Exercise 9-10A Calculating payroll LO 9-5
Old Town Entertainment has two employees in Year 1. Clay earns
$4,600 per month, and Philip, the manager, earns $11,000 per month.
Neither is paid extra for working overtime. Assume the Social
Security tax rate is 6 percent on the first $110,000 of earnings
and the Medicare tax rate is 1.5 percent on all earnings. The
federal income tax withholding is 13 percent of gross earnings for
Clay and 20 percent for Philip. Both Clay and Philip have been
employed all year.
Required
a. Calculate the net pay for both Clay and Philip
for March.
b. Calculate the net pay for both Clay and Philip
for December.
c. Is the net pay the same in March and December
for both employees?
d. What amounts will Old Town report on the Year 1
W-2s for each employee?
Exercise 9-10A Calculating payroll LO 9-5 Old Town Entertainment has two employees in Year 1. Clay...
6Q… Chapter 10 8 Q 9 Quiz Saved Help Save Old Town Entertainment has two employees in Year 1. Clay earns $4,800 per month, and Philip, the manager, earns $10,800 per month. Neither is paid extra for working overtime. Assume the Social Security tax rate is 6 percent on the first $110,000 of earnings and the Medicare tax rate is 1.5 percent on all earnings. The federal income tax withholding is 17 percent of gross earnings for Clay and 21...
How can I find the social security wages and tax withhled This window shows your responses and what was marked correct and incorrect from your previous attempt Exercise 9-10A Calculating payroll LO 9-5 Old Town Entertainment has two employees in Year 1 Clay earns $4.500 per month and Philip, the manager, earns $10.000 per month. Neither is paid extra for working overtime. Assume the Social Security tax rate is 6 percent on the first $110,000 of earnings and the Medicare...
I need help completing all of part B please Check mywrk Exercise 9-11A Calculating employee and employer payroll taxes LO 9-5 3.57 Sky Co. employed Tom Mills in Year 1. Tom earned $5,100 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $110,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom's federal income tax withholding amount is $910 per month. Use 5.4 percent for the state unemployment...
I need help completing part B only please!! Exercise 9-11A Calculating employee and employer payroll taxes LO 9-5 Sky Co. employed Tom Mils in Year 1. Tom earned $5,100 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $110,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom's federal income tax withholding amount is $910 per month. Use 5.4 percent for the state unemployment tax rate and 0.6...
Problem 9-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $117,000 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are .6% and SUTA taxes are 6.20%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the...
Sky Co. employed Tom Mills in Year 1. Tom earned $5,000 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $110,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom’s federal income tax withholding amount is $900 per month. Use 5.4 percent for the state unemployment tax rate and .6 percent for the federal unemployment tax rate on the first $7,000 of earnings per employee. Required a. Answer...
1. Calculate Payroll Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $2,910 per week $30 per hour $44 per hour Overtime earnings rate Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 3 2 1 For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal...
Alexander Wilson operates Metroplex Courier and Delivery Service. He has four employees who are paid on an hourly basis. During the workweek beginning December 15 and ending December 21, 2019, his employees worked the number of hours shown below Information about their hourly rates, marital status, and withholding allowances also appears below, along with their cumulative earnings for the year prior to the December 15-21 payroll period. Consider any hours worked beyond 40 in the week as overtime hours and...
QS 9-6 Recording employer payroll taxes LO P3 Merger Co. has 10 employees, each of whom earns $1.950 per month and has been employed since January 1 FICA Social Security taxes are 6.2% of the first $127.200 paid to each employee and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.46 of the first $7,000 paid to each employee eBook Prepare the March 31 journal entry to record the March payroll taxes...
QS 9-6 Record employer payroll taxes LO P3 Merger Co. has 10 employees, each of whom earns $2,150 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $117,000 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....