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 beenemployed for the entire calendar year.Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places.YTD Pay forSemimonthlyDecember 15EmployeePayPay DateW. Babish$8,330G. Hanoush$6,280R. Fezzeti$9,255T. Gomez$4,555N. Bertraud$5,710R. LaPonte$4,955SocialSecurity TaxMedicare Tax29 Pay Date29 Pay Datefor December for December

In computing the FICA (Federal Insurance Contributions Act) taxes for the employees of Lillian's…

Answered: The employees of Lillian's Interiors…

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
d
Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. Calculate the monthly Social Security and Medicare withholdings (in $) for the employee as the payroll manager for a cargo and freight company. Year-to-Date Employee Earnings Current Month Social Security Graham, C. $14,300 $1,780 Medicare
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
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
Urmilaben
Employee Net Pay Kenneth Inverness's weekly gross earnings for the week ended April 22 were $1,000, and his federal income tax withholding was $180. Assuming the social security rate is 6% and Medicare is 1.5%, what is Kenneth's net pay? Note: If required, round your answer to two decimal places. All work saved.
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
Ur
(J) lauprechta Incorporated has the following employees on payroll: Employees is paid Semimonthly Naila $ 6,000 3 dependents Married, Wilfred $ 5,300 2 dependent Married, Byron $3900 0 dependents Single, Annie $ 4,500 1 dependent Head of Household. Assume that the employer uses the percentage method table for a manual payroll system. Prepare form 940 for 2022. No futa deposits were made during the year. assume Lauprechta has timely paid all amounts due to the state unemployment fund assume a total of amount of 3471 and the payroll was consistent throughout the entire year.
No 1 Required Information [The following information applies to the questions displayed below.] d. Prepare the journal entry to record the payroll tax expense and fringe benefit expense for Webber Packing Company for the week. (Round your answers to 2 decimal places.) 2 The following Information is available for the employees of Webber Packing Company for the first week of January Year 1: 1. Kayla earns $27 per hour and 1⁄2 times her regular rate for hours over 43 per week. Kayla worked 45 hours the first week in January. Kayla's federal income tax withholding is equal to 12 percent of her gross pay. Webber pays medical Insurance of $95 per week for Kayla and contributes $59 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,050. Paula's federal Income tax withholding is 18 percent of her gross pay. Webber pays medical Insurance of $115 per week for Paula and contributes $95 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2…

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