Marigold Corp., which has a taxable payroll of $1310000, is subject to FUTA tax of 6.2%...
Marigold Corp., which has a taxable payroll of $1310000, is subject to FUTA tax of 6.2% and a state contribution rate of 5.4%. However, because of stable employment experience, the company’s state rate has been reduced to 2%. What is the total amount of federal and state unemployment tax for Marigold Corp.?
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Marigold Corp., which has a taxable payroll of $1310000, is
subject to FUTA tax of 6.2%...
Pied Piper has a taxable payroll of $500,000. The company is subject to Federal Unemployment Tax...
Pied Piper has a taxable payroll of $500,000. The company is subject to Federal Unemployment Tax Act (FUTA) at a rate of 6.2% and a state contribution rate of 5.4%. However, because of stable employment experience, Pied Piper’s state rate has changed to 2%. How much federal and state unemployment tax must Pied Piper pay, in total? $58,500 $41,000 $20,000 $14,000
company has a gross payroll for the month of $846,000. The entire payroll is subject to a fica rate of 6.2% and a medicare rate of 1.45%Also federal tax is $176,000 and state tax is $18,500. 365,...
company has a gross payroll for the month of $846,000. The entire payroll is subject to a fica rate of 6.2% and a medicare rate of 1.45%Also federal tax is $176,000 and state tax is $18,500. 365,000 of the payroll is subject to a state unemployment rate of 5.4% and a federal unemployment rate 0.6%. a) Record the employee payroll for the month. )Record the employer payroll tax expense for the month. GeneralJ
company has a gross payroll for the...
The payroll of Marigold Company for September 2019 is as follows. Total payroll was $502,000, of...
The payroll of Marigold Company for September 2019 is as follows. Total payroll was $502,000, of which $102,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $366,000. Income taxes in the amount of $77,900 were withheld, as was $9,300 in union dues. The state unemployment tax is 3.5%, but Marigold Company is allowed a credit of 2.3% by the state...
Wildhorse Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax...
Wildhorse Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$121,300
$121,300
$36,400
$36,400
Sales
34,200
34,200
3,800
3,800
Administrative
32,700
32,700
Total
$188,200
$188,200
$40,200
$40,200
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
Journalize Payroll Tax The payroll register of Chen Engineering Co. Indicates $1,860 of social security withheld...
Journalize Payroll Tax The payroll register of Chen Engineering Co. Indicates $1,860 of social security withheld and $465.00 of Medicare tax withheld on total salaries of $31,000 for the period. Earnings of $9,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round...
Pearl Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax...
Pearl Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$128,000
$128,000
$42,900
$42,900
Sales
32,600
32,600
3,700
3,700
Administrative
36,300
36,300
Total
$196,900
$196,900
$46,600
$46,600
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
CengageNOWv2 | Online teaching aliu... Journalize Payroll Tax The payroll register of Chen Engineering Co. indicates...
CengageNOWv2 | Online teaching aliu... Journalize Payroll Tax The payroll register of Chen Engineering Co. indicates $1,860 of social security withheld and $465.00 of Medicare tax withheld on total salaries of $31,000 for the period. Earnings of $9,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an...
QUESTION 10 Five Seasons Company has a total payroll of $1,560,000 which is subject to a...
QUESTION 10 Five Seasons Company has a total payroll of $1,560,000 which is subject to a 7.6596 FICA tax. Assuming $360,000 was subject to state and federal unemployment tax rates of 49 and 0.8% respectively, the entry to accrue payroll taxes would include a: A. Credit to FUTA tax payable for $2,880 B. Debit to FICA tax expense for $23,800 C. Credit to SUTA tax payable for $50,400 WHO D. Debit to payroll tax expense for $188,680
I need to figure out the September earnings subject to tax for FUTA & SUTA. And...
I need to figure out the September earnings subject to tax for
FUTA & SUTA. And also the general journal.
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7.000 paid to its employee. Gross Pay through August 31 $ 5,600 2,550 123,200 Gross Pay for...
During the year, Zeno Company has a SUTA tax rate of 6.3%. The taxable payroll for...
During the year, Zeno Company has a SUTA tax rate of 6.3%. The taxable payroll for the year for FUTA and SUTA is $77,000. Compute: a. Neta FUTA tax b. Net SUTA tax c. Total unemployment taxes
company has a gross payroll for the month of $846,000. The entire payroll is subject to a fica rate of 6.2% and a medicare rate of 1.45%Also federal tax is $176,000 and state tax is $18,500. 365,000 of the payroll is subject to a state unemployment rate of 5.4% and a federal unemployment rate 0.6%. a) Record the employee payroll for the month. )Record the employer payroll tax expense for the month. GeneralJ
company has a gross payroll for the...
Wildhorse Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$121,300
$121,300
$36,400
$36,400
Sales
34,200
34,200
3,800
3,800
Administrative
32,700
32,700
Total
$188,200
$188,200
$40,200
$40,200
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
Journalize Payroll Tax The payroll register of Chen Engineering Co. Indicates $1,860 of social security withheld and $465.00 of Medicare tax withheld on total salaries of $31,000 for the period. Earnings of $9,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round...
Pearl Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$128,000
$128,000
$42,900
$42,900
Sales
32,600
32,600
3,700
3,700
Administrative
36,300
36,300
Total
$196,900
$196,900
$46,600
$46,600
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
CengageNOWv2 | Online teaching aliu... Journalize Payroll Tax The payroll register of Chen Engineering Co. indicates $1,860 of social security withheld and $465.00 of Medicare tax withheld on total salaries of $31,000 for the period. Earnings of $9,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an...
QUESTION 10 Five Seasons Company has a total payroll of $1,560,000 which is subject to a 7.6596 FICA tax. Assuming $360,000 was subject to state and federal unemployment tax rates of 49 and 0.8% respectively, the entry to accrue payroll taxes would include a: A. Credit to FUTA tax payable for $2,880 B. Debit to FICA tax expense for $23,800 C. Credit to SUTA tax payable for $50,400 WHO D. Debit to payroll tax expense for $188,680
I need to figure out the September earnings subject to tax for
FUTA & SUTA. And also the general journal.
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7.000 paid to its employee. Gross Pay through August 31 $ 5,600 2,550 123,200 Gross Pay for...
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