Question

Westway Company pays Suzie Chan $2,300 per week. Assume Social Security is 6.2% on $128,400 and 1.45% for Medicare. a. By the

0 0
Add a comment Improve this question Transcribed image text
Answer #1
a
Deductions
Social Security 7415.20 =2300*52*6.2%
Medicare 1734.20 =2300*52*1.45%
b
Payment
State unemployment taxes 357 =7000*5.1%
Federal unemployment taxes 42 =7000*0.6%
Add a comment
Know the answer?
Add Answer to:
Westway Company pays Suzie Chan $2,300 per week. Assume Social Security is 6.2% on $128,400 and...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • BMX Company has one employee, FICA Social Security taxes are 6.2% of the first $128,400 paid...

    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 through August 31Gross Pay for Septembera.$6,100$1,400b.2,8002,900c.123,7009,600Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes...

  • Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid...

     Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 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 0.6% and SUTA taxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company's four employees. In addition to gross pay, the company must pay...

  • During the first week of January, an employee works 47 hours. For this company, workers earn...

    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%...

  • Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay

     Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 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. Cumulative pay for the current year for each of its employees follows. a. Compute the amounts in this table for each employee. b. For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes,...

  • Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 paid...

    Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 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. Cumulative pay for the current year for each of its employees follows. Employee Cumulative Pay Employee Cumulative Pay Employee Cumulative Pay Ken S $ 6,300 Michelle W $ 153,000 Lori K $ 140,400 Tim V...

  • During the first week of January, an employee works 48 hours. For this company, workers earn...

    During the first week of January, an employee works 48 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $10 per hour, and her wages are subject 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%...

  • BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid...

    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 through August 31 Gross Pay for September a. $ 5,900 $ 1,400 b. 2,700 2,800 c. 123,500 9,400 Compute BMX’s amounts for each of these four taxes as applied to...

  • BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid...

    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 through August 31 Gross Pay for September a. $ 6,700 $ 400 b. 2,150 2,250 c. 122,400 8,300 Compute BMX’s amounts for each of these four taxes as applied to...

  • BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid...

    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. a. Gross Pay through August 31 $ 5,400 2,450 123,000 Gross Pay for September $2,400 2,550 8,900 Assuming situation a, prepare the employer's September 30 journal entries to record salary expense and...

  • Pat Maninen earns a gross salary of $2,700 each week. Assume a rate of 6.2% on...

    Pat Maninen earns a gross salary of $2,700 each week. Assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. a. What are Pat's first week's deductions for Social Security and Medicare? (Round your answers to the nearest cent.) Deductions Social security Medicare b. Will any of Pat's wages be exempt from Social Security and Medicare for the calendar year? (Leave no cells blank - be certain to enter "O" wherever required.) Social security Medicare

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT