Barbara is an employee of Baltimore Company. Baltimore Company pays employees the Friday after the wages...
Barbara is an employee of Baltimore Company. Baltimore Company pays employees the Friday after the wages are earned. Overtime in excess of 40 hours must be paid at 150% of the normal hourly rate. Social Security taxes are 6.2% and Medicare taxes are 1.45%. The federal unemployment tax rate is 1.0% and the state unemployment tax rate is 4.0%. Barbara's wages, including the current pay period, will not exceed the limits for Social Security, Medicare and unemployment taxes. Barbara earns $18 per hour and worked 50 hours for the week ended January 13 , 2019. Baltimore will withhold $220 federal income taxes. Use this information to determine the total payroll tax expense for Baltimore Company as related to Barbara's earnings. (Round to the closest cent)
Homework Answers
Add Answer to:
Barbara is an employee of Baltimore Company. Baltimore Company
pays employees the Friday after the wages...
9. Adelphi Company purchased a machine on January 1, 2017, for $80,000. The machine was estimated to...
9. Adelphi Company purchased a machine on January 1, 2017, for $80,000. The machine was estimated to have a service life of ten years with an estimated residual value of $5,000. After 4 years, Adelphi sold the machine on January 1, 2021 for $22,000. Adelphi uses the double declining method for depreciation. Using this information, how much is the gain or (loss) for the equipment sale on January 1, 2021? Enter a loss as a negative number. 10. Barbara is an...
Barbara Muller Services (BMS) pays its employees monthly. The payroll information listed below is for January...
Barbara Muller Services (BMS) pays its employees monthly. The payroll information listed below is for January 2021, the first month of BMS's fiscal year. Assume none of the employees' earnings reached $7,000 during the month. Salaries Federal income taxes to be withheld Federal unemployment tax rate (FUTA) State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $ 88,000 26,000 0.80% 5.40% 6.2% 1.45% The journal entry to record payroll for the January 2021 pay period...
Barbara Muller Services (BMS) pays its employees monthly. The payroll information listed below is for January...
Barbara Muller Services (BMS) pays its employees monthly. The payroll information listed below is for January 2021, the first month of BMS's fiscal year. Assume none of the employees' earnings reached $7,000 during the month. Salaries $ 70,000 Federal income taxes to be withheld 17,000 Federal unemployment tax rate (FUTA) 0.80 % State unemployment tax rate (after FUTA deduction) 5.40 % Social security tax rate 6.2 % Medicare tax rate 1.45 % The journal entry to record payroll for the...
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first...
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first mon of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base. Salaries Federal income taxes to be withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $500,000 100,000 9.60% 5.40% 6.29% 1.45% Required: Calculate the income and payroll taxes for the January 2018 pay period. Prepare the appropriate journal...
Lenny Florita, an unmarried employee, works 47 hours in the week ended January 12. His pay rate is $12 pe...
Lenny Florita, an unmarried employee, works 47 hours in the week ended January 12. His pay rate is $12 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims four withholding allowances. Compute his regular pay, overtime pay (Lenny earns $18 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion),...
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first...
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first month of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base, Salaries Federal income taxes to be withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $500,000 100,000 0.60% 5.40% 6.209 1.45% Required: Calculate the income and payroll taxes for the January 2018 pay period. Prepare the appropriate journal...
Information ABC Company Number of Employees 7 Employee Name Hours worked Hourly rate John Doe 40...
Information ABC Company Number of Employees 7 Employee Name Hours worked Hourly rate John Doe 40 $25.00 Jane Jones 40 $24.00 Jessie Smith 40 $17.00 Erik Ackers 25 $15.00 Nan Schmit 30 $17.00 Larry Johnson 35 $18.00 Christopher Hay 40 $18.00 Assume Federal Income Tax will be withheld at a rate of 20% for everyone. FICA Social Security rate is 6.2% and Medicare is 1.45%. When you called your State, they told you that your State Unemployment tax rate would...
During the week ended June 15, Wiley Automotive's employees earned $2,000 of gross wages and had...
During the week ended June 15, Wiley Automotive's employees earned $2,000 of gross wages and had $300 of federal income tax withheld. All of their employees had already earned over $7,000 of gross wages for the year so none of their wages were subject to FUTA or SUTA tax. However, all of their wages were still subject to Social Security tax of 6.2% and Medicare tax of 1.45%. The journal entry to record Payroll Tax Expense for the pay period...
During the first week of January, an employee works 49 hours. For this company, workers earn...
During the first week of January, an employee works 49 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $20 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45%...
During the first week of January, an employee works 47 hours. For this company, workers earn...
During the first week of January, an employee works 47 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $15 per hour and her wages are subiect to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45%...
Barbara Muller Services (BMS) pays its employees monthly. The payroll information listed below is for January 2021, the first month of BMS's fiscal year. Assume none of the employees' earnings reached $7,000 during the month. Salaries Federal income taxes to be withheld Federal unemployment tax rate (FUTA) State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $ 88,000 26,000 0.80% 5.40% 6.2% 1.45% The journal entry to record payroll for the January 2021 pay period...
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first mon of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base. Salaries Federal income taxes to be withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $500,000 100,000 9.60% 5.40% 6.29% 1.45% Required: Calculate the income and payroll taxes for the January 2018 pay period. Prepare the appropriate journal...
Lenny Florita, an unmarried employee, works 47 hours in the week ended January 12. His pay rate is $12 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims four withholding allowances. Compute his regular pay, overtime pay (Lenny earns $18 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion),...
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first month of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base, Salaries Federal income taxes to be withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $500,000 100,000 0.60% 5.40% 6.209 1.45% Required: Calculate the income and payroll taxes for the January 2018 pay period. Prepare the appropriate journal...
During the week ended June 15, Wiley Automotive's employees earned $2,000 of gross wages and had $300 of federal income tax withheld. All of their employees had already earned over $7,000 of gross wages for the year so none of their wages were subject to FUTA or SUTA tax. However, all of their wages were still subject to Social Security tax of 6.2% and Medicare tax of 1.45%. The journal entry to record Payroll Tax Expense for the pay period...
During the first week of January, an employee works 47 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $15 per hour and her wages are subiect to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45%...
Most questions answered within 3 hours.
-
While rotating the tires on your car you notice a rock [mass =
0.1 Kg] stuck...
asked 28 minutes ago -
Using MARS simulator, write MIPS programs according to
the following scenarios: Receive a positive integer number...
asked 2 hours ago -
An object in front of a concave mirror has a real image that is
11.5 cm...
asked 2 hours ago -
Consider the reaction, C3 H8 + O2 --> CO2 + H2O. How many
moles of O2...
asked 4 hours ago -
You and your opponent both roll a fair die. If you both roll the
same number,...
asked 4 hours ago -
In a study of the accuracy of fast food​ drive-through orders,
Restaurant A had 257 accurate...
asked 4 hours ago -
Identify and describe in detail the four categories of
institutions that could be included in a...
asked 4 hours ago -
In python
class Customer:
def __init__(self, customer_id, last_name, first_name, phone_number, address):
self._customer_id = int(customer_id)
self._last_name =...
asked 4 hours ago -
What is an example of a limitation in implementing a new
ERP system and how it...
asked 4 hours ago -
In a section of 9.7cm of an artery with a radius of 2.6mm there
is a...
asked 4 hours ago -
the two carboxylic acid groups of aspartic acid have different
acidities with pKa values of 2.1...
asked 4 hours ago -
Would CuCO3 aqueous salt combined with calcium chloride
form a solid precipitate? If so, what would...
asked 4 hours ago