Thomas Martin receives an hourly wage rate of $21, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 43; federal income tax withheld, $330; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Round your answer to the nearest whole dollar. Oa. $935 Ob. $1,355 Oc. $1,806 Od. $903

Thomas Martin receives an hourly wage rate of $21, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 43; federal income tax withheld, $330; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Round your answer to the nearest whole dollar. Oa. $935 Ob. $1,355 Oc. $1,806 Od. $903

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 1PB

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Payrex Co. has six employees. All are paid on a weekly basis. For the payroll period ending January 7, total employee earnings were 12,500, all of which were subject to SUTA, FUTA, Social Security, and Medicare taxes. The SUTA tax rate in Payrexs state is 5.4%, but Payrex qualifies for a rate of 2.0% because of its good record of providing regular employment to its employees. Other employer payroll taxes are at the rates described in the chapter. REQUIRED 1. Calculate Payrexs FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7. 2. Prepare the journal entry for Payrexs payroll taxes for the week ended January 7. 3. What amount of payroll taxes did Payrex save because of its good employment record?
Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.
CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL TAXES Portions of the payroll register for Barneys Bagels for the week ended July 15 are shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both of which are levied on the first 7,000 of earnings. The Social Security tax rate is 6.2% on the first 118,500 of earnings. The Medicare rate is 1.45% on gross earnings. Calculate the employers payroll taxes expense and prepare the journal entry to record the employers payroll taxes expense for the week ended July 15 of the current year.
Wallace Corporation summarizes the following information from its weekly payroll records during April. Prepare the two journal entries to record the payment of the payroll and the accrual of its payroll taxes for April. Assume an 8% FICA rate for both employees and the employer. Also assume a 5.4% state unemployment tax rate, a 0.6% federal unemployment tax rate, and that all wages are subject to all payroll taxes. Round to the nearest dollar.
Adams, Inc., pays its employees weekly wages in cash. A supplementary payroll sheet that lists the employees names and their earnings for a certain week is shown below. Complete the payroll sheet by calculating the total amount of payroll and indicating the least possible number of denominations that can be used in paying each employee. However, no employees are to be given bills in denominations greater than 20.
Thomas Martin receives an hourly wage rate of $17, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $324; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Round your answer to the nearest whole dollar. O a. $1,564 O b. $782 O c. $833 O d. $1,173
Thomas Martin receives an hourly wage rate of $25, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 47; federal income tax withheld, $375; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Round your answer to the nearest whole dollar. Oa. $1,263 Ob. $1,175 Oc. $2,350 Od. $1,763
Thomas Martin receives an hourly wage rate of $19, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $362; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Round your answer to the nearest whole dollar. a.$1,748 b.$1,311 c.$874 d.$931
Thomas Martin receives an hourly wage rate of $25, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 47; federal income tax withheld, $373; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Round your answer to the nearest whole dollar. a. $1,175 b. $1,263 c. $2,350 Od. $1,763
Martin Jackson receives an hourly wage rate of $25, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $362; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to Jackson? Oa. $1,225.00 Ob. $1,846.13 Oc. $771.13 Od. $1,633.13
Martin Jackson receives an hourly wage rate of $17, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 45; federal income tax withheld, $351; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to Jackson? a.$807.50 b.$1,118.44 c.$395.94 d.$1,086.94
Thomas Martin receives an hourly wage rate of $25, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $308; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? a.$1,300 b.$1,800 c.$2,400 d.$1,200