross pay for each employee for the week. b. Calculate the net pay for each employee for the week. c. Prepare the general journal entry to record payment of the wages. Req A and B a. b. Hours Worked 54 49 Complete this question by entering your answers in the tabs below. Wage Rate per Hour $ 22 $ 27 Gross pay Net pay Req C Calculate the gross pay for each employee for the week. Calculate the net pay for each employee for the week. (Round intermediate…In September, Manson Paint Corporation began operations in a state that requires new employers of one or more individuals to pay a state unemployment tax of 3.5% of the first $7,000 of wages paid to each employee. An analysis of the company's payroll for the year shows total wages paid of $180,260. The salaries of the president and the vice president of the company were $18, 400 and $15,000, respectively, for tife four-month period, but there were no other employees who received wages in excess of $7,000 for the four months. Included in the total wages were $810 paid to a director who only attended director meetings during the year, S6, 450 paid to the factory superintendent, and $2,050 in employee contributions to a cafeteria plan made on a pretax basis for both federal and state. In addition to the total wages of $180,260, a payment of $2,580 was made to Andersen Accounting Company for an audit it performed on the company's books in December. Compute the following, round your answers…
- Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,838. The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137,700 of employee earnings each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate of 0.6% and the State Unemployment Taxes (SUTA) tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,466.47. Her net pay for the month is: (Round your intermediate calculations to two decimal places.) Multiple Choice $7,586.59 $6,695.42 $6,639.42 $6,261.42 $6,823.57Sky Company employed Tom Mills in Year 1. Tom earned $5,800 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $130,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom's federal income tax withholding amount is $920 per month. Use 5.4 percent for the state unemployment tax rate and 0.6 percent for the federal unemployment tax rate on the first $7,000 of earnings per employee. Required a. Answer the following questions: 1. What is Tom's net pay per month? 2. What amount does Tom pay monthly in FICA taxes? 3. What is the total payroll tax expense for Sky Company for January, Year 1? February, Year 1? March, Year 1? December, Year 1? b. Assume that instead of $5,800 per month Tom earned $11,300 per month. Based on this new level of income Tom's new federal income tax withholding is $2,200. Answer the following questions. 1. What is Tom's net pay per month? 2. What amount does Tom pay monthly in FICA payroll taxes? 3. What is the…TopStone Inc. employs one person to run its solar management company. The employee's 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 employee's salary with cash on June 1 In 4.1 above, you prepared the journal entries for the employee of TopStone Inc. You have now been given the following additional information: · May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible…