The following information is noted on the year end payroll register for an employee employed with a Québec employ Regular earnings $85,000.00, vacation pay $3,800.00, taxable car allowance $630.00, non-cash taxable benefit for grou
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- The following information is noted on the year end payroll register for an employee employed with a Québec employer: Regular earnings $85,000.00, vacation pay $3,800.00, taxable car allowance $630.00, non-cash taxable benefit for group term life insurance $169.00 and a non-eligible retiring allowance of $15,000.00. Calculate the amount that would be reported in Box I of the RL-1?b) Below is the details of payroll for Ms Amirah as at 31st March 2021. Employee's Category Conveyer Belt Operator RM 1,500 Basic rate Marriage status Single Allowance RM 543 Overtime RM 505 Monthly tax deduction 0 For year of assessment 2021 REQUIRED: Express calculation on following: i. ii. iii. Gross pay. Contribution (Employee Provident Fund and SOCSO) Net payAssume the following payroll information for John Bell: Gross pay $10,000; deductions: income tax $2,500, FICA Social Security $620, FICA Medicare $145. What is included in the journal entry to record the employer amounts of the payroll? Assume gross salary maximums have not been reached. FICA Medicare taxes payable of $145 Employer portion of income tax $2,500 Salaries expense of $6,740 Salaries payable of $10,000
- Assume the following payroll information for Jane Smith: Gross pay $10,000; deductions: income tax $2,500, FICA Social Security $620, FICA Medicare $145. What is included in the journal entry to record the employer amounts of the payroll? Assume gross salary maximums have not been reached. FICA Social Security taxes of $620 FICA Medicare taxes payable of $290 Employer portion of income tax $2,500 None of the above.An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this payment on payday?A company's payroll records report $3,210 of gross pay and $434 of federal income tax withholding for an employee for the weekly pay period. Compute this employee's FICA Social Security tax (6.2%), FICA Medicare tax (1.45%), state income tax (1.0%), and net pay for the current pay period. Note: Round your final answers to 2 decimal places. Gross pay FICA Social Security tax deduction $ FICA Medicare tax deduction Federal income tax deduction State income tax deduction Total deductions Net pay 40.30 $ 40.30 -40.30
- How? On November 30, the payroll register of Webster & Smith indicated the following information: Wages and Salaries Expense $9,400.00 Employee Federal Income Tax Payable 985.00 United Way Contributions Payable 200.00 Earnings subject to Social Security tax 9,400.00 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.Assume the following payroll information for Jane Smith: Gross pay $10,000, Income tax $2,500, EI $220, CPP $540. What is included in the journal entry to record the employer amounts of the payroll: a. Employer portion of income tax $2,500 b. EI expense of $264 c. CPP payable of $540 d. EI payable of $220An employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment Expense. What is the correct journal entry for the employer’s payroll taxes and other expenses?
- Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry as of March 12, 20--, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Earnings for several employees for the week ended March 12, 20--, are as follows: Taxable Earnings Employee Name CurrentEarnings UnemploymentCompensation SocialSecurity Aus, Glenn E. $720 $190 $720 Diaz, Charles K. 370 360 370 Knapp, Carol S. 1,240 - 1,240 Mueller, Deborah F. 850 125 850 Yeager, Jackie R. 900 35 900Compute the employer's payroll benefit expense based on the following totals found on a completed payroll register dated November 15. Gross pay = $41,700.00 Deductions: Income Tax = $6,650.00; El = $1,251.00; CPP = $2,046.00 Journalize the information from a completed payroll register dated November 15. ● ●According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 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, 0.8%. b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.