Discuss which payroll taxes are the responsibility of the employee and which are the responsibility of...
Discuss which payroll taxes are the responsibility of the employee and which are the responsibility of the employer. Be certain to include how you would record these entries.
Joe is paid, in cash, $1,000 for the week just ended. Use the following information to determine Joe's take home pay and the total payroll, federal and state, tax expense for the company Joe works for.
Federal Income tax 3% of gross pay
State Income tax 2% of gross pay
Social Security tax 6.2% of gross pay
Medicare tax 1.45% of gross pay
State Unemployment Tax 5.4% of gross pay
Federal Unemployment Tax .8% of gross pay
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Discuss which payroll taxes are the responsibility of
the employee and which are the responsibility of...
company has a gross payroll for the month of $846,000. The entire payroll is subject to a fica rate of 6.2% and a medicare rate of 1.45%Also federal tax is $176,000 and state tax is $18,500. 365,...
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company has a gross payroll for the...
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Journal Entry and T-Account Please
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prepare the january 31st journal entries to record both the
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company has a gross payroll for the month of $846,000. The entire payroll is subject to a fica rate of 6.2% and a medicare rate of 1.45%Also federal tax is $176,000 and state tax is $18,500. 365,000 of the payroll is subject to a state unemployment rate of 5.4% and a federal unemployment rate 0.6%. a) Record the employee payroll for the month. )Record the employer payroll tax expense for the month. GeneralJ
company has a gross payroll for the...
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During the first week of January, an employee works 47 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $15 per hour and her wages are subiect to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45%...
Journal Entry and T-Account Please
31 The company paid office salaries expense of $110,000 and sales commissions expense of $35,000. Federal Income Tax withheld was $29,000. Other information related to payroll and payroll tax expense. The company recorded salaries expense and payroll tax expense. Social security taxes @ 6.2% of gross pay Medicare taxes @1.45% of gross pay Federal Unemployment of 5.4% on $36,000 of qualifying gross pay Retirement contributions were withheld from employees' paycheck totaling $7,250 These amounts were...
prepare the january 31st journal entries to record both the
employee and employer payroll
Denise C. has five employees, each of whom earn $5,000 per month and has been employees since January 1st. FICA Social Security taxes are 6.2% of the first $132,000 paid to each each employee and FICA Medicare are 1.45% of gross pay. FUTA taxes are.8% and SUTA 5.4% of the first $7,000 paid to each employee. Federal Income taxes withheld were $875. State taxes withheld $602.
(5) The payroll records of a company provided the following data for the weekly pay period ended December 7: Earnings to End of Previous Week S 54,000 40,500 45.000 Federal Income Taxes $216 Union Dues $15 Medical Insurance Deduction $125 125 150 United Way $15 Gross Pay $1,200 900 1.000 Employee Ronald Arthur John Baines Ted Carter 30 15 162 180 -0- The FICA social security tax rate is 6.2% and the FICA Medicare tax rate is 1.45% on all...
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