Total payroll of Royal Cruizze Co. was $2,760.000, of which $480,000 represented amounts paid in excess of $118,500 to certain employees. The amount paid to employees in excess of $7,000 was $2,160,000. Income taxes withheld were $675,000. The state unemployment tax is 1.2%, the federal unemployment tax is .8%, and the F.I.C.A. tax is 7.65% on an employee's salaries and wages to $118.500 and 1.45% in excess of $118.500. STATE & FEDERAL Unemployment Tax is charged only on the first $7,000 Per Employee….
Total payroll of Royal Cruizze Co. was $2,760.000, of which $480,000 represented amounts paid in excess...
total payroll of walnut 2. Payroll entries. Total payroll of Walnut Co. was $2,760,000, of which $760,000 represented amounts paid in excess of $118,500(FICA & Medicare) to certain employees. The amount paid to employees in excess of $7,000 was $2,160,000. Income taxes withheld were $875,000. The state unemployment tax is 2.2%, the federal unemployment tax is 1.8%, and the F.I.C.A. tax is 7.65% (6.2% FICA and 1.45% Medicare) on an employee's salaries and wages up to $118,500 and 1.45% in...
xercise 13-6 The payroll of Swifty Company for September 2016 is as follows. Total payroll was $446,000, of which $106,000 is exempt from Social Security tax because it represented amounts paid in excess of $118,500 to certain employees. The amount paid to employees in excess of $7,000 was $400,000. Income taxes in the amount of $78,700 were withheld, as was $8,900 in union dues. The state unemployment tax is 3.5%, but Swifty Company is allowed a credit of 2.3% by...
The payroll of Ivanhoe Company for September 2016 is as follows. Total payroll was $444,000, of which $108,000 is exempt from Social Security tax because it represented amounts paid in excess of $118,500 to certain employees. The amount paid to employees in excess of $7,000 was $394,000. Income taxes in the amount of $79,200 were withheld, as was $9,600 in union dues. The state unemployment tax is 3.5%, but Ivanhoe Company is allowed a credit of 2.3% by the state...
The payroll of Swifty Company for September 2016 is as follows. Total payroll was $446,000, of which $106,000 is exempt from Social Security tax because it represented amounts paid in excess of $118,500 to certain employees. The amount paid to employees in excess of $7,000 was $400,000. Income taxes in the amount of $78,700 were withheld, as was $8,900 in union dues. The state unemployment tax is 3.5%, but Swifty Company is allowed a credit of 2.3% by the state...
Send Gradebook Question 2 Current Attempt in Progress Total payroll of Walnut Cows $1.650.000, of which $300.000 represented amounts paid in excess of $118.500 to certainemployees. The amount paid to employees in excess of $7000 was $1.480.000. Income taxes withheld were $431.000. The state unemployment taxis 12 the federal unemployment taxis and the ICA taxis 765% on an employee's salaries and wapes to $118.500 and 1.45% in excess of $118.500 Prepare the journal entry for the sales and wages paid...
The payroll of Windsor Company for September 2016 is as follows. al payroll was $492,000, of which $120,000 is exempt from Social Security tax because it represented amounts paid in excess of $118,500 to certain employees. The amount paid to employee excess of 7,000 was $436,000. Income taxes in the amount of $73,800 were withheld, as was $8,700 in union dues. The state unemployment tax is 3.5%, but Windsor Company is allowed a credit of 2.3% by the state for...
The payroll of Sarasota Company for September 2019 is as follows. Total payroll was $446,000, of which $106,000 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 (the maximum for both federal and state unemployment tax) was $400,000. Income taxes in the amount of $78,700 were withheld, as was $8,900 in union dues. The state unemployment tax is 3.5%, but Sarasota Company...
The payroll of Lionshead Co for July 2014 is as follows: 1. Total payroll was $620,000 of which $120,000 is exempt from FICA tax because it represents amounts paid in excess of $102,000 to certain employees. 2. The amount paid to employees in excess of $7,000 was $540,000. The state unemployment tax is 5.7% on the first $7,000. Lionshead is allowed a credit of 2.5%. 3. The current FICA tax is 6.2% on an employee's wages up to $102,000. Medicare...
Accounting for Current liabilities and contingencies 1. THE PAYROLL OF KENMARE COMPANY FOR SEPTEMBER 2020 IS A FOLLOWS: TOTAL PAYROLL WAS $480,000 OF WHICH $ 140,000 IS EXEMPT FROM SOCIAL SECURITY TAX BECAUSE IT REPRESENTS AMOUNTS PAID IN EXCESS OF $137,700 TO CERTAIN EMPLOYEES. THE AMOUNT PAID TO EMPLOYEES IN EXCESS OF $7,000 WAS $310,000. FEDERAL INCOME TAXES IN THE AMOUNT OF $72,500 WERE WITHHELD, AS WAS $4,000 IN UNION DUES AND $20,000 IN STATE INCOME TAXES. THE STATE UNEMPLOYMENT...
The payroll of Swifty Company for September 2019 is as follows. Total payroll was $434,000, of which $104,000 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 $363,000. Income taxes in the amount of $72,400 were withheld, as was $9,500 in union dues. The state unemployment tax is 3.5%, but Swifty Company is allowed a credit of 2.3% by the state...