### Payroll Calculation Scenario for Educational PurposesThe following information is for employee Ella Dodd for the week ended March 15.- **Total hours worked:** 48- **Rate:** $15 per hour, with double time for all hours in excess of 40- **Federal income tax withheld:** $200- **United Fund deduction:** $50- **Cumulative earnings prior to current week:** $6,400#### Tax Rates:- **Social security:** 6% with no maximum earnings.- **Medicare tax:** 1.5% on all earnings.- **State unemployment:** 5.4% with no maximum earnings; on employer.- **Federal unemployment:** 0.8% with no maximum earnings; on employer.### Tasks:1. **Determine:** - Total earnings. - Total deductions. - Cash paid to the employee.### Calculation Templates:#### a. Employee Earnings and Deductions:1. **Total earnings:** \[ \boxed{\text{Total earnings}} \]2. **Total deductions:** \[ \boxed{\text{Total deductions}} \]3. **Cash paid:** \[ \boxed{\text{Cash paid}} \]#### b. Employer's Payroll Taxes:- Social security and Medicare taxes: \[ \boxed{\text{Social security and Medicare taxes}} \]- State unemployment tax: \[ \boxed{\text{State unemployment tax}} \]- Federal unemployment tax: \[ \boxed{\text{Federal unemployment tax}} \]- **Total:** \[ \boxed{\text{Total}} \]Please fill in the appropriate values based on the given tax rates and earnings information. Make sure to round any interim calculations to two decimal places where required.

Payroll taxes are the taxes levied on the employers by the internal revenue services over their…

The following information is for employee Ella Dodd for the week ended March 15. Total hours worked: 48 Rate: $15 per hour, with double time for all hours in excess of 40 Federal income tax withheld: $200 United Fund deduction: $50 Cumulative earnings prior to current week: $6,400 Tax rates: Social security: 6% with no maximum earnings. Medicare tax: 1.5% on all earnings. State unemployment: 5.4% with no maximum earnings; on employer. Federal unemployment: 0.8% with no maximum earnings; on employer. a. Determine (1) total earnings, (2) total deductions, and (3) cash paid. If required, round interim calculations to two decimal places. 1. Total earnings 2. Total deductions 3. Cash paid b. Determine each of the employer's payroll taxes related to the earnings of Ella Dodd for the week ended March 15. If required, round your answers to two decimal places. Social security and Medicare taxes $ State unemployment tax Federal unemployment tax Total

The following information is for employee Ella Dodd for the week ended March 15. Total hours worked: 48 Rate: $15 per hour, with double time for all hours in excess of 40 Federal income tax withheld: $200 United Fund deduction: $50 Cumulative earnings prior to current week: $6,400 Tax rates: Social security: 6% with no maximum earnings. Medicare tax: 1.5% on all earnings. State unemployment: 5.4% with no maximum earnings; on employer. Federal unemployment: 0.8% with no maximum earnings; on employer. a. Determine (1) total earnings, (2) total deductions, and (3) cash paid. If required, round interim calculations to two decimal places. 1. Total earnings 2. Total deductions 3. Cash paid b. Determine each of the employer's payroll taxes related to the earnings of Ella Dodd for the week ended March 15. If required, round your answers to two decimal places. Social security and Medicare taxes $ State unemployment tax Federal unemployment tax Total

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

Stuck on something that seems so simple ?
Thomas Martin receives an hourly wage rate of $18, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 44; federal income tax withheld, $347; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin?
Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month of ATS’s fiscal year. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January. Salaries expense $400,000 Federal and state income tax withheld 80,000 Federal unemployment tax rate 0.80% State unemployment tax rate (after FUTA deduction) 5.40% Social Security (FICA) tax rate 7.65% Required: Record salaries expense and payroll tax expense for the January pay period. Record the employee salary, withholdings, and salaries payable. Record the employer payroll tax expense.
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $9,138. The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137,700 of employee earnings each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate of 0.6% and the State Unemployment Taxes (SUTA) tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,516.27. Her net pay for the month is: (Round your intermediate calculations to two decimal places.) Multiple Choice $6,488.67 О $7,055.17 О $7,813.84 О $6,866.67 $6,922.67 B
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
Dineshbhai
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,838. The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137,700 of employee earnings each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate of 0.6% and the State Unemployment Taxes (SUTA) tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,466.47. Her net pay for the month is: (Round your intermediate calculations to two decimal places.) Multiple Choice $7,586.59 $6,695.42 $6,639.42 $6,261.42 $6,823.57
Calculate Payroll An employee earns $44 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 50 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee's federal income tax withheld is $557. a. Determine the gross pay for the week. 2,750 x If applicable, round your final answer to two decimal places. b. Determine the net pay for the week. 1,911 X Feedback Check My Work Gross pay represents the total earnings of an employee for a specific pay period, prior to taxes and deductions. Net pay is also known as take-home pay.
None
Jean Michaud pays his two employees $900 and $1,200 per week. Assume a state unemployment tax rate of 5.7% and a federal unemployment tax rate of .6%. What state and federal unemployment taxes will Jean pay at the end of quarter 1 and quarter 2? (Use FUTA/SUTA )
None
An employee receives an hourly wage rate of $21, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 45; federal income tax withheld, $134; cumulative earnings for the year prior to this week, $25,740; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first $7,000; and federal unemployment compensation tax, 0.8% on the first $7,000. What is the net amount to be paid to the employee? Round your answer to the nearest cent. a.$997.50 b.$736.19 c.$788.69 d.$1,417.50