1 | |||
a) | |||
Tax | September Earnings Subject to Tax | Tax Rate | Tax Amount |
FICA-Social Security | 1600 | 6.20% | 99.20 |
FICA-Medicare | 1600 | 1.45% | 23.20 |
FUTA | 800 | 0.60% | 4.80 |
SUTA | 800 | 5.40% | 43.20 |
b) | |||
Tax | September Earnings Subject to Tax | Tax Rate | Tax Amount |
FICA-Social Security | 2950 | 6.20% | 182.90 |
FICA-Medicare | 2950 | 1.45% | 42.78 |
FUTA | 2950 | 0.60% | 17.70 |
SUTA | 2950 | 5.40% | 159.30 |
c) | |||
Tax | September Earnings Subject to Tax | Tax Rate | Tax Amount |
FICA-Social Security | 4600 | 6.20% | 285.20 |
FICA-Medicare | 9700 | 1.45% | 140.65 |
FUTA | 0 | 0.60% | 0.00 |
SUTA | 0 | 5.40% | 0.00 |
Note: Earnings taxable for FUTA and SUTA in (a) = 7000-6200 = $800 | |||
Note: Earnings taxable for Social Security in (c) = 128400-123800 = $4600 | |||
2 | |||
Employer Payroll taxes | September earnings subject to tax | Tax Rate | Tax Amount |
FICA-Social Security | 1600 | 6.20% | 99.20 |
FICA-Medicare | 1600 | 1.45% | 23.20 |
FUTA | 800 | 0.60% | 4.80 |
SUTA | 800 | 2.90% | 23.20 |
Total Payroll Taxes Expense | 150.40 | ||
Date | General Journal | Debit | Credit |
Sep. 30 | Payroll taxes expense | 150.40 | |
FICA—Social security taxes payable | 99.20 | ||
FICA—Medicare taxes payable | 23.20 | ||
Federal unemployment taxes payable | 4.80 | ||
State unemployment taxes payable | 23.20 |
Required information [The following information applies to the questions displayed below.) Part 1 of 3 0.62...
Required Information Use the following information for the Exercises below. (The following Information applies to the questions displayed below.) BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 pald to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, Its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 pald to its employee. a. b. c. Gross Pay through August 31 $ 6,480 2,800 120,990 Gross...
Required information [The following information applies to the questions displayed below.) BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay for September Gross Pay through August 31 $ 6,300 1,700 119,000 a. b. $1,800 3,900 9,800 c. Assuming situation...
Required Information The following information applies to the questions displayed below.] 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 $ 5,480 2,450 123,000 Gross Pay for September $2,40e 2,550 8,988 Assuming situation a, prepare the...
Chapter 09 Homework Saved Required information Part 1 of 3 [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of grosS pay. For BMx, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. polnts Gross Pay through August 31 5,100 3,100 Gross Pay for September $2,200...
Required information [The following information applies to the questions displayed below.) 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 0.5% and SUTA taxes are 5.4% of the first $7000 paid to its employee. Cross Pay through August 31 $ 5,000 2,250 122,600 Gross Pay for September $ 2, 100 2,350 0.500 Assuming situation (a),...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] 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 Gross Pay for September a. $ 6,100 $...
Required information The following information applies to the questions displayed below) BMX Company has one employee. FICA Social Security taxes are 62% 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 $7000 paid to its employee Gross Pay through August 31 $ 5.400 2.450 123,000 Gross Pay for September $ 2.000 2.550 8,900 b. Assuming situation related...
complete the tables Required information Use the following information for the Exercises below. The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 62% 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 $ 5,400 2,450 123,000 Gross Pay...
Required Information The following information applies to the questions displayed below 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 S Gross Pay for September $2,100 2,350 8,500 5,000 2,250 122,600 Assuming situation (a)....
Required information (The following information applies to the questions displayed below.] 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 $ 6,100 2,800 123, 700 Gross Pay for September $1,400 2,900 9,600 a. b. C. Compute...