Figure 6.1The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers in Unger Company. These amounts represent the cumulative earnings for each worker as of October 4, the company's last payday. The form also givesthe gross amount of earnings to be paid each worker on the next payday, October 11.In the state where Unger Company is located, the tax rates and bases are as follows:Tax on Employees:FICA-OASDI6.2% on first $137,700FICA-HI1.45% on total earningsSUTA0.5% on first $8,000Tax on Employer:FICA-OASDI6.2% on first $137,700FICA-HI1.45% on total earningsFUTA0.6% on first $7,000SUTA1.8% on first $8,000 In the appropriate columns of the form shown below, do the following:1. Compute the amount to be withheld from each employee's earnings on October 11 for (a) FICA-OASDI, (b) FICA-HI, and (c) SUTA, and determine the total employee taxes.2. Record the portion of each employee's earnings that is taxable under FICA, FUTA, and SUTA, and calculate the total employer's payroll taxes on the October 11 payroll.If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. Enter the tax rates as decimals, carried out to four decimal places when required.UNGER COMPANYTaxes to Be Withheld fromEmployer Taxes: Portion of Employees'GrossEmployees' Earnings UnderEarnings Taxable UnderEarnings toEarningsFICAFICAEmployeeDateOct. 11OASDIHISUTAOASDIHIFUTASUTA1. Weiser, Robert A.$138,680$2,08030.16$2. Stankard, Laurie C.15,04531019.224.503. Grow, Joan L.4,07023014.263.341.154. Rowe, Paul C.8,13521013.023.055. McNamara, Joyce M.7,4251509.32.180.756. O'Connor, Roger T.137,5701,670103.5424.227. Carson, Ronald B.8.86029017.984.218. Kenny, Ginni C.4,38519011.782.760.959. Devery, Virginia S.57,11062538.759.0610. Wilson, Joe W.3.64523514.573.411.18Total employee taxesTotal taxable earningsApplicable tax rate (enter as decimals, not percentages)TotalsTotal payroll taxes

Payroll refers to the payment to be made by the employer to the employees for the services rendered…

The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers in Unger Company. These amounts represent the cumulative earnings for each worker as of October 4, the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the next payday, October 11. In the state where Unger Company is located, the tax rates and bases are as follows: Tax on Employees: FICA-OASDI 6.2% on first s137,700 FICA-HI 1.45% on total earnings SUTA 0.5% on first s8,000 Tax on Employer: FICA-OASDI 6.2% on first $137,700 FICA-HI 1.45% on total earnings FUTA 0.6% on first $7,000 SUTA 1.8% on first s8,000

The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers in Unger Company. These amounts represent the cumulative earnings for each worker as of October 4, the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the next payday, October 11. In the state where Unger Company is located, the tax rates and bases are as follows: Tax on Employees: FICA-OASDI 6.2% on first s137,700 FICA-HI 1.45% on total earnings SUTA 0.5% on first s8,000 Tax on Employer: FICA-OASDI 6.2% on first $137,700 FICA-HI 1.45% on total earnings FUTA 0.6% on first $7,000 SUTA 1.8% on first s8,000

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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