The employees of Ethereal Bank are paid on a semimonthly basis. All employees are single. Required: Compute the FICA taxes for the employees for the November 30 payroll. All employees have been employed for the entire calendar year. (Round "Social Security Tax" and "Medicare Tax" to 2 decimal places.) Employee R. Bellagio B. Khumalo S. Schriver K. Saetang T. Ahmed M. Petrova Semimonthly Salary $ $ $ $ $ $ 9,511 6,711 7,350 7,800 10,300 8,650 YTD Pay for November 15 Pay Date Social Security Tax for November 30 Pay Date Medicare Tax for November 30 Pay Date

The employees of Ethereal Bank are paid on a semimonthly basis. All employees are single. Required: Compute the FICA taxes for the employees for the November 30 payroll. All employees have been employed for the entire calendar year. (Round "Social Security Tax" and "Medicare Tax" to 2 decimal places.) Employee R. Bellagio B. Khumalo S. Schriver K. Saetang T. Ahmed M. Petrova Semimonthly Salary $ $ $ $ $ $ 9,511 6,711 7,350 7,800 10,300 8,650 YTD Pay for November 15 Pay Date Social Security Tax for November 30 Pay Date Medicare Tax for November 30 Pay Date

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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• X Corp. pays its employees monthly. The payroll information for Employee Barney listed below is for January, 2021, the first month of X's fiscal year. Salary: $40,000 Fed. Income Tax Withheld: $8,000 Federal and State Unemployment Tax: 6% Social Security Tax: 6.2% Medicare Tax: 1.45% Payroll tax expense related to this employee will be: O $7,140 $47,140 O $40,000 O $5,460
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K t ht ences The employees of Ethereal Bank are paid on a semimonthly basis. All employees are single. There are no pre-tax deductions. Required: Compute the FICA taxes for the employees for the November 30 payroll. All employees have been employed for the entire calendar year. Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places. Employee R. Bellagio B. Khumalo S. Schriver K. Saetang T. Ahmad M. Petrova Semimonthly Pay $ $ $ $ $ $ 9,519 6,719 6,838 8,200 10,700 9,050 YTD Pay for November 15 Pay Date Social Security Tax for November 30 Pay Date Medicare Tax for November 30 Pay Date
Subject: acc
Subject : accounting' Lacy Crawford has a regular hourly rate of $21.60. In a week when she worked 40 hours and had deductions of $110.60 for federal income tax, $53.60 for social security tax, and $12.50 for Medicare tax, her net pay was
Mary’s Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the text. The payroll data for each employee for the week ended March 22, 20—, are given. Employees are paid 1½ times the regular rate for working over 40 hours a week. Name No. ofAllowances Marital Status Total Hours Worked Mar. 16–22 Rate Total EarningsJan. 1–Mar. 15 Bacon, Andrea 4 M 44 $12.00 $5,500.00 Cole, Andrew 1 S 40 12.00 5,860.00 Hicks, Melvin 3 M 43 10.50 4,820.00 Leung, Cara 1 S 35 11.00 5,056.50 Melling, Melissa 2 M 40 13.00 4,727.00 Social Security tax is withheld from the first $128,400 of earnings at the rate of 6.2%. Medicare tax is withheld at the rate of 1.45%, and city earnings tax at the rate of 1%, both applied to gross pay. Bacon and Leung have $13 withheld and Cole and Hicks have $4 withheld for health insurance. Bacon and Leung have $22 withheld to be invested in the travel agency’s credit union. Cole has $38.00 withheld and Hicks has…
Prepare the journal entry to record the payment of the payroll for the week
D
Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry to record the employer's payroll taxes expense for the week ended July 15 of the current year. Round your answers to the nearest cent, if required. If an amount box does not require an entry, leave it blank. Portions of the payroll register for Barney’s Bagels for the week ended July 15 are shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both of which are levied on the first $7,000 of earnings. The Social Security tax rate is 6.2% on the first $118,500 of earnings. The Medicare rate is 1.45% on gross earnings. Barney’s BagelsPayroll Register Total Taxable Earnings of All Employees Total Earnings Unemployment Compensation Social Security $12,200 $10,500 $12,200
The employees of Lillian's Interiors are paid on a semimonthly basis. Required: Compute the FICA taxes for the employees for the December 29, 2023, pay period. All employees are single and have been employed for the entire calendar year. Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places. YTD Pay for Semimonthly December 15 Employee Pay Pay Date W. Babish $ 8,330 G. Hanoush $ 6,280 R. Fezzeti $ 9,255 T. Gomez $ 4,555 N. Bertraud $ 5,710 R. LaPonte $ 4,955 Social Security Tax Medicare Tax 29 Pay Date 29 Pay Date for December for December
Brianna Whitman works for Schaum, Whitney, & Matte, LLP, in Washington, D.C., which pays employees on a biweekly basis. Brianna's annual salary is $162,600. The company started in 2021. Required: Calculate the following: (Do not round intermediate calculations. Round your answers to 2 decimal places.) Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax Pay Period End September 24 December 31