On March 31, Mr. R quit his job with MT Inc. and began a new job...
On March 31, Mr. R quit his job with MT Inc. and began a new job with PK Company. His salary from MT Inc. was $53,900 and his salary from PK Company was $90,000. Compute his excess payroll tax withholding credit. (Assume a social security rate of 6.2% and a wage base limit of $132,900.)
Homework Answers
AZT Company has one employee. She has earned $5,778 through March 15th. She will be paid...
AZT Company has one employee. She has earned $5,778 through March 15th. She will be paid $1,364 on the current pay period ending March 31st. FICA Social Security taxes are 6.2% of the first $118,500 of wages and FICA Medicare taxes are 1.45% of wages. FUTA taxes are 0.6% of the first $7,000 of wages and SUTA taxes are 5.4% of the first $7,000 of wages. The employee will have $204.60 withheld for Federal income taxes and $68.20 for State...
Lenny Florita, an unmarried employee, works 47 hours in the week ended January 12. His pay rate is $12 pe...
Lenny Florita, an unmarried employee, works 47 hours in the week ended January 12. His pay rate is $12 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims four withholding allowances. Compute his regular pay, overtime pay (Lenny earns $18 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion),...
Wage and Tax Statement Data and Employer FICA Tax Jocame Inc. began business on January 2....
Wage and Tax Statement Data and Employer FICA Tax Jocame Inc. began business on January 2. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by...
Lenny Florita, an unmarried employee, works 46 hours in the week ended January 12. His pay...
Lenny Florita, an unmarried employee, works 46 hours in the week ended January 12. His pay rate is $13 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and withholding allowances. Compute his regular pay, overtime pay (Lenny earns $20 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion), income tax deduction (use the wage...
Lenny Florita, an unmarried employee, works 50 hours in the week ended January 12. His pay...
Lenny Florita, an unmarried employee, works 50 hours in the week
ended January 12. His pay rate is $12 per hour, and his wages have
deductions for FICA Social Security, FICA Medicare, and federal
income taxes. He claims four withholding allowances. Compute his
regular pay, overtime pay (Lenny earns $18 per hour for each hour
over 40 per week), and gross pay. Then compute his FICA tax
deduction (6.2% for the Social Security portion and 1,45% for the
Medicare portion),...
Lenny Florita, an unmarried employee, works 47 hours in the week ended January 12. His pay rate is $12 per hour, a...
Lenny Florita, an unmarried employee, works 47 hours in the week ended January 12. His pay rate is $12 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims four withholding allowances. Compute his regular pay, overtime pay (Lenny earns $18 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion)....
AZT Company has one employee. She has earned $5,778 through March 15th. She will be paid...
AZT Company has one employee. She has earned $5,778 through March 15th. She will be paid $1.364 on the current pay period ending March 31st. FICA Social Security taxes are 6.2% of the first $118.500 of wages and FICA Medicare taxes are 1.45% of wages. FUTA taxes are 0.6% of the first $7,000 of wages and SUTA taxes are 5.4% of the first $7,000 of wages. The employee will have $204.60 withheld for Federal income taxes and $68.20 for State...
PROBLEM Y: PREPARING THE Using the information below, determine payroll period ending March 31, 2018 FUTA,...
PROBLEM Y: PREPARING THE Using the information below, determine payroll period ending March 31, 2018 FUTA, and SUTA. Then, recor THE PAYROLL-TAY-ENTRY (10 POINTS Manch h e amount of the p laces incurred for Mary Jane's Pies for the In your answer is the amount for FICA: (Social Security and Medicare record the payroll somal entry of the emple Employee Current Period Gross Pay 300 700 Cewe Gry Farger Curreal 5,000 4.200 8.100 Assume the following [0FUTA net Tax 6%...
Len Mast is married with three allowances. His weekly gross pay is $1,250. He will not...
Len Mast is married with three allowances. His weekly gross pay
is $1,250. He will not reach the maximum taxable salary for Social
Security purposes.
1. What is the amount that he will have deducted for Social
Security taxes?
2. What is the amount that he will have deducted for Medicare
taxes?
3. Using the percentage method, what is the amount that he will
have deducted for FIT (Federal Income Tax)?
4. What is his net pay?
SOCIAL SECURITY TAX...
Wage and Tax Statement Data on Employer FICA Tax Ehrlich Co. began business on January 2,...
Wage and Tax Statement Data on Employer FICA Tax Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted...
AZT Company has one employee. She has earned $5,778 through March 15th. She will be paid $1,364 on the current pay period ending March 31st. FICA Social Security taxes are 6.2% of the first $118,500 of wages and FICA Medicare taxes are 1.45% of wages. FUTA taxes are 0.6% of the first $7,000 of wages and SUTA taxes are 5.4% of the first $7,000 of wages. The employee will have $204.60 withheld for Federal income taxes and $68.20 for State...
Lenny Florita, an unmarried employee, works 47 hours in the week ended January 12. His pay rate is $12 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims four withholding allowances. Compute his regular pay, overtime pay (Lenny earns $18 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion),...
Lenny Florita, an unmarried employee, works 46 hours in the week ended January 12. His pay rate is $13 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and withholding allowances. Compute his regular pay, overtime pay (Lenny earns $20 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion), income tax deduction (use the wage...
Lenny Florita, an unmarried employee, works 50 hours in the week
ended January 12. His pay rate is $12 per hour, and his wages have
deductions for FICA Social Security, FICA Medicare, and federal
income taxes. He claims four withholding allowances. Compute his
regular pay, overtime pay (Lenny earns $18 per hour for each hour
over 40 per week), and gross pay. Then compute his FICA tax
deduction (6.2% for the Social Security portion and 1,45% for the
Medicare portion),...
Lenny Florita, an unmarried employee, works 47 hours in the week ended January 12. His pay rate is $12 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims four withholding allowances. Compute his regular pay, overtime pay (Lenny earns $18 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion)....
AZT Company has one employee. She has earned $5,778 through March 15th. She will be paid $1.364 on the current pay period ending March 31st. FICA Social Security taxes are 6.2% of the first $118.500 of wages and FICA Medicare taxes are 1.45% of wages. FUTA taxes are 0.6% of the first $7,000 of wages and SUTA taxes are 5.4% of the first $7,000 of wages. The employee will have $204.60 withheld for Federal income taxes and $68.20 for State...
PROBLEM Y: PREPARING THE Using the information below, determine payroll period ending March 31, 2018 FUTA, and SUTA. Then, recor THE PAYROLL-TAY-ENTRY (10 POINTS Manch h e amount of the p laces incurred for Mary Jane's Pies for the In your answer is the amount for FICA: (Social Security and Medicare record the payroll somal entry of the emple Employee Current Period Gross Pay 300 700 Cewe Gry Farger Curreal 5,000 4.200 8.100 Assume the following [0FUTA net Tax 6%...
Len Mast is married with three allowances. His weekly gross pay
is $1,250. He will not reach the maximum taxable salary for Social
Security purposes.
1. What is the amount that he will have deducted for Social
Security taxes?
2. What is the amount that he will have deducted for Medicare
taxes?
3. Using the percentage method, what is the amount that he will
have deducted for FIT (Federal Income Tax)?
4. What is his net pay?
SOCIAL SECURITY TAX...
Wage and Tax Statement Data on Employer FICA Tax Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted...
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