Homework Answers
Annual take home pay = Gross wages and salaries - Income tax withheld - Social security and medicare withheld
= 2,250,000 - 170,000 - 150,000
= $1,930,000
Third option is the correct option.
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Journal entry worksheet 1 Record salaries and wages expense. Record payroll tax expense. Record salaries and...
Journal entry worksheet
1
Record salaries and wages expense.
Record payroll tax expense.
Record salaries and wage expense for fringe benefits provided
by the employer.
Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their salaries, with the contribution being matched by Alamar. The company also pays 85% of medical and life insurance premiums. Deductions relating to these plans and other payroll information for the first biweekly payroll period of February are listed...
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Please answer the whole question. Paloma Co. has four employees. FICA Social Security taxes are 6.2%...
Please answer the whole question.
Paloma Co. has four employees. FICA Social Security taxes are
6.2% of the first $118,500 paid to each employee, and FICA Medicare
taxes are 1.45% of gross pay. Also, for the first $7,000 paid to
each employee, the company’s FUTA taxes are 0.6% and SUTA taxes are
2.15%. The company is preparing its payroll calculations for the
week ended August 25. Payroll records show the following
information for the company’s four employees.
Current Week
Name...
Here is the whole question, someone please help im stuck Entries for Payroll and Payroll Taxes...
Here is the whole question, someone please help im stuck
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Use this information for Harris Company to answer the following questions Assuming no employees are subject to ceilings for their earnings. Harris Company has the following information for the pay period of January 15-31 Gross payroll Social security rate Medicare rate SI0.000 6.0% 1.5% Federal income tax withheld Federal unemployment tax rate State unemployment tax rate SI SOO OS _1. Salaries Payable would be recorded for a. $8,200 b. $6,830 c. 58,630 d. 57,450 2. A pension plan that promises...
Journal entry worksheet
1
Record salaries and wages expense.
Record payroll tax expense.
Record salaries and wage expense for fringe benefits provided
by the employer.
Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their salaries, with the contribution being matched by Alamar. The company also pays 85% of medical and life insurance premiums. Deductions relating to these plans and other payroll information for the first biweekly payroll period of February are listed...
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LAERCISE 10.5 Accounting for Payroll Activities Spirit Corporation reported the following payroll-related costs for the month of February. Gross pay (wages expense).. ................................................... $250,000 Social Security and Medicare taxes............................................................................................... ......... 19,125 Federal and state unemployment taxes... 15,500 Workers' compensation insurance.... 8,500 Group health and life insurance benefits .... 10,000 Employee pension plan benefits ..... 22,875 Total payroll costs for February..................................................................................................... $326,000 Spirit's insurance premiums for workers' compensation and group health and life insurance were paid for in a prior period...
Please answer the whole question.
Paloma Co. has four employees. FICA Social Security taxes are
6.2% of the first $118,500 paid to each employee, and FICA Medicare
taxes are 1.45% of gross pay. Also, for the first $7,000 paid to
each employee, the company’s FUTA taxes are 0.6% and SUTA taxes are
2.15%. The company is preparing its payroll calculations for the
week ended August 25. Payroll records show the following
information for the company’s four employees.
Current Week
Name...
Here is the whole question, someone please help im stuck
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