WardFeb. 16,3001,355Required:1. Calculate the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 2018.Note: Round amounts to the nearest whole dollar and enter all amounts as positive values.EmployeeGrossEarningsFederal IncomeSocial SecurityMedicareTax WithheldTax WithheldTax WithheldArnett3,900546234$59Cruz5,10091830677Edwards2,90036317444Harvin2,20027513233<Nicks5,6501,27133947Shiancoe3,10048118685Ward6,3001,35537895$1,3183312. Calculate the following employer payroll taxes for the year: (a) social security; (b) Medicare; (c) state unemployment compensation at 5.4% on the first $10,0employee's earnings; (d) federal unemployment compensation at 0.6% on the first $10,000 of each employee's earnings; (e) total.Note: Round amounts to the nearest whole dollar and enter all amounts as positive values.(a) $1,745

The question provides a table with partial data for five employees (Andy, Chir, Lowery, Nickels, and…

Answered: Ward Feb. 1 6,300 1,355 Required: 1.…

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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Exhibit 6-1The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Refer to Exhibit 6-1. Journalize the entry to deposit the FICA and FIT taxes.
FUTA Tax Payable, $84 SUTA Tax Payable, $414 Federal Income Tax Payable, $4,622 Instructions 1. Journalize the payment of the social security, medicare, and federal income tax on April 15. 2. Journalize the payment the FUTA tax on April 28. 3 Journalize the payment the SUTA tax on April 28. Since these are paid to different taxing authorities, they're typically done as separate journal entries. Think carefully about each journal entry. You have tax liability. Now you're paying that liability. It's just like paying any other bill, except you have several "payable" accounts. Date Debit Credit
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Amounts to Be Reported on Wage and Tax Statements (Form W-2) Gross Federal Income Social Security Medicare Employee Earnings Tax Withheld Tax Withheld Tax Withheld Arnett $ 8,250.00 $ 1,416.00 $ 495.00 $ 123.75 Cruz 57,600.00 9,996.00 3,456.00 864.00 Edwards 24,000.00 4,776.00 1,440.00 360.00 Harvin 6,000.00 1,070.00 360.00 90.00 Nicks 110,000.00 25,850.00 6,600.00 1,650.00 Shiancoe 116,000.00 26,000.00 6,960.00 1,740.00 Ward 7,830.00 1,314.00 469.80 117.45 Totals $ 329,680.00 $ 19,780.80 $ 4,945.20 Employer Payroll Taxes a. Social security…
on 4 An employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment Expense. What is the correct journal entry for the employer's payroll taxes and otl expenses? Debit Crédit $535.50 $420.00 FICA Expenses Federal Unemployment Expense State Unemployment $378.00 Expense FICA Payable Federal Unemployment Expense State Unemployment Expense $535.50 $420.00 $378.00 Debit Credit FICA Expenses Federal Unemployment $535.50 $420.00 Expense State Unemployment Expense $378.00 Cash $1,333.50 Debit Credit FICA Payable Federal Unemployment $535.50 $420.00 Expense State Unemployment Payable FICA Expenses Federal Unemployment Expense State Unemployment Expense $378.00 $535.50 $420.00 $378.00 MacBook Air
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Exhibit 6-1 The totals from the first payroll of the year are shown below. Total Earnings $36,195.10 FICA OASDI $2,244.10 FICA НІ $524.83 FIT W/H $6,515.00 State Tax $361.95 Refer to Exhibit 6-1. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%). Union Dues $500.00 Net Pay $26,049.22
Use 2020 wage-bracket tables
Practice Set A 151 PSa 4-3 Calculate Medicare Tax ch of the following employees, calculate the Medicare tax for the weekly pay period described: 1 Paul Robinson's filing status is married filing jointly, and he has earned gross pay of $2,650. Each period he makes a 403(b) contribution of 8% of gross pay. His current year taxable earnings for Medicare tax, to date, are $274,000. 2. Stephen Belcher's filing status is single, and he has earned gross pay of $1,840. Each period he makes a 401(k) contribution of 6% of gross pay and contributes 3% of gross pay to a dependent care flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $198,950. 3. Sidney Black's filing status is head of household, and he has earned gross pay of $970. Each period he contributes $50 to a flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $86,400. 4. Bill Clay's filing status is married filing separately, and he has earned gross pay of…
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