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 Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places. year. Employee R. Bellagio B. Khumalo S. Schriver K. Saetang T. Ahmad M. Petrova Semimonthly Pay $ $ $ S $ $ 9,509 6,709 6,818 7,700 10,200 8,550 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. 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 Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places. year. Employee R. Bellagio B. Khumalo S. Schriver K. Saetang T. Ahmad M. Petrova Semimonthly Pay $ $ $ S $ $ 9,509 6,709 6,818 7,700 10,200 8,550 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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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

Kk.304.

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
Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places.
year.
Employee
R. Bellagio
B. Khumalo
S. Schriver
K. Saetang
T. Ahmad
M. Petrova
Semimonthly
Pay
$
$
$
$
$
$
9,509
6,709
6,818
7,700
10,200
8,550
YTD Pay for
November 15
Pay Date
Social Security
Tax for
November 30
Pay Date
Medicare Tax for
November 30
Pay Date

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