The Mockingbird Tavern had 6 employees and total annual wages of $228,542 during the previous year. All employees earned more than $7,000 during the year. What is the Mockingbird Tavern's SUTA tax liability? SUTA tax rate is 1.5%
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- [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 $ 6,000 2,000 132,900 Gross Pay for September $ 1,500 a. b. 2,100 с. 9,500 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.) a) September Earnings Subject to Tax Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA b) September Earnings Subject to Tax Тax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA c) September Earnings Subject to Tax Тax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTAOld Town Entertainment has two employees in Year 1. Clay earns $3,500 per month, and Philip, the manager, earns $10,400 per month. Neither is paid extra for working overtime. Assume the Social Security tax rate is 6 percent on the first $130,000 of earnings and the Medicare tax rate is 1.5 percent on all earnings. The federal income tax withholding is 16 percent of gross earnings for Clay and 21 percent for Philip. Both Clay and Philip have been employed all year. Required a. Calculate the net pay for both Clay and Philip for March. b. Calculate the net pay for both Clay and Philip for December. c. Is the net pay the same in March and December for both employees? d. What amounts will Old Town report on the Year 1 W-2s for each employee? Complete this question by entering your answers in the tabs below. Reg A and B Req C a. Clay a Philip b. Clay b. Philip Reg D Calculate the net pay for both Clay and Philip for March. Calculate the net pay for both Clay and Philip for December. (Do not…D1.
- You just completed your first year in business on 31 December 2021. Operating revenues were $360,000. Your company paid you an annual salary of $96,000. Two employees had annual salaries of $48,000 and $36,000. Your employment taxes and benefits during the year for you and employees were $34,600. Office supplies and postage were $10,400. Travel and entertainment expense to promote your new business was $17,000. Monthly tax-deductible expense for leasing office space was $2,700. The year’s depreciation expense on office furniture and fixtures was $15,600. You borrowed $120,000 and spent $15,000 in interest payments. The average tax rate for the business was 30%. (a) Prepare a multi-step income statement from the above information. (b) Analyze the financial performance of the new company’s first year in businessOne year, a company makes a $6,109 investment in a historic building. The investment is not depreciable, but it does qualify for a one-time 20% of investment amount as tax credit. In that same year, revenue is $46,651 and expenses (exclusive of the investment cost) are 40% of revenue. The company pays a total of 53% in income taxes. What is the after-tax present worth of this year's activities if the company's interest rate for investment is 10% (only 4 significant digits are required in the answer/zero decimal places, with no units).BMX Company has one employee.FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee.
- During FEB, HCorp.'s employees earned wages of $74,000. Withholding (taxes) were ... $5,661 for FICA; $7,100 for federal income tax, and $1,900 for state income tax. Costs incurred (not yet paid) for unemployment taxes were $110 for federal and $160 for state. FYI: if "self-employed” you pay govt all FICA taxes (both employer + employee portions). Prepare the Feb28 entries for: (a) salaries and wages expense and salaries and wages payable assuming that all FEB wages (and withholdings) will be paid in MAR. (b) the company's payroll tax expense (which will also be paid in MAR). Feb 28 (a) Feb 28 (b)Wallington Company has 100 employees, each earning $525.25 a week. OASDI Amount of OASDI tax withheld from each employee's paycheck each week: Total tax withheld from the 100 employees' wages: Tax on employer: HI Amount of HI tax withheld from each employee's paycheck each week: Total tax withheld from the 100 employees' wages is: Tax on employer: 39,500 Employer's OASDI Tax Employer's HI Tax 46,000 161,280 40,800 39,600 106,800 76,800 52,000 68,960 $673,890.00 $32.57 $3,257.00 $3,256.55 Haggerty Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 20-- follows. Compute the following for the payroll of December 31: If an amount is zero, enter "0". Round your answers to the nearest cent. OASDI Taxable Wages OASDI Tax Employee Stern, Myra Annual Salary $42,150 Lundy, Hal Franks, Rob Haggerty, Alan Ward, Randy Hoskin, Al Wee, Pam Prince, Harry Maven, Mary Harley, David Totals $7.62 $762.00 $761.61 (6.2% x $525.25) ($32.57 x 100) [6.2% x…During the first week of February, Gabe Hopen earned $300. Assume that FICA taxes are 7.65 percent of wages up to $106,800, state unemployment tax is 5.0 percent of wages up to $13,000, and federal unemployment tax is 0.8 percent of wages up to $13,000. Assume that Gabe has voluntary withholdings of $10 (in addition to taxes) and that federal and state income tax withholdings are $18 and $6, respectively. Using the information above, what is the employer's payroll tax expense for the week, assuming that Gabe Hopen is the only employee? Group of answer choices $24.00 $17.40 $28.00 $40.35
- Mr. Reyes is both employed and self-employed. He had the following income receipts during the month: Gross compensation income P 120,000.00 Director's fees 80,000.00 Professional fees 200,000.00 Total gross income P 400,000.00 The total amount subject to business tax is?Old Town Entertainment has two employees in Year 1. Clay earns $4,500 per month, and Philip, the manager, earns $10,700 per month. Neither is paid extra for working overtime. Assume the Social Security tax rate is 6 percent on the first $110,000 of earnings and the Medicare tax rate is 1.5 percent on all earnings. The federal income tax withholding is 15 percent of gross earnings for Clay and 22 percent for Philip. Both Clay and Philip have been employed all year. Required a. Calculate the net pay for both Clay and Philip for March. b. Calculate the net pay for both Clay and Philip for December. c. Is the net pay the same in March and December for both employees? d. What amounts will Old Town report on the Year 1 W-2s for each employee? Complete this question by entering your answers in the tabs below. Req A and B a. Clay Calculate the net pay for both Clay and Philip for March. Calculate the net pay for both Clay and Philip for December. (Do not round intermediate calculations and…Tio Tom's Dive Shop has 6 employees who each make $12,500 for the first quarter. Total quarterly federal income tax withheld from wages = $6,900. What should line 6 be on the first quarter Form 941 for Tio Tom's Dive Shop? (All wages are taxable for OASDI, HI and federal income tax).