Given the following, calculate the state (assume 5.3%) and federal unemployment taxes that the employer must pay for each of the first two quarters. The federal unemployment tax is 0.8% on the first $7,000. Both state and federal unemployment taxes apply to the first $7,000 only. (Round your answers to the nearest cent.) PAYROLL SUMMARY Quarter 1 Quarter 2 $ 7,300 12,800 Bill Adams $3,200 Rich Haines 7,400 Alice Smooth 2,600 4,400 PAYROLL SUMMARY Quarter 1 %24 %24 Quarter 2 Total $4 SUTA 678.4 FUTA 102.4

Given the following, calculate the state (assume 5.3%) and federal unemployment taxes that the employer must pay for each of the first two quarters. The federal unemployment tax is 0.8% on the first $7,000. Both state and federal unemployment taxes apply to the first $7,000 only. (Round your answers to the nearest cent.) PAYROLL SUMMARY Quarter 1 Quarter 2 $ 7,300 12,800 Bill Adams $3,200 Rich Haines 7,400 Alice Smooth 2,600 4,400 PAYROLL SUMMARY Quarter 1 %24 %24 Quarter 2 Total $4 SUTA 678.4 FUTA 102.4

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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Given the following, calculate the state (assume 5.3%) and federal unemployment taxes that the employer must pay for each of the first two quarters. The federal unemployment tax is 0.8% on the first $7,000. Both state and federal unemployment taxes apply to the first $7,000 only. (Round your answers to the nearest cent.) PAYROLL SUMMARY Quarter 1 Quarter 2 $3,200 Bill Adams $ 7,300 Rich Haines 7,400 12,800 Alice Smooth 2,600 4,400 PAYROLL SUMMARY Quarter 1 Quarter 2 Total 2$ 780 8 $4 501 * SUTA $ 678.4 $ FUTA $ 102.4 24
Check my work Given the following, calculate the state (assume 5.3%) and federal unemployment taxes that the employer must pay for each of the first two quarters. The federal unemployment tax is 0.6% on the first $7,000. Both state and federal unemployment taxes apply to the first $7,000 only. (Round your answers to the nearest cent.) PAYROLL SUMMARY Bill Adams Rich Haines Alice Smooth Quarter 1 $ 4,000 8,000 3,200 Quarter 2 $ 8,000 14,000 3,800 PAYROLL SUMMARY Quarter 1 Quarter 2 Total 2$ 14,200.00 SUTA 752.60 FUTA 2$ 85.20 the first half is right but the second half doesn't make sense because the total is NOT 17,800
Check my work Given the following, calculate the state (assume 5.3%) and federal unemployment taxes that the employer must pay for each of the first two quarters. The federal unemployment tax is 0.6% on the first $7,000. Both state and federal unemployment taxes apply to the first $7,000 only. (Round your answers to the nearest cent.) PAYROLL SUMMARY Bill Adams Rich Haines Alice Smooth Quarter 1 $ 4,000 8,000 3,200 Quarter 2 $ 8,000 14,000 3,800 PAYROLL SUMMARY Quarter 1 Quarter 2 Total $ 14,200.00 SUTA 2$ 752.60 FUTA 2$ 85.20
Compute the total federal and state unemployment taxes given the following independent scenarios for SugarTime. 1. The gross payroll total for all employees this month is $10,000. Assume that all employees’ wages fall below the $7,000 unemployment tax limit. 2. The gross payroll total for all employees this month is $10,000. The amount of employees’ wages that fall below the $7,000 unemployment tax limit is $8,000. 1. Total unemployment taxes $ 2. Total unemployment taxes $
According to a summary of the payroll of Guthrie Co., $560,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $60,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%.$fill in the blank 56eb93018fa2006_1 b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.
From the following information, calculate the payroll tax expense for New Company for the payroll of April 9 View the Dayto The FICA Social Security tax rate is 6.2% on the first $142,800 earned, and FICA Medicare is 1.45% on all earnings Federal unemployment tax is 06% on the first $7,000 earned by each employee The SUTA tax rate for New Company is 5 7% on the test $7,000 of employce earnings for state unemployment purposes (Round to the nearest cent as needed) Total Payroll Employee W Duncan C. Hart G. Oval Cumulative Earnings Before Weekly Payroll Print Gross Pay for the Week 3.000 $ 6.100 8.000 Done 750 650 250
> So Kercise Ge ali payroll calculations, ese the following tax rates and round amounts to the Empioree: OASDI: 6,2% on first $118,500 earned; Medicare: 1.45% up to Ș200,000, 2 5% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. S11-1 Determining current versus long-term liabilities Rios Raft Company had the following liabilities. a. Accounts Payable d. Note Payable due in 6 months b. Note Payable due in 3 years e. Sales Tax Payable c. Salaries Payable f. Unearned Revenue due in 8 months Determine whether each liability would be considered a current liability (CL) or a long-term liability (LTL).
Recording Payroll Taxes According to a summary of the payroll of Kirby Co., $380,500 in earnings were subject to the 7.6% FICA tax. Also, $51,368 in earnings were subject to state and federal unemployment taxes. Round your answers to the nearest cent. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.5%; federal unemployment, 1%. b. Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Statement of Income Assets Liabilities + Stockholders' Equity Cash Flows Statement No effect v No effect FICA tax payable v SUTA payable v FUTA payable v Retained earnings + = + Statement of Cash Flows Income Statement No effect v Payroll tax expense
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. Cumul. PayBefore CurrentWeekly Payroll CurrentGross Pay Year-to-DateEarnings Soc. Sec.Maximum AmountOver Max.Soc. Sec. AmountSubject toSoc. Sec. Soc. Sec. TaxWithheld MedicareTaxWithheld $22,700 $1,340 $fill in the blank 1 $118,500 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 $fill in the blank 5 54,300 4,080 fill in the blank 6 118,500 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 116,700 3,890 fill in the blank 11 118,500 fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 117,300 4,540 fill…
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. PayBefore CurrentWeekly Payroll CurrentGross Pay Year-to-DateEarnings Soc. Sec.Maximum AmountOver Max.Soc. Sec. AmountSubject toSoc. Sec. Soc. Sec. TaxWithheld MedicareTaxWithheld $ 30,300 $1,500 $ $128,400 $ $ $ $ 53,600 2,980 128,400 126,700 3,140 128,400 127,900 2,880 128,400
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. PayBefore CurrentWeekly Payroll CurrentGross Pay Year-to-DateEarnings Soc. Sec.Maximum AmountOver Max.Soc. Sec. AmountSubject toSoc. Sec. Soc. Sec. TaxWithheld MedicareTaxWithheld $ 30,200 $1,460 $fill in the blank 1 $128,400 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 $fill in the blank 5 54,000 2,960 fill in the blank 6 128,400 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 125,700 3,340 fill in the blank 11 128,400 fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 127,100 2,940 fill in the blank 16 128,400 fill in…
A company wants to pay a bonus to an employee so that the net pay is $10,000. The federal income tax rate is 15%, the state income tax rate is 4%, the FICA rate is 7.65%, and the company's state unemployment tax rate is 3%. Which of the following is the formula used to determine this payroll calculation? Select one: a. $13,449.90 b. $14,214.64 c. $13,633.27 d. $7,713.07 e. $7,895.78