The monthly salaries for December and the year-to-date earnings of the employees of Lincoln Project Company as of November 30follow.Determine the amount of Medicare tax to be withheld from each employee's gross pay for December. Assume a 1.45 percent Medicaretax rate and that all salaries and wages are subject to the tax.Note: Round your final answers to 2 decimal places.EmployeeNumberDecemberSalaryYear-to-DateEarningsMedicareTaxableMedicareThroughEarning-Tax 1.45%November 30December1$8,200$98,30028,30069,30039,009122,30000:20

The objective of the question is to calculate the amount of Medicare tax to be withheld from each…

Answered: The monthly salaries for December and…

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

The employees of Lillian's Interiors are paid on a semimonthly basis. Required: Compute the FICA taxes for the employees for the December 29, 2023, pay period. All employees are single and have been employed for the entire calendar year. Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places. YTD Pay for Semimonthly December 15 Employee Pay Pay Date W. Babish $ 8,330 G. Hanoush $ 6,280 R. Fezzeti $ 9,255 T. Gomez $ 4,555 N. Bertraud $ 5,710 R. LaPonte $ 4,955 Social Security Tax Medicare Tax 29 Pay Date 29 Pay Date for December for December
Calculating Social Security and Medicare Taxes 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. Calculate the Se and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Before Current Weekly Payroll $ 30,000 54,000 126,000 127,600 Current Gross Pay $1,440 2,880 3,560 2,960 Year-to-Date Earnings Soc. Sec. Maximum $128,400 128,400 128,400 128,400 $ Amount Over Max. Soc. Sec. Amount Subject to Soc. Sec. Soc. Sec. Tax Withheld Medicare Tax Withheld
The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2%), Medicare tax (1.45%), federal income tax withholding (use the withholding table in Exhibit 9A.6), state income tax (1.0%), and net pay for the current pay period. (Round your final answers to 2 decimal places.) Total (gross) earnings for current pay period Cumulative earnings of previous pay periods Gross pay Social security tax deduction Medicare tax deduction Federal income tax deduction State income tax deduction Total deductions Net pay $ 720 $ 9,360
Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry 1. Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes. 2. Prepare the journal entry to record the employer's payroll taxes as of September 14, 20--. Round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as follows. Social Security tax is 6.2% on the first $118,500 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. Taxable Earnings Employee Name Cumulative PayBefore CurrentEarnings CurrentGross Pay UnemploymentCompensation SocialSecurity Jordahl, Stephanie $6,600 $1,190 Keesling, Emily 6,150 1,070 Palmer, Stefan 55,200 2,410 Soltis, Robin…
A company has one employee. All wages for September are subject to 6.2% FICA Social Security taxes and 1.45% FICA Medicare taxes. The company's FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August Gross Pay for September 31 $6,500 $ 1,900 Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Enter answers in the tabs below. Payroll Taxes General Expense Journal Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Note: Round answers to 2 decimals. No 1 Date X Answer is not complete. September 30 General Journal Salaries expense FICA-Social security taxes payable FICA-Medicare taxes payable Salaries payable < Payroll Taxes Expense X General Journal Debit 1,900.00 Credit 117.80 27.55 1,754.65
The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting Company as of November 30 follow Determine the amount of social security tax to be withheld from each employee's gross pay for December. Assume a 6.2 percent social security tax rate and an earnings base of $132,900 for the calendar year. Employee December No. Salary 1 2 3 4 Soc. Sec. Taxable Earnings November 30 December Year-to-Date Earnings Through 3 9,300 $ 98,400 9,400 69,400 10,050 110,550 9,400 99,400 Social Security Taxi 6.20%
Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1). Note: Do not round intermediate calculations and round your final answers to the nearest cent. Employee Pat Brown Marital status S Gross pay $ 1,800 FIT Social Security FICA Medicare Net pay
Calculating Payroll Taxes Expense and Preparing Journal Entry Selected information from the payroll register of Ebeling's Dairy for the week ended July 7, 20--, is shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both on the first $7,000 of earnings. Social Security tax on the employer is 6.2% on the first $128,400 of earnings, and Medicare tax is 1.45% on gross earnings. Taxable Earnings Employee Name Cumulative PayBefore CurrentEarnings CurrentWeekly Earnings UnemploymentCompensation SocialSecurity Click, Katelyn $6,660 $850 Coombs, Michelle 6,380 750 Fauss, Erin 23,010 1,220 Lenihan, Marcus 6,900 980 McMahon, Drew 125,200 5,260 Newell, Marg 25,150 1,110 Stevens, Matt 28,970 1,240
An employee earns $24 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 $304. a. the gross pay for the week. b. the employee’s net pay for the week. When required round interim computations to two decimal places. Round your final answer to two decimal places.
Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 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 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings.
An employee earns $36 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 55 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 $518. a. Determine the gross pay for the week.$fill in the blank 1 If applicable, round your final answer to two decimal places. b. Determine the net pay for the week.

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS