An income-tax credit is allowed for any excess employee contributions for disability insurance under the Unemployment Insurance Code. For 2018, the employee State Disability Insurance (SDI) was 1% and was taxed to a maximum withholding of what amount?
A. $900.50B. $925.80C. $1,149.67D. $1,225.14
C. $1,149.67
The maximum SDI to withhold from employees' paychecks for 2018 was $1,149.67
An income-tax credit is allowed for any excess employee contributions for disability insurance under the Unemployment...
California residents are allowed a credit for net income taxes paid to another State on income also subject to the California income tax. However, the credit is not allowed for which of the following reasons? A. If the other state allows California residents a credit for net income taxes paid to California B. If the income taxed by the other state has a source within the other state under California law C. If such states do not allow their residents...
QUESTION 1 Typical defined benefit plans require contributions by both employer and employee True False QUESTION 2 Contributions to a defined contribution retirement plan are limited to the maximum amount that can be deducted from income for tax purposes. No excess contributions are allowed True False QUESTION 3 What term describes the portion of contributions/investments in a tax-deferred retirement plan that are owned by the employee? Underfunded Enrolled Distrubuted Vested
The following is a payroll sheet for Windsor Imports for the month of September 2020. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $128,400. In addition, 1.45% is charged both employer and employee for an employee's wages in excess...
The following is a payroll sheet for Crane Imports for the month of September 2020. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $128,400. In addition, 1.45% is charged both employer and employee for an employee’s wages in excess...
P13-4 (LO 1) Excel (Payroll Tax Entries) The following is a payroll sheet for Otis Imports for the month of September 2020. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $128,400. In addition, 1.45% is charged both employer and...
PLEASE TYPE OUT THE ANSWER THANK YOU Employers will receive a credit against the Federal Unemployment Tax (FUTA) obligation for a portion of any payments made toward the State Unemployment Tax (SUTA) fund. Based on the following data, compute the amount of credit the company will receive against their total FUTA tax, to determine the amount due at the time of filing: ABC Company has annual wages to employees totaling $151,000 for. The portion of those wages exceeding the $7,000...
Assume a weekly payroll of $75,000 entirely subject to F.LC.A, and Medicare (7.65%), federal (0.8%) and state (4%) unemployment taxes, with income tax withholding of $1,520 and union dues of $99 deducted. Journal entry to record salaries and wages paid: GENERAL JOURNAL PAGE 1 DEBIT CREDIT DATE DESCRIPTION PR. Assume a weekly payroll of $75,000 entirely subject to FJ.C.A. and Medicare (7.65%), federal (0.8%) and state (4%) unemployment taxes, with income tax withholding of S1,520 and union dues of $88...
2. Below is a payroll sheet for Opel Company for the month of November 2018. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is ACC 322 - Z. Liu 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $117,500. In addition, 1.45% is charged both employer and employee for...
EI1.11 (LO 3) Ramirez Company has the following data for the weekly payroll ending January 31. Federal Income Tax Withholding $34 37 58 Health Insurance $10 25 25 Hours Hourly Employee L. Helton R. Kenseth 8 8 8 8 8 2 D. Tavaras 9 10 8 8 9 0 M T W TF S Rate 8 8 9 8 10 3 $12 14 15 Employees are paid 112 times the regular hourly rate for all hours worked in excess of...
Officers' salaries Sales salaries Federal income taxes withheld FICA taxes withheld Health insurance premiums withheld Union dues withheld Salaries (included above) subject to federal unemployment taxes Salaries (included above) subject to state unemployment taxes $36.000 70,000 22,000 10.500 1.900 1.500 58,000 63,000 Required Prepare journal entries on April 30 to record: a. Accrual of the monthly payroll. b. Payment of the net payroll. c. Accrual of employer's payroll taxes. (Assume that the FICA tax matches the amount withheld, the federal...