The employees of Agonnacultis Inc. are paid on a semimonthly basis. Required: Compute the FICA taxes for the employees for the November 15 payroll. All employees have been employed for the entire calendar year. (Round "Social Security Tax" and "Medicare Tax" to 2 decimal places.) X Answer is complete but not entirely correct. Social Security Tax for Nov. 15. Pay Date 0.00 O S Semi- monthly Salary Medicare Таx for. Nov. 15 Pay Date Marital Status YTD Pay for Oct 31 Pay Date Employee T. Newberry S. Smith 24 7,000 140,000 OS 101.50 4,500 90,000 O S 279.00 O S 65.25 D. Plott S 4,725 94,500 S 292.95 O S 68.51 O I. Ost D. Bogard M. Mallamace S 6,850 137.000 S 0.00 S 0.00 Os 99.33 O 301.00 X S 10,750 S 215.000 S S. S 5,100 S 102.000 S 316.20 S 73.95 O SSS

The employees of Agonnacultis Inc. are paid on a semimonthly basis. Required: Compute the FICA taxes for the employees for the November 15 payroll. All employees have been employed for the entire calendar year. (Round "Social Security Tax" and "Medicare Tax" to 2 decimal places.) X Answer is complete but not entirely correct. Social Security Tax for Nov. 15. Pay Date 0.00 O S Semi- monthly Salary Medicare Таx for. Nov. 15 Pay Date Marital Status YTD Pay for Oct 31 Pay Date Employee T. Newberry S. Smith 24 7,000 140,000 OS 101.50 4,500 90,000 O S 279.00 O S 65.25 D. Plott S 4,725 94,500 S 292.95 O S 68.51 O I. Ost D. Bogard M. Mallamace S 6,850 137.000 S 0.00 S 0.00 Os 99.33 O 301.00 X S 10,750 S 215.000 S S. S 5,100 S 102.000 S 316.20 S 73.95 O SSS

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 2PB

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The following information about the payroll for the week ended December 30 was obtained from the records of Qualitech Co.: Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: a. December 30, to record the payroll. b. December 30, to record the employers payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, 35,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries: a. December 30, to record the payroll. b. January 5, to record the employers payroll taxes on the payroll to be paid on January 5. Because it is a new fiscal year, all 675,000 in salaries is subject to unemployment compensation taxes.
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