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The last biweekly payroll of Capital Construction was $44,979 for 47 employees. Of the total, $38,493...
The SUTA rate for Forth Corporation is 5.4% and its FUTA rate is 6% less the...
The SUTA rate for Forth Corporation is 5.4% and its FUTA rate is 6% less the 5,4% SUTA credit. If its biweekly payroll is $58,374 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes for the payroll?
A company's employees had the following earnings records on June 30, the current payroll period: Employees...
A company's employees had the following earnings records on June 30, the current payroll period: Employees Earnings Earnings this FICA FICA Income Med Net Pay FUTAI FUTA SUTA through Prior Pay Period SS Med Taxes Ins SUTA Pay Period W/H W/H W/H W/H Taxable Earnings D. Adams $11,300 $3,900 $900 J. Hess 6,100 2,500 500 R. Lui 9,500 3,100 600 T. Morales 4,800 1,400 300 L. Vang 10,000 3,000 600 Totals The company's payroll taxes expense on each employee's earnings...
Stark Company has five employees. Employees paid by the hour earn $10 per hour for the regular 40-hour workweek and $15 per hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last b
Stark Company has five employees. Employees paid by the hour earn $10 per hour for the regular 40-hour workweek and $15 per hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes...
Black Robot Grill of Andrews, Texas, has the following employees as of December 31: Employee N...
Black Robot Grill of Andrews, Texas, has the following employees as of December 31: Employee Name Annual Taxable Wages Mark English $ 30,000 Shelly Morris $ 10,000 TL Radford $ 22,000 James Morrow $ 31,000 Trella Lyons $ 27,000 Required: The company's SUTA tax rate is 6.25 percent and wage base is $8,000. Black Robot's Grill's FUTA tax rate of 6 percent is subject to a 5.4 percent reduction and applies to the first $7,000 of employee wages. What is...
Stark Company has five employees. Employees paid by the hour earn $10 per hour for the...
Stark Company has five employees. Employees paid by the hour earn $10 per hour for the regular 40-hour workweek and $15 per hour beyond the 40 hours per week. Hourly employees are paid every two weeks, but salaried employees are paid monthly on the last biweekly payday of each month. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes...
The following information pertains to a weekly payroll of Texera Tile Company: a. The total wages...
The following information pertains to a weekly payroll of Texera Tile Company: a. The total wages earned by employees are $17,210. b. The state unemployment insurance contribution rate is 3.5%. c. The entire amount of wages is taxable under FICA, FUTA, and SUTA. d. The amount withheld from the employees' wages for federal income taxes is $1,890; for state income taxes, $369.40; and for group insurance, $193.00. If an amount box does not require an entry, leave it blank or...
PROBLEM V: PREPARING THE PAYROLL TAX ENTRY (10 Using the information below, determine the amount of...
PROBLEM V: PREPARING THE PAYROLL TAX ENTRY (10 Using the information below, determine the amount of the payroll period ending March 31, 20xx. In your answer, list the amount for FICA: SO FUTA, and SUTA. Then, record the payroll "tax" expense journal entry of the em mine the amount of the payroll "tax" expense incurred for Mary Jane's Pies for the T, list the amount for FICA: (Social Security and Medicare), Employee Cumulative Gross Pay (Earnings) Prior to Current Period...
The total payroll for all it's employees for A company was $172,000 for the current month....
The total payroll for all it's employees for A company was $172,000 for the current month. The FICA-Social security rate is 6.2%, Medicare tax rate is 1.45%. None of the employees have reached the limit for FICA taxes. Only $42,000 of the payroll is subject to unemployment taxes. The FUTA rate is 0.8% and SUTA rate is 2.9% of gross salary for all employees. In addition, employee federal income taxes are $43,000 and employee medical insurance deductions are $15,000. Given...
Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is...
Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,850 is taxable under FICA Taxes-OASDI; and $10,300 is taxable under FUTA and SUTA. The state contribution rate for the company is 4.1%. The amount withheld for federal income taxes is $9,911. The amount withheld for state income taxes is $1,410. a. Journalize the payment of the wages, and record the payroll taxes on September 15. If an amount box...
QS 9-6 Recording employer payroll taxes LO P3 Merger Co, has 10 employees, each of whom...
QS 9-6 Recording employer payroll taxes LO P3 Merger Co, has 10 employees, each of whom eams $1,450 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $128.400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expenses....
The SUTA rate for Forth Corporation is 5.4% and its FUTA rate is 6% less the 5,4% SUTA credit. If its biweekly payroll is $58,374 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes for the payroll?
A company's employees had the following earnings records on June 30, the current payroll period: Employees Earnings Earnings this FICA FICA Income Med Net Pay FUTAI FUTA SUTA through Prior Pay Period SS Med Taxes Ins SUTA Pay Period W/H W/H W/H W/H Taxable Earnings D. Adams $11,300 $3,900 $900 J. Hess 6,100 2,500 500 R. Lui 9,500 3,100 600 T. Morales 4,800 1,400 300 L. Vang 10,000 3,000 600 Totals The company's payroll taxes expense on each employee's earnings...
PROBLEM V: PREPARING THE PAYROLL TAX ENTRY (10 Using the information below, determine the amount of the payroll period ending March 31, 20xx. In your answer, list the amount for FICA: SO FUTA, and SUTA. Then, record the payroll "tax" expense journal entry of the em mine the amount of the payroll "tax" expense incurred for Mary Jane's Pies for the T, list the amount for FICA: (Social Security and Medicare), Employee Cumulative Gross Pay (Earnings) Prior to Current Period...
QS 9-6 Recording employer payroll taxes LO P3 Merger Co, has 10 employees, each of whom eams $1,450 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $128.400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expenses....
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