Fundamental Accounting Principles
24th Edition
ISBN: 9781260158595
Author: Wild
Publisher: MCG
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Chapter 11, Problem 9E
Exercise 11-9 Computing payroll taxes P2 P3
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the Erst SI 28.400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first S7:000 paid to each employee. Cumulative pay for the current year for each of its employees follows.
Employee Cumulative Pay Employee Cumulative Pay Employee Cumulative Pay
KenS............ $ 6,000 Michelle W........ $143,500 Loci K............ $130,900
TimV............. 40.400 MichaelM........ 106.900 Kitty 0............ 3G.900
Steve S........... 87,000 Zach P............ 123.400 John W........... 4,000
a. Prepare a table with the following six column headings. Compute the amounts in this table for each employee and then total the numerical columns.
| Pay Subject to | Pay Subject | Pay Subject | Pay Subject | ||
| Cumulative | FICA Social | to FICA | to FUTA | to SUTA | |
| Employee | Pay | Security | Medicare | Tones | Taxes |
b. For the company, compute each total for FICA Social Security taxes. FICA Medicare taxes. FUTA taxes, and SUTA taxes. Him: Remember to include in those totals any employee share of taxes that the company must collect. Round amounts to cents.
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Exercise 9-11 (Algo) Computing payroll taxes LO P2, P3
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to
each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes
are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its
employees follows.
Employee
Ken S
Tim V
Steve S
Cumulative Pay
$ 6,400
50,400
97,000
Employee
Julie W
Michael M
Zach R
Cumulative Pay
$ 153,500
116,900
137,700
Employee
Christina S
Kitty O
Cumulative P
$ 142,200
46,900
John W
6,800
a. Compute the amounts in this table for each employee.
b. For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA
taxes, and SUTA taxes. Hint. Remember to include in those totals any employee share of taxes
that the company must collect.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Compute the amounts in this table for each…
Complete table only
QS 11-10 (Algo) Recording employer payroll taxes LO P3
Merger Company has 10 employees, each of whom earns $1,900 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expense. (Round your answers to 2 decimal places.)
Chapter 11 Solutions
Fundamental Accounting Principles
Ch. 11 - Prob. 1DQCh. 11 - Prob. 2DQCh. 11 - Prob. 3DQCh. 11 - Prob. 4DQCh. 11 - Prob. 5DQCh. 11 - Prob. 6DQCh. 11 - Prob. 7DQCh. 11 - Prob. 8DQCh. 11 - Prob. 9DQCh. 11 - Prob. 10DQ
Ch. 11 - Prob. 11DQCh. 11 - Prob. 12DQCh. 11 - Prob. 13DQCh. 11 - Prob. 14DQCh. 11 - Prob. 15DQCh. 11 - Refer to Samsung’s recent balance sheet in...Ch. 11 - Prob. 1QSCh. 11 - Prob. 2QSCh. 11 - QS 11-3
Unearned revenue
C2
Ticketsales, Inc.,...Ch. 11 - Interest-bearing note transactions P1 On November...Ch. 11 - Recording employee payroll taxes P2 On January 15,...Ch. 11 - Prob. 6QSCh. 11 - Accounting for bonuses P4 Noura Company offers an...Ch. 11 - Prob. 8QSCh. 11 - Prob. 9QSCh. 11 - Prob. 10QSCh. 11 - Prob. 11QSCh. 11 - Prob. 12QSCh. 11 - Prob. 13QSCh. 11 - Prob. 14QSCh. 11 - Prob. 15QSCh. 11 - Exercise 11-1
Classifying liabilities
C1
The...Ch. 11 - Prob. 2ECh. 11 - Exercise 11-3 Accounting for note payable...Ch. 11 - Exercise 11-4 Interest-bearing notes payable with...Ch. 11 - Exercise 11-5 Computing payroll taxes P2 P3
BMX...Ch. 11 - Exercise 11-6 Payroll-related journal entries...Ch. 11 - Exercise 11-7 Payroll-related journal entries...Ch. 11 - Prob. 8ECh. 11 - Exercise 11-9 Computing payroll taxes P2 P3 Mest...Ch. 11 - Prob. 10ECh. 11 - Prob. 11ECh. 11 - Prob. 12ECh. 11 - Prob. 13ECh. 11 - Prob. 14ECh. 11 - Exercise 11-15 Preparing a balance sheet C1 P2...Ch. 11 - Prob. 16ECh. 11 - Prob. 17ECh. 11 - Prob. 18ECh. 11 - Prob. 19ECh. 11 - Problem 11-1A Short-term notes payable...Ch. 11 - Problem 11-2A Entries for payroll transactions P2...Ch. 11 - Problem 11-3A Payroll expenses, withholdings, and...Ch. 11 - Prob. 4APSACh. 11 - Prob. 5APSACh. 11 - Prob. 6APSACh. 11 - Problem 11-1B Short-term notes payable...Ch. 11 - Problem 11-2B Entries for payroll transactions P2...Ch. 11 - Problem 11-3B Payroll expenses, withholdings, and...Ch. 11 - Prob. 4BPSBCh. 11 - Prob. 5BPSBCh. 11 - Prob. 6BPSBCh. 11 - Review the February 26 and March 25 transactions...Ch. 11 - Bug-Off Exterminators provides pest control...Ch. 11 - Prob. 1GLPCh. 11 - Prob. 1AACh. 11 - Key figures for Apple and Google follow. Apple...Ch. 11 - Prob. 3AACh. 11 - BTN 11-3 Cameron Bly is a sales manager for an...Ch. 11 - Prob. 2BTNCh. 11 - Prob. 3BTNCh. 11 - Prob. 4BTNCh. 11 - Prob. 5BTNCh. 11 - Prob. 6BTN
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