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SCENARIO 1 Myles earns $30 per hour. So far this year Myles has earned $6,400 (YTDb4)....
PE 10-6A ORIGINAL Sale of equipment ASSET SOLD AT END OF YEAR Equipment was acquired at...
PE 10-6A ORIGINAL Sale of equipment ASSET SOLD AT END OF YEAR Equipment was acquired at the beginning of the year at a cost of $465,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 15 years and an estimated residual value of $45,000. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of year 8 for $235,000, determine the gain or loss on the...
An employee earns $6,400 per month working for an employer.
TB MC Qu. 09-135 An employee earns... An employee earns $6,400 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128.400 of earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $218 in federal income...
PAYROLL REGISTER AND JOURNAL ENTRIES WOR JOURNAL ENTRIES WORKSHEET Requirement a): Complete the payroll register (20...
PAYROLL REGISTER AND JOURNAL ENTRIES WOR JOURNAL ENTRIES WORKSHEET Requirement a): Complete the payroll register (20 points) DEDUCTIONS State Net Pay EARNINGS Federal Income Income Total Deductions Tax Social Security Medicare Tax Tax Wage Rate Regular Wages Total Wages Overtime Wages Total Hours Worked 40 44 42 Accum Wages 99,500 78,500 6,700 Name D. Rump N. Pelowski D. Knatts Totals: 312.45 225.951 279.45 $42 $29 $36 Requirement b): Complete the employee and employer payroll journal entries (10 points) Dr Cr...
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...
Principles of Accounting Quiz 8 Appendix H, I Revievw 15 points 1. Gardner, Inc.'s gross payroll...
Principles of Accounting Quiz 8 Appendix H, I Revievw 15 points 1. Gardner, Inc.'s gross payroll for the week ending February 15 totaled $150,000. The following deductions were withheld from employees salaries and wages: Federal Income Tax State Income Tax FICA Taxes Medical Insurance United Fund S35,000 8,000 10,500 1,000 500 The federal unemployment tax (FUTA) rate is .896. The state unemployment tax (SUTA) rate is 6.0%. Prepare the joumal entries to record the weekly payroll, pay the payroll and...
Jackson Autos has one employee. As of March 30, their employee had already earned $6,300. For...
Jackson Autos has one employee. As of March 30, their employee had already earned $6,300. For the pay period ending April 15, their employee earned an additional $2,000 of gross wages. Only the first $7,000 of annual earnings are subject to FUTA of 0.6% and SUTA of 5.4%. The journal entry to record the employer's unemployment payroll taxes for the period ending April 15, would be:
Roy DeSoto earns a regular hourly salary of $22.00. He is paid time-and-a-half for all hours...
Roy DeSoto earns a regular hourly salary of $22.00. He is paid time-and-a-half for all hours in excess of 40 in the week. For the week ended March 8 2019, he worked a total of 55 hours. His gross wages year to date, prior to his March 8, paycheck, are $12,160. Social Security Tax is 6.2% on a maximum of $122700 of gross wages per year, Medicare Tax is 145% federal unemployment tax is 06% and state unemployment tax is...
Required information [The following information applies to the questions displayed below.) Part 1 of 3 0.62...
Required information [The following information applies to the questions displayed below.) Part 1 of 3 0.62 points 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 for September Gross Pay through August 31 $ 6,200 2,850 123,800 a. b....
On January 8, the end of the first weekly pay perlod of the year, Regis Company's payroll register showed that its employees earned $23,760 of office salarles and $70,840 of sales salaries. Withh...
On January 8, the end of the first weekly pay perlod of the year, Regis Company's payroll register showed that its employees earned $23,760 of office salarles and $70,840 of sales salaries. Withholdings from the employees' salarles Include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $12.760 of federal income taxes, $1,350 of medical insurance deductions, and $880 of union dues. No employee earned more than $7,000 In this first period....
Francisco Company has 10 employees, each of whom earns $2,600 per month and is paid on...
Francisco Company has 10 employees, each of whom earns $2,600 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. On March 1, the following accounts and balances exist in its general ledger. FICA—Social Security Taxes Payable, $3,224; FICA—Medicare Taxes Payable, $754. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only.) Employees' Federal Income...
PE 10-6A ORIGINAL Sale of equipment ASSET SOLD AT END OF YEAR Equipment was acquired at the beginning of the year at a cost of $465,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 15 years and an estimated residual value of $45,000. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of year 8 for $235,000, determine the gain or loss on the...
PAYROLL REGISTER AND JOURNAL ENTRIES WOR JOURNAL ENTRIES WORKSHEET Requirement a): Complete the payroll register (20 points) DEDUCTIONS State Net Pay EARNINGS Federal Income Income Total Deductions Tax Social Security Medicare Tax Tax Wage Rate Regular Wages Total Wages Overtime Wages Total Hours Worked 40 44 42 Accum Wages 99,500 78,500 6,700 Name D. Rump N. Pelowski D. Knatts Totals: 312.45 225.951 279.45 $42 $29 $36 Requirement b): Complete the employee and employer payroll journal entries (10 points) Dr Cr...
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...
Principles of Accounting Quiz 8 Appendix H, I Revievw 15 points 1. Gardner, Inc.'s gross payroll for the week ending February 15 totaled $150,000. The following deductions were withheld from employees salaries and wages: Federal Income Tax State Income Tax FICA Taxes Medical Insurance United Fund S35,000 8,000 10,500 1,000 500 The federal unemployment tax (FUTA) rate is .896. The state unemployment tax (SUTA) rate is 6.0%. Prepare the joumal entries to record the weekly payroll, pay the payroll and...
Roy DeSoto earns a regular hourly salary of $22.00. He is paid time-and-a-half for all hours in excess of 40 in the week. For the week ended March 8 2019, he worked a total of 55 hours. His gross wages year to date, prior to his March 8, paycheck, are $12,160. Social Security Tax is 6.2% on a maximum of $122700 of gross wages per year, Medicare Tax is 145% federal unemployment tax is 06% and state unemployment tax is...
Required information [The following information applies to the questions displayed below.) Part 1 of 3 0.62 points 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 for September Gross Pay through August 31 $ 6,200 2,850 123,800 a. b....
On January 8, the end of the first weekly pay perlod of the year, Regis Company's payroll register showed that its employees earned $23,760 of office salarles and $70,840 of sales salaries. Withholdings from the employees' salarles Include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $12.760 of federal income taxes, $1,350 of medical insurance deductions, and $880 of union dues. No employee earned more than $7,000 In this first period....
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