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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Assume that the MUST Co. pays a weekly payroll. Using the portion of the Wage Bracket Withholding Table given, what would be the amount of federal income tax to withhold for this pay period for a single employee whose gross earning is $2,250 and who counted 2 withholding allowance? Table for Percentage Method of Withholding WEEKLY Payroll Period SINGLE person(including head of household)-- Assume the deduction for each withholding allowance is $75. If the amount of wages (after subtracting withholding allowances) is: The amount of income tax to withhold is $0 Not over $43. . . ver--- But not over-- of excess over-- $43 --$222 | $ 0.00 plus 10% ---$43 $222 ---$767 $17.90 plus 15% --$222 $767 --$1,796| $99.65 plus 25% ---$767 $1,796 --$3,700 $356.90 plus 28% ---$1,796 $3,700 ---87,992 | $890.12 plus 33% --S3,700 $7,992 ---$8,025 | $2,306.38 plus 35% ---$7,992 $8,025 $2,317.93 plus 39.6% ---$8,025 $356.90 $442.02 $484.02 $630.00
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Employers can deduct unpaid renumeration for tax purposes in a taxation year a. if paid within 180 days of the taxation year. b. if paid within 250 days of the taxation year. c. if paid 365 days of the taxation year. d. if paid within two years of the taxation year.
An employee receives a bi-weekly gross salary of $2,000. The employee’s deductions include income tax of $218, CPP of $99, EI of $36, and union dues of $50. The employer’s share of the deductions includes CPP of $139 and EI of $36. What is the total amount of salaries and employee benefits expense that X Corp. would record on its income statement as a result of the employee's bi-weekly salary? answers a. $1,597 b. $1,772 c. $2,000 d. $2,175
Dee is paid $2,345 on November 8, 20--. Dee had cumulative gross earnings, including overtime pay, of $131,600 prior to this pay. Round your answers to the nearest cent. a. The amount of OASDI taxes to withhold from Dee's pay is $ b. The amount of HI taxes to withhold from Dee's pay is $
Gamma, Inc., has the following information from the payroll of June 30. Following are the details of federal taxes: Employees' federal income taxes withheld Employees' FICA taxes withheld Employer's share of FICA taxes $2,108.48 1,104.36 1,104.36 Determine the total federal undeposited taxes of Gamma, Inc., for the payroll period ended June 30. a. $2,108.48 b. $3,212.84 c. $2,208.72 d. $4,317.20
Selected information from the payroll register of Barbara's Stables for the week ended September 28, 20--, is as follows: Social Security tax is 6.2% on the first $128,400 of earnings for each employee. Medicare tax is 1.45% of gross earnings, FUTA tax is 0.8%, and SUTA tax is 5.4% each on the first $7,000 of earnings. Cumulative Pay Current Taxable Earnings Employee Name Before CurrentEarnings GrossPay UnemploymentCompensation SocialSecurity Carlosi, Peggy $ 84,240 $2,350 Sanchez, Carmela 81,900 2,100 Delaney, Roger 109,800 3,320 Weitz, Alana 6,300 1,100 Dunhill, Craig 6,800 1,000 Bella, Stephen 42,330 1,850
On a recent paycheck, the employee's taxes were as follows: Federal withholding, $132.62; Social Security tax, $87.33; Medicare, $73.54; and state income tax, $30.63. What is the employer's share for these taxes
On January 21, the column totals of the payroll register for Great Products Company showed that its sales employees had earned $14,710, its truck driver employees had earned $10,300, and its office employees had earned $8,240. Social Security taxes were withheld at an assumed rate of 6.2 percent, and Medicare taxes were withheld at an assumed rate of 1.45 percent. Other deductions consisted of federal income tax, $3,990; and union dues, $540. Determine the amount of Social Security and Medicare taxes withheld and record the general journal entry for the payroll, crediting Salaries Payable for the net pay. All earnings were taxable. If necessary, round intermediate calculations and the final answer to the nearest cent. If an amount box does not require an entry, leave it blank.
An employer in Cincinnatti, Ohio employs two individuals, whose taxable earnings to date (prior to the current pay period) are $4,900 and $7,700. During the current pay period, these employees earn $2,700 and $1,800, respectively. The applicable SUTA tax rate is 2.5%, and the Ohio SUTA threshold is $9,000. FUTA Tax________ SUTA Tax _____
An employer in Newark, New Jersey employs three individuals, whose taxable earnings to date (prior to the current pay period) are $27,800, $33,200, and $6,850. During the current pay period, these employees earn $3,200, $2,950, and $1,620, respectively. The applicable SUTA tax rate is 3.4%, and the New Jersey SUTA threshold is $35,300. FUTA Tax _____ SUTA Tax _____
The annual accounting period ends December 31. On December 31, calculated the payroll, which indicates gross earnings for wages ($88,000), payroll deductions for income tax ($8,800), payroll deductions for FICA ($6, 600), payroll deductions for American Cancer Society ($3, 300). employer contributions for FICA (matching), and state and federal unemployment taxes ($660). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded Collected rent revenue of $6, 150 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 11 to January 10 and was credited in full to Unearned Rent Revenue. Required: Complete the required journal entries for the above transactions as shown below: Prepare the entries required on December 31 to record payroll. Prepare the journal entry for the collection of rent on December 10. Prepare the adjusting…