The employer is responsible for which of the following payroll taxes? 6.2% FICA—OASDI tax 1.45% FICA—Medicare tax Federal and state unemployment taxes< All of the above
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The employer is responsible for which of the following payroll taxes?
- 6.2% FICA—OASDI tax
- 1.45% FICA—Medicare tax
- Federal and state
unemployment taxes< - All of the above
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- How? On November 30, the payroll register of Webster & Smith indicated the following information: Wages and Salaries Expense $9,400.00 Employee Federal Income Tax Payable 985.00 United Way Contributions Payable 200.00 Earnings subject to Social Security tax 9,400.00 Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings.FIGURE 13-3 40. An employee earns a gross wage represented as W. The employee's payroll deductions are shown in Figure 13-4. What is the employee's net wage? Type of Deduction Amount of Deduction Federal Income Tax 0.22W Social Security 0.076W Health and Accident Insurance 0.065W Retirement 0.05W Miscellaneous 0.042W ⒸCengage Leaming 2013Problem Information Use the following tax rates, celling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700 $8,537.40 Employee and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $137,700 $17,074.80 Self-employed HI: 2.9% No limit No maximum "Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-haif to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, drop the third decimal place. Also, use the minimum hourty wage of $7.25 in solving these problems and all that follow. Jax Company's (a monthly depositor) tax lability (amount withheld from…
- Recording payroll and payroll taxes. Assume that the company is subject to a 2% state unemployment tax and 0.6% federal unemployment tax. REQUIRED: Record the following in general journal entry form on May 31. A. Accrual of monthly payroll B. Payment of the net payroll C. Accrual of employers payroll taxes(assume that the FICA matches the amount withhold) D. Payment of these payroll related liabilities. (assume that all are settled at the same time) The options for the shaded drop boxes are : Administrative salaries expense, cash, custodial salaries expense, federal income tax withholding payable, federal unemployment tax payable, FICA tax payable, payroll payable, payroll tax expense, sales salaries expense, state unemployment tax payable.The following unemployment tax rate schedule is in effect for the calendar year 2019 in State A, which uses thereserve-ratio formula in determining employer contributions:Reserve Ratio Contribution Rate0.0% or more, but less than 1.0% ............................ 6.7%1.0% or more, but less than 1.2% ............................ 6.4%1.2% or more, but less than 1.4% ............................ 6.1%1.4% or more, but less than 1.6% ............................ 5.8%1.6% or more, but less than 1.8% ............................ 5.5%1.8% or more, but less than 2.0% ............................ 5.2%2.0% or more, but less than 2.2% ........................... 4.9%2.2% or more, but less than 2.4% ........................... 4.6%2.4% or more, but less than 2.6% ........................... 4.3%2.6% or more, but less than 2.8% ........................... 4.0%2.8% or more, but less than 3.0% ............................ 3.7%3.0% or more, but less than 3.2% ............................ 3.4%3.2% or…Based on the information in problem 2, calculate and record the employers payroll taxes for the period in the general journal below. The state employment tax rate is 5.4 percent, and the federal unemployment tax rate is 0.8 percent.
- Payroll Tax Entries According to a summary of the payroll of Guthrie Co., $587,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $19,000 was subject to state and federal unemployment taxes. Question Content Area a. Compute the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%.$fill in the blank 04825efc801a047_1 Question Content Area b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.According to a summary of the payroll of Sinclair Company, $505,000 was subject to the 6.0% social security tax and $545,000 was subject to the 1.5% Medicare tax. Also, $10,000 was subject to state and federal unemployment taxes. Question Content Area Required: a. Compute the employer's payroll taxes using the following rates: State unemployment, 4.2%; Federal unemployment, 0.8%.$ fill in the blank bdfee804ffc2f82_1 Question Content Area b. Journalize the entry for the employer's payroll tax expense. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select -Assume the following data for Nest Home Appliance Repair for the payroll quarter ended March 31. Gross earnings Employee FICA taxes Federal income tax State income tax Number of employees this quarter: $300,500.00 22,988.25 60,100.00 6,009.00 Date Account Titles and Explanation Apr. 15 30 Nest is subject to the following rates: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state unemployment 5.4% up to $7,000, and federal unemployment 0.6% up to $7,000. No employee reached the limit for FICA taxes, and all employees reached the limit for unemployment taxes in the first quarter. Prepare the journal entry to record payment of employer taxes, assuming all taxes were paid on April 15. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit
- Based on the payroll information above... Total gross earnings of all employees: $ 9,814.40 Total social security tax withheld: 608.49 Total medicare tax withheld 142.31 Total federal income tax withheld 1,766.00 Total insurance premiums withheld 804.00 Based on the payroll information above, calculate and record the employer's payroll taxes for the period on the general journal. The state unemployment tax rate is 5.4 percent, and the federal unemployment tax rate is 0.8 percent. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)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 1912.50During the year, Zeno Company has a SUTA tax rate of 6.3%. The taxable payroll for the year for FUTA and SUTA is $77000. Conpute: *0.6% was used for the FUTA tax rate for employers. Net FUTA tax? Net SUTA tax? Total unemployment taxes?
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