College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Question
Chapter 7, Problem 6DQ
To determine
State the three required deductions and the four voluntary deductions from an employee’s total earnings.
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Identify two different types of deductions that an employer is required to subtract from a paycheck .
All of the following income items are includible in an employee's gross income except:
a, Severance pay for cancellation of employment
b, Unemployment compensation
c, Payments from employer while sick or injured
d, Medical insurance premium paid by employer for employee and spouse
e, Moving expense reimbursement
Recording employee payroll deductions may involve:
Multiple Choice
Liabilities to the employer.
Liabilities to federal and state governments.
Expenses for state unemployment.
Expenses for the gross wages and salaries.
Expenses for the employer portion of any medical insurance.
Chapter 7 Solutions
College Accounting (Book Only): A Career Approach
Ch. 7 - Prob. 1QYCh. 7 - Which of the following taxes are not withheld from...Ch. 7 - Calculate an employees total earnings if the...Ch. 7 - Prob. 4QYCh. 7 - Prob. 5QYCh. 7 - Prob. 6QYCh. 7 - When is the payroll register updated? a. Annually...Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQ
Ch. 7 - Explain the difference between gross earnings and...Ch. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Determine the gross pay for each employee listed...Ch. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - For tax purposes, assume that the maximum taxable...Ch. 7 - On January 21, the column totals of the payroll...Ch. 7 - Prob. 7ECh. 7 - Assume that the employees in Exercise 77 are paid...Ch. 7 - Prob. 1PACh. 7 - Prob. 2PACh. 7 - Prob. 3PACh. 7 - Prob. 4PACh. 7 - Prob. 5PACh. 7 - Prob. 1PBCh. 7 - Prob. 2PBCh. 7 - Prob. 3PBCh. 7 - Prob. 4PBCh. 7 - Prob. 5PBCh. 7 - Attracting and retaining the best employees is...Ch. 7 - Southern Company pays its employees weekly by...Ch. 7 - Prob. 3A
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- Which of the following is considered an employer payroll tax? A. FICA Medicare B. FUTA C. SUTA D. A and B only E. B and C only F. A, B, and Carrow_forwardThe wage base for unemployment compensation taxes are: a. all wages paid but not including those that have been set aside for the employee to draw upon at his/her discretion. b. all wages actually paid or constructively paid. c. all wages paid or payable for the period. d. all wages that are considered to be constructively paid plus wages payable.arrow_forwardFigure 6.1 The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers in Unger Company. These amounts represent the cumulative earnings for each worker as of October 4, the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the next payday, October 11. In the state where Unger Company is located, the tax rates and bases are as follows: Tax on Employees: FICA-OASDI 6.2% on first $137,700 FICA-HI 1.45% on total earnings SUTA 0.5% on first $8,000 Tax on Employer: FICA-OASDI 6.2% on first $137,700 FICA-HI 1.45% on total earnings FUTA 0.6% on first $7,000 SUTA 1.8% on first $8,000arrow_forward
- Gross pay is: Deductions withheld by an employer Salaries after taxes are deducted Total compensation earned by an employee before any deductions The amount of the paycheckarrow_forwardIt is mandatory for both the employer and employee to pay ________. A. employee income tax B. FICA C. SUTA D. federal unemployment taxarrow_forwardFind the employer’s FICA deduction for each of the following employees. Find the amounts of the FUTA taxes for the current pay period for each of the following employees. Decimals for categories SS-0.062, Medicare-0.0145, (FUTA-0.0006 -$7000Cap) Show work Employees Year-to-Date Current Gross Social Security (0.062) Medicare (0.0145) Subject to FUTA (0.006) FUTA F. Todd $6959.28 $1088.64 T. Stanley $7,882.51 $827.44arrow_forward
- The account that should be credited for the total income tax withheld from employee's earnings is o a. FICA Tax Expense. o b. Employee Income Tax Expense. . FICA Tax Payable o d. Employee Income Tax Payable.arrow_forward14Employers are required to pay premiums for workers' compensation on: excess earnings total gross earnings total assessable earnings annual maximum assessable earningsarrow_forwardUse (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Click here to access the Table of Allowance Values. Click here to access the Percentage Method Tables. Click here to access the Wage-Bracket Method Tables. Round your answer to the two decimal places. Enter all amounts as positive numbers. Amount to BeWithheld Employee MaritalStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Corn, A. S 2 $675 weekly fill in the blank 1 of 10$ fill in the blank 2 of 10$ Fogge, P. S 1 1,365 weekly fill in the blank 3 of 10 fill in the blank 4 of 10 Felps, S. M 6 1,775 biweekly fill in the blank 5 of 10 fill in the blank 6 of 10 Carson, W. M 4 2,480 semimonthly fill in the blank 7 of 10 fill in the blank 8 of 10 Gupta, M. M 9 5,380 monthly fill in the blank 9 of 10 fill in the blank 10 of 10arrow_forward
- What steps must an employer follow in sequential form to calculate an employee's income tax deduction: a. First calculate CPP & E.I b. First complete the TD1 form then calculate CPP & E.I C. First establish the 'claims code' using TD1 then use the tax tables d. Complete the tax credits form then go straight to tax tablesarrow_forwardList three benefits (for either the employer or employee) of an Executive entering into a Deferred Compensation Agreement.arrow_forwardWhich of the following accounts represents the "take-home pay" or "net pay" related to employees? EMPLOYEE BENEFITS PAYABLE OPAYROLL TAX EXPENSE SALARY EXPENSE SALARY PAYABLE TO EMPLOYEESarrow_forward
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