The employees of Lillian's Interiors are paid on a semimonthly basis. All employees are single.Required:Compute the FICA taxes for the employees for December 31, 2021, pay period. All employees have been employed for the entirecalendar year. (Round "Social Security Tax" and "Medicare Tax" to 2 decimal places.)EmployeeW. BabishG.HanoushR. FezzetiT. GomezN. BertraudR. LaPonteSemimonthlyPay$$$$69 69$X Answer is complete but not entirely correct.SocialSecurityTax$YTD Payfor 12-15-20218,345$191,935$6,295$ 144,785 $9,270 $ 213,210✔✔ $$ 105,110 $4,5705,725$ 131,675$4,970$ 114,310 $MedicareTax for 12-31-2021Payfor 12-31-2021 Pay0.00$0.00 $0.00 $283.34354.95$$308.14 $121.00 x91.28217.85✔66.27✔83.01✔72.07✔

Employers are mandated by the Federal Insurance Contributions Act (FICA) to withhold two taxes, one…

The employees of Lillian's Interiors are paid on a semimonthly basis. All employees are single. Required: Compute the FICA taxes for the employees for December 31, 2021, pay period. All employees have been employed for the entire calendar year. (Round "Social Security Tax" and "Medicare Tax" to 2 decimal places.) Employee Answer is complete but not entirely correct. Social Security Tax for 12-31- 2021 Pay 0.00 121.00 0.00 91.28 0.00 $ 217.85 283.34 $ 354.95 $ 308.14 $ 72.07 66.27 83.01 Semimonthly Pay $ W. Babish G. Hanoush S R. Fezzeti S T. Gomez $ N. Bertraud $ R. LaPonte $ YTD Pay for 12-15- 2021 $ 191,935 $ $ 144,785 S 8,345 6,295 $ 213,210 $ 9,270 4,570 $ 105,110 $ 5,725 $ 131,675 $ 4,970 $ 114,310 $ Medicare Tax for 12- $ $ 31-2021 Pay

The employees of Lillian's Interiors are paid on a semimonthly basis. All employees are single. Required: Compute the FICA taxes for the employees for December 31, 2021, pay period. All employees have been employed for the entire calendar year. (Round "Social Security Tax" and "Medicare Tax" to 2 decimal places.) Employee Answer is complete but not entirely correct. Social Security Tax for 12-31- 2021 Pay 0.00 121.00 0.00 91.28 0.00 $ 217.85 283.34 $ 354.95 $ 308.14 $ 72.07 66.27 83.01 Semimonthly Pay $ W. Babish G. Hanoush S R. Fezzeti S T. Gomez $ N. Bertraud $ R. LaPonte $ YTD Pay for 12-15- 2021 $ 191,935 $ $ 144,785 S 8,345 6,295 $ 213,210 $ 9,270 4,570 $ 105,110 $ 5,725 $ 131,675 $ 4,970 $ 114,310 $ Medicare Tax for 12- $ $ 31-2021 Pay

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1). Note: Do not round intermediate calculations and round your final answers to the nearest cent. Employee Pat Brown Marital status S Gross pay $ 1,800 FIT Social Security FICA Medicare Net pay
Assume the following payroll information for Lizzie Border: Gross Pay $10,000 Income tax $2,500 FICA Social Security $620 FICA Medicare $145 What is included in the journal entry to record the employer amounts of the payroll? Assume gross salary maximums have not been reached. FICA Medicare taxes payable $145 Employer portion of income tax $2,500 Salaries expense of $6,740 Salaries payable of $10,000
Compute the FICA taxes for both employee and employer given the following independent scenarios for The Fish House: The gross payroll total for all employees this month is $30,000. Assume that all employees' wages fall below the Social Security limit. 1 2 1 2 The gross payroll total for all employees this month is $30,000. The amount of employees' wages that fall below the Social Security limit is $25,000. Total FICA taxes Total FICA taxes $ $ 2295 1912.50
The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxable pay. No employee has exceeded the maximum FICA limit. (Round your intermediate calculations and final answers to 2 decimal places.) > Answer is complete but not entirely correct. Employee S. Bergstrom C. Pare Filing Status, Dependents MJ-0 MJ-2 (<17) Pay $ 1,860 Union Dues per Period Garnishment per Period Net Pay $ 50 $ 1,910.00 $ 3,820 $ 120 $ 3,700.00 X L. Van der S-1 (Other) $ 3,545 $ 240 $ 75 $ 3,230.00 Hooven S.Lightfoot MJ-0 $ 3,170 100 3,070.00
Selected columns of Envirocon Company's payroll register for March are as follows. The employer's Social Security tax amount has already been calculated as $3,124.34. The employees' FICA Medicare tax rate is matched by the employer. PaymentDate Employees' FederalIncome Tax Employees' SocialSecurity Tax Employees'Medicare Tax March 7 1,125.00 686.43 108.75 14 1,250.00 764.22 121.08 21 1,385.00 845.22 133.91 28 1,357.00 828.47 131.25 Envirocon Company deposits taxes monthly. Required: In general journal form, record the entry for the April 15 payment of FICA and federal income taxes for employees and employer. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations. If an amount box does not require an entry, leave it blank.
For each employee listed below, calculate the taxable earnings for Social Security tax for the described pay period. Note that none of these employees exceed the Social Security taxable wage base during the year. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Devin Moody earned gross pay of $1,200 during a recent pay period. He contributes 10% of gross pay to a 403(b) retirement plan and $85 each pay period to a cafeteria plan. Taxable earnings = $
Mary Matthews made $950 during a biweekly pay period only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company's 401k. Determine Matthews take home pay if she is married and claims 2 allowances. (Use Wage Bracket Method) Round your answer to two decimal place.
Thuy worked as the assistant manager at Burger Crown through August 2021 and received wages of $81,000. Thuy then worked at Up and Down Burger starting in September of 2021 and received wages of $64,000. Calculate the amount of Thuy's overpayment of Social Security taxes that she should report on her 2021 Form 1040. Round your answer to two decimal places.
Milligan's Millworks pays its employees weekly. Use the wage-bracket tables from Appendix C to compute the federal income tax withholdings for the following employees of Milligan's Millworks: (Assume that no pre-tax deductions exist for any employee and box 2 is not checked for all employees and Manual payroll system is used.) (Round your intermediate calculations and final answers to 2 decimal places. Leave no cells blank. Enter "0" wherever required.) Employee D. Balestren Y Milligan H. Curran D. Liberti Filing Status Single Single Married/Joint Head of Household Dependents Two <17 One Other Two <17, one Other One <17 $ $ $ $ Weekly Pay 760 5 1,213 752 $ 895 Federal Tax 0.00 0.00
1. Anderson Brown worked 39 hours during the first week of the calendar year and earns regular wages of $15/hour. She contributes 4% of gross pay to a 401(k) plan and $25/week to a dependent-care flexible spending account. Her Social Security tax for the week is $_____ . 2. Which statement about calculating taxable earnings for Social Security tax is accurate? Answer: A. 401(k) contributions are taxable for Social Security tax and are subtracted from gross pay when calculating taxable earnings for that tax. B. 401(k) contributions are taxable for Social Security tax and are not subtracted from gross pay when calculating taxable earnings for that tax. C. 401(k) contributions are not taxable for Social Security tax and are subtracted from gross pay when calculating taxable earnings for that tax. D. 401(k) contributions are not taxable for Social Security tax and are not subtracted from gross pay when…
Helen Corbin's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Helen works 50 hours. Helen's federal income tax withholding is $98, she has no voluntary deductions, and the FICA tax rate is 7.65%. Compute Helen Corbin's gross earnings and net pay for the pay period. (Round Intermediate calculation and final answers to 2 decimal places, e.g. 15.25.) Gross earnings $ Net pay $ 800 640.8
Journal Entries for Payment of Employer Payroll Taxes Angel Ruiz owns a business called Ruiz Construction Co. He does his banking at Citizens National Bank in Portland, Oregon. The amounts in his general ledger for payroll taxes and the employees' withholding of Social Security, Medicare, and federal income tax payable as of April 15 of the current year are as follows: Social Security tax payable (includes both employer and employee) $11,250 Medicare tax payable (includes both employer and employee) 2,625 FUTA tax payable 700 SUTA tax payable 3,990 Employee income tax payable 5,860 Journalize the quarterly payment of the employee federal income taxes and Social Security and Medicare taxes on April 15, 20--, and the payments of the FUTA and SUTA taxes on April 30, 20--.