You are the accountant for the employer. The employer has only one employee. This is the payroll for the week ended January 31, 2022 All payroll taxes must be paid to the IRS on February 15, 2022The payroll information is as followsMaximum annual salary subject to FICA 2022 is $147,000.FICA Tax Rate: 7.65%Self-employment tax rate: 15.30%Total weekly salary: $20,000 (total for 1 employee, all subject to FICA tax)ELT (Federal Income Tax withheld from employee's paycheck)$6,000.FICA TAX (withheld from employee's paycheck)needs to be calculatedQuestion: For the employer's accounting records, what is the correct total amount of FICA tax and federal income tax that must be paid to the IRS on February 15, 20227Multiple Choice$9,060,00$1,530.00$6,000.00$3,000.00None of the other choices are correct

FICA taxes: Also known as payroll taxes, are a type of federal tax that is collected to fund Social…

You are the accountant for the employer. The employer has only one employee. This is the payroll for the work ended January 31, 2022. All payroll taxes must be paid to the IRS on February 15, 2022 The payroll information is as follows Maximum annual salary subject to FICA 2022 is $147,000. FICA Tax Rale: 7.65% Self-employment tax rate: 15.30% Total weekly salary: $20,000 (total for 1 employee, all gubject to FICA xx FIT (Federal Income Tax withheld from employee's paycheck $6,000 FICA TAX (withheld from employee's paycheck) needs to be calculated Question: For the employer's accounting records, what is the correct total amount of FICA tax and federal income tax that must be paid to the IRS on February 15, 20227

You are the accountant for the employer. The employer has only one employee. This is the payroll for the work ended January 31, 2022. All payroll taxes must be paid to the IRS on February 15, 2022 The payroll information is as follows Maximum annual salary subject to FICA 2022 is $147,000. FICA Tax Rale: 7.65% Self-employment tax rate: 15.30% Total weekly salary: $20,000 (total for 1 employee, all gubject to FICA xx FIT (Federal Income Tax withheld from employee's paycheck $6,000 FICA TAX (withheld from employee's paycheck) needs to be calculated Question: For the employer's accounting records, what is the correct total amount of FICA tax and federal income tax that must be paid to the IRS on February 15, 20227

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 payroll register of Seaside Architecture Company indicates $830 of social security taxes and $225 of Medicare taxes withheld on total salaries of $15,500 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $5,200 at the federal rate of 0.8% and state rate of 5.4%. Journalize the entry for the employer's payroll taxes. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. 00000 ?
The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxable pay. No employee has exceeded the maximum FICA limit. (Round your intermediate calculations and final answers to 2 decimal places.) Employee Filing Status, Dependents S. Bergstrom MJ-0 Pay $ Union Dues per Period Garnishment per Period Net Pay 1,730 $ 50 C. Pare MJ-2 (<17) $ 3,560 $ 120 L Van der Hooven S-1 (Other) S 3,285 $ 240 $ 75 S Lightfoot MJ-0 S 2.910 S 100
Compute for the tax due of the following individuals using the RA 10963 tax table. Show computations. 1. An employee with annual salary of P150,000, annual total contributions of P1,000 and bonus of P12,000 for the year.
1.
Complete the FWT and SWT columns of the payroll register for TCLH Industries. Note that although the Voluntary Withholdings column will require additional updating in subsequent chapters, you should populate this column with any appropriate figures given. Zachary Fox does not make any voluntary deductions that impact earnings subject to federal income tax withholding. He is married, files his tax return as married filing jointly, and his weekly gross pay was $1,162. When completing form W-4 Zachary checked box 2c, entered $2,000 in step 3 of the form, and left step 4 blank. Calvin Bell makes a 401(k) retirement plan contribution of 6% of gross pay. He is single, claims two federal withholding allowances and one state withholding allowance, and his weekly gross pay was $417.93. David Alexander makes a 401(k) retirement plan contribution of 12% of gross pay. He is single, claims one withholding allowance for both federal and state taxes, and his weekly gross pay was $4,050. Michael…
1
K t ht ences The employees of Ethereal Bank are paid on a semimonthly basis. All employees are single. There are no pre-tax deductions. Required: Compute the FICA taxes for the employees for the November 30 payroll. All employees have been employed for the entire calendar year. Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places. Employee R. Bellagio B. Khumalo S. Schriver K. Saetang T. Ahmad M. Petrova Semimonthly Pay $ $ $ $ $ $ 9,519 6,719 6,838 8,200 10,700 9,050 YTD Pay for November 15 Pay Date Social Security Tax for November 30 Pay Date Medicare Tax for November 30 Pay Date
Greensburg Inc. had the following payroll for October 2020: Employee Wages $90,000 Federal income tax withheld 23,000 FICA 5,000 Health premiums deducted 3,000 Salaries (included above) subject federal unemployment taxes 90,000 Salaries (included above) subject to state unemployment taxes 90,000 REQUIRED: Present journal entries on October 31, 2020 to record: Accrual of the monthly payroll. Accrual of the employer's payroll tax. (Assume that the employer matches health premiums and the federal unemployment tax is 0.8%, and the state unemployment tax is 5.4%.)
D
None
The payroll of Swifty Company for September 2019 is as follows.Total payroll was $ 444,000, of which $ 120,000 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 $ 401,000. Income taxes in the amount of $ 77,900 were withheld, as was $ 8,700 in union dues. The state unemployment tax is 3.5%, but Swifty 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 Swifty 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…
Sophie is a single taxpayer. For the first payroll period in July 2022, she is paid wages of $1,100 semimonthly. Sophie claims one allowance on her pre-2020 Form W-4. Click here to access the withholding tables. IRS Publication 15-T, Federal Income Tax Withholding Method Pay period 2022 Allowance Amount Weekly $ 83 Biweekly 165 Semimonthly 179 Monthly 358 Quarterly 1,075 Semiannually 2,150 Annually 4,300 Round intermediate computations and your final answer to two decimal places. a. Use the percentage method to calculate the amount of Sophie's withholding for a semimonthly pay period. Sophie's withholding: $ 921 X