The chief executive officer earns $10,120 per month. As of May 31, her gross pay was $50,600. The tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the 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 FICA-Social Security withheld from this employee for the month of June?

Q: Matty Kim, an accountant for Vernitron, earned $120,900 from January to June. Matty earned $20,000.…

A:

Q: The weekly payroll of Abkar Hardware includes 19 employees who earn $280.00 each. Using a 6.2% FICA…

A: The combined tax rate for Social Security and Medicare is 7.65% of a person's taxable income.…

Q: Sadie White receives an hourly rate of $30, with time and a half for all hours worked in excess of…

A: Lets understand the basics. Net amount paid is a gross salary less deductions made.  Gross salary is…

Q: Sky Co. employed Tom Mills in Year 1. Tom earned $5,300 per month and worked the entire yearAssume…

A: Tax refers to the financial charge which is compulsory in nature and it is imposed through the…

Q: William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is…

A: Date Account Titles and Explanation Debit Credit   Payroll Tax Expense $6850…

Q: , 1.5%. What is the net amount to be paid to Jackson?

A: Given information is: Hours worked = 45 Normal hours = 40 Hourly wage rate = $15

Q: Sadie White receives an hourly rate of $30, with time and a half for all hours worked in excess of…

A: Formula used : Number of Excess hours worked = Total hours worked - Weekly working hours

Q: Portia Grant is an employee who is paid monthly. For the month of January of the current year, she…

A: Net pay is the amount of compensation that remains available for distribution to an employee after…

Q: Thomas Martin receives an hourly wage rate of $30, with time and a half for all hours worked in…

A: Gross Salary:(40×30) + [(43-40)×1.5×30] = 1,335 Deductions:Social Security Tax = 1,335×0.06 =…

Q: An employee has year-to- date earnings of $41,050. The employee's gross pay for the next pay period…

A: Federal Insurance Contributions Act tax:   It is a federal payroll contribution that is directed for…

Q: The cumulative earnings of Kenney and Barry are $94,000 and $80,320, respectively. Their earnings…

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Q: Dixon Sales has six sales employees that receive weekly paychecks. Each employee earns $18.00 per…

A: Lets understand the basics.Journal entry is required to record for recording each of event and…

Q: Thomas Martin receives an hourly wage rate of $25, with time-and-a-half pay for all hours worked in…

A: Gross pay Gross pay means the amount paid to the employees before all taxes and benefits. The Gross…

Q: Tavella Company’s first weekly pay period of the year ends on January 8. On that date, Tavella’s…

A: Every transaction should be recorded in the books of accounts in the form of Journal entry. Each…

Q: An employee earned $61,700 during the year working for an employer. The FICA tax rate for Social…

A: Unemployment Taxes: These are the taxes paid by employers to fund or finance the federal and state…

Q: Sky Company employed To

A: Payroll tax: A payroll tax is a tax withheld from an employee's salary by an employer who remits it…

Q: A paving company has 24 employees, 15 with gross earnings of $355 per week and nine with gross…

A: Calculation of total social security and Medicare tax for the first quarter of the year: It was…

Q: omas Martin receives an hourly wage rate of $16, with time and a half for all hours worked in excess…

A: Wages are paid based on hourly payments and extra hours are paid with extra payment with extra over…

Q: Scott is an employee at Company G and is paid monthly.  For the month of January, he earned a total…

A: Net pay for the employee= Gross pay-  Payroll tax Payroll tax includes social security tax, federal…

Q: Prior to the last payroll period of the calendar year, the cumulative earnings of Employee A were…

A: The Social Security program, which pays retirement benefits to qualified persons, is financed by…

Q: Peter works for Company G and gets paid monthly. He made $8,500 throughout the month of January.…

A: Compensation is a monetary or non-monetary payment paid in exchange for services provided. Base…

Q: Todd Hackworth’s weekly gross earnings for the week ending December 18 were $2,000, and his federal…

A: Net pay = Gross pay - Federal income tax withheld - Social security tax withheld - Medicare tax…

Q: Required a. Answer the following questions. (1) What is Tom's net pay per month? (2) What amount…

A: Given data for Year 1:Monthly earnings: $5,700Social Security tax rate: 6%Medicare tax rate:…

Q: An employee earns $5,950 per month working for an employer. The Federal Insurance Contributions Act…

A: Variables in the question:Gross Pay=$5950FICA tax rate for social security=6.2% FICA tax rate for…

Q: Sylvester's gross pay for the month of February is $3,900. His year-to-date pay is under the limit…

A: The objective of the question is to calculate the employer payroll taxes for Sylvester for the month…

Q: Dixon Sales has six employees that receive weekly paychecks. Each employee earns $14.00 per hour and…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

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: An employee receives an hourly rate of $17, with time and a half for all hours worked in excess of…

A: Gross pay = ($17 x 40 hours+ $17*1.5 x 9 hours) = $909.50

Q: Employee AA is paid monthly. For the month of January, she earned a total of $8,260. The tax for…

A: . Employee AA’s net pay for the month is: $6302.94  explanation :  The computation of net pay is…

Q: Thomas Martin receives an hourly wage rate of $15, with time-and-a-half pay for all hours worked in…

A: Gross pay: Gross pay means the salary before the deduction of any taxes, benefits, and other payroll…

Q: An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social…

A: Step 1 The unemployment taxes (FUTA) of $42 is obtained by multiplying the earnings of $7,000 with…

Q: The monthly salaries for December and the year-to-date earnings as of November 30 for the three…

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: Martin Jackson receives an hourly wage rate of $25, with time and a half for all hours worked in…

A: Gross earnings = (40 hours x $25 per hour) + (Hours in excess of 40 hours x $25*1.5 per hour) =(40…

Q: Sky Company employed Tom Mills in Year 1. Tom earned $5,900 per month and worked the entire year.…

A: To calculate Tom's net pay and the FICA payroll tax, let's break it down:Net Pay Calculation:Tom's…

Q: An employee earns $5,500 per month working for an employer. The FICA tax rate for Social Security is…

A: Calculation of Net pay for the month of January is as follows:

Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: Triston Vale is paid on a monthly basis. For the month of January of the current year, he earned a…

A: Dear student, check the answer in the explanation box below.Explanation:Dear student, following your…

Q: Portia Grant is an employee who is paid monthly. for the month of Jan of the current year, she…

A: Net pay is the net amount  after adjusting  all taxes except  FUTA and SUTA

Q: William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is…

A: Accounts Debit Credit  Wages expense 250000     Social security tax payable (6% x $250000)…

Q: William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is…

A: Particular     Debit ($)       Credit ($)…