I have answered majority of the questions (please correct me if I am wrong) but I just need help on requirement 5 please!
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I have answered majority of the questions (please correct me if I am wrong) but I...
in al More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Done Louis Welch is general manager of Moonwalk Salons. During 2018, Welch worked for the company all year...
Lee Werner is general manager of United Salons. During 2018, Werner worked for the company all year at a $14,200 monthly salary. He also earned a year-end bonus equal to 10% of his annual salary. Werner's federal income tax withheld during 2018 was $1,420 per month, plus $1,704 on his bonus check. State income tax withheld came to $160 per month, plus $50 on the bonus. FICA tax was withheld on the annual earnings. Werner authorized the following payroll deductions:...
Logan White is general manager of Valuepoint Salons. During 2018, White worked Valuepoint incurred payroll tax expense on White for FICA tax. The company also for the company all year at a $13,600 monthly salary. He also earned a year-end paid state unemployment tax and federal unemployment tax. bonus equal to 15% of his annual salary. White's federal income tax withheld (Click the icon to view payroll tax rate information.) during 2018 was $1,360 per month, plus $4,876 on his...
Louis Welch is general manager of Stoneybrook Salons. During 2024, Welch worked for the company all year at a $12,200 monthly salary. He also earned a year-end bonus equal to 15% of his annual salary Welch's federal income tax withheld during 2024 was $3,904 per month, plus $7.027 on his bonus check. State income tax withheld came to $80 per month, plus 560 on the bonus FICA tax was withheld on the annual earnings. Welch authorized the following payroll deductions...
Berry Company has monthly salaries of $20,000. Assume Berry pays all the standard payroll taxes, no employees have reached the payroll tax limits, tatal income tax withheld is $2,000, and the only payroll deductions are payroll taxes. Journalize the accrual of salaries expense, accrual of emplayer payroll taxes, and payment of employee and employer payroll taxes for Berry Company. (Assume all of the manthly salary is subject to FUTA and SUTA. Recard debits first, then credits. Select the explanation on...
stuck on that last i just keep calculating it wrong ST1-(SITI U) Uuestion Help Berry Company has monthly salaries of $20,000. Assume Berry pays all the standard payroll taxes, no employees have reached the payroll tax limits, total income tax withheld is $2.000, and the only payroll deductions are payroll taxes. Journalize the accrual of salaries expense, accrual of employer payroll taxes, and payment of employee and employer payroll taxes for Berry Company. (Assume all of the monthly salary is...
Ricardo's Mexican Restaurant incurred salaries expense of $62,000 for 2018. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $22,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $3,000), life insurance (cost to the company, $330), and retirement benefits (cost to the company, 10% of salaries expense). (Click the icon to view payroll tax rate information.)...
There are 4 parts remaining Homework: Chapter 11 Homework Score: 1.25 of 20 pts & P11-26A (similar to) Save 5 of 6 (6 complete) | > | HW Score: 40.9%, 20.45 of 50 pts EQuestion Help Lenny Worthington is general manager of Countrywide Salons. During 2018, Worthington worked for the company all year at a $12,900 monthly salary. He also earned a year-end bonus equal to 5% of his annual salary Worthington's federal income tax withheld during 2018 was $1...
U UNUIDIoyment tax. Also, the company provides the following benefits for employees: health insurance company, $2,800), life insurance (cost to the company, $370), and retirement benefits (cost to the compar salaries expense). (Click the icon to view payroll tax rate information.) Read the reg i Requirements Requiremen required. Begin with th first, then cre 1. Journalize Pablo's expenses for employee benefits and for payroll taxes. Explanations are not required. 2. What was Pablo's total expense for 2018 related to payroll?...
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 throughAugust 31Gross Pay for Septembera.$5,200$2,400b.2,3502,450c.122,8008,700rev: 05_16_2019_QC_CS-168714Compute BMX’s amounts for each of these four taxes as applied to the employee’s gross earnings for September under each of three separate situations (a), (b),...