The Standard Corporation paid wages of $140,000 to it chief accountant in 2020. Determine the amount withheld from his wages for (i) social security and (ii) Medicare
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The Standard Corporation paid wages of $140,000 to it chief accountant in 2020. Determine the amount withheld from his wages for (i) social security and (ii) Medicare
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- The payroll of Sandhill Company for September 2019 is as follows.Total payroll was $508,000, of which $104,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment tax) was $365,000. Income taxes in the amount of $77,300 were withheld, as was $9,900 in union dues. The state unemployment tax is 3.5%, but Sandhill Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee’s wages to $128,400 and 1.45% in excess of $128,400. No employee for Sandhill makes more than $135,000. The federal unemployment tax rate is 0.8% after state credit.Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No…b. Provide a June 28 journal entry to record the employer's payroll taxes, which have not yet been paid to the government. Date June 28, 2023 June 28, 2023 June 28, 2023 June 28, 2023 C. Payroll Tax Expense FICA Payable Date Account Debit Provide a June 30 journal entry to show the payment of all amounts owed to employees, government agencies, and a health insurance provider. Account Credit Debit Credit 2 0The payroll of Grich Company for September 2022 is as follows: Total payroll was $960,000, of which $44,000 is exempt from Social Security tax because it represented amounts paid in excess of $147,000 to certain employees. The amount paid to employees in excess of $7,000 was $800,000. Income taxes in the amount of $180,000 were withheld, as was $18,000 in union dues. The state unemployment tax is 6%, but Grich Company is allowed a credit of 4% by the State for its unemployment experience. The federal unemployment tax is rate is 0.8% after the state credit. Also, assume that the current Social Security rate is 6.2% on an employee’s wages to $147,000 and the Medicare rate is 1.45%. Prepare the necessary journal entries assuming the wages and salaries paid and the employer payroll taxes are recorded separately...
- The payroll of Sarasota Company for September 2019 is as follows. Total payroll was $492,000, of which $102,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment tax) was $400,000. Income taxes in the amount of $80,000 were withheld, as was $8,200 in union dues. The state unemployment tax is 3.5%, but Sarasota Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee's wages to $128,400 and 1.45% in excess of $128,400. No employee for Sarasota makes more than $135,000. The federal unemployment tax rate is 0.8% after state credit. Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No…The payroll register of Chupa Chup Engineering Services indicates $1,000 of social security withheld and $210 of Medicare tax withheld on total salaries of $13,000 for the period. Federal withholding for the period totaled $2,050. Provide the journal entry for the period’s payroll.With effect from 1 June 2016, employees earning a gross monthly salary of RM4,000 will be eligible for coverage by the Social Security Organization (SOCSO). Explain how does this will affect the Employer and Employeeof the organization consecutively?
- Reese works in Prince Edward Island and has 2022 payroll totals of regular earnings of $62,700.00, vacation pay of $2,680.00, overtime pay of $518.00, interest-free loan taxable benefit of $780.00, group term life insurance taxable benefit of $314.00, pension adjustment of $2,880.00 and employee contributions to a Registered Retirement Savings Plan of $1,890.00. Calculate the total to be recorded in Box 14 of Reese's T4 information slip. Your answer: 66992This problem continues the process of preparing the Kipley Company's Employee Payroll Register for the pay period ending January 8th, 20--. In previous chapters, gross wages were computed for each employee and using this data, FICA withholding and employer FICA liability was computed. Requirements: Refer to the SIMPLE Plan Contributions and enter each employee's SIMPLE plan deduction. Determine and record the federal income taxes for each employee. Determine and record the state income taxes for each employee. Determine and record the city income taxes for the city of Pittsburgh. Total each input column. Below lists each employee's assigned Time Card No., Filing Status, and Withholding Allowances. This information is necessary when determining the amount of tax to withhold. TimeCard No. EmployeeName FilingStatus No. ofWithholdingAllowances 11 Fran M. Carson S N/A 12 William A. Wilson S N/A 13 Harry T. Utley MFJ N/A 21 Lawrence R. Fife MFJ N/A 22 Lucy K. Smith S N/A…Bennett is a single individual and received a salary of $28,000 before he retired in October of this year. After he retired, he received Social Security benefits of $4,000 during the year. Read the requirements. Requirement a. What amount, if any, of the Social Security benefits are taxable for the year? Begin by computing the provisional income. Only select items that are applicable to Bennett.(Leave unused cells blank, do not select a label or enter a zero.) Adjusted gross income (excluding Social Security benefits) $28,000 Plus: 50% of Social Security benefits 2,000 Provisional income $30,000 The taxable portion of the Social Security benefits is . Requirements a. What amount, if any, of the Social Security benefits are taxable for the year? b. Would the answer be different if Bennett also had $1,500 of tax-exempt interest? c. What if he had had $6,400of…
- Taxpayer started a calendar-year business on 1 August 2020. On that date, Taxpayer paid $9,600 in rent for the period 1 August 2020 through 31 July 2021. Determine the maximum amount that Taxpayer may deduct in 2020 under both the cash and accrual methods of accounting.Vaibhav Subject: acountingThe required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings. Refer to the Social Security and Medicare information. Employers are required to match the employee's deductions and send the total to the IRS. Compute the maximum percent that can be sent to the IRS for any one employee during the period of a year. 13.3% 13.5% 15.3% 15.5%