Homework Answers
Requirement 1(Question 6 per screen above):-
The total earnings of an employee is referred to as Option A - Gross Pay.
Option B is incorrect as Pay net of taxes is the amount that is paid after deducting all the taxes.
Option C is incorrect.
Option D is incorrect as Net pay is the amount paid actually to employee post deduction of taxes and other mandatory deductions such as FICA, insurance, etc.
Option E is incorrect as this is a term used in concurrence with net pay which is also incorrect.
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Question 6 10 pts The total earnings of an employee for a payroll period is referred...
6. The payroll of Olympic Company is summarized below: Gross earnings of employees $300.000 Employee earnings...
6. The payroll of Olympic Company is summarized below: Gross earnings of employees $300.000 Employee earnings not subject to social security 48,000 Employee wages not subject to FUTA 75,000 Employee wages not subject to SUTA 125,000 Hours subject to Labor and Industry 3,150 FIT Assuming that the payroll is subject to social security at a rate of 6.2%, FUTA is .6%, federal income tax withheld is $36.000, SUTA is 2%, and L& Tis 20 cents per hour. What is the...
The payroll register of Big House Cleaning Company showed total employee earnings of $2,800 for the...
The payroll register of Big House Cleaning Company showed total employee earnings of $2,800 for the payroll period ended July 14, 2019. Required: Compute the employer’s payroll taxes for the period. Use rates of 6.2 percent for the employer’s share of the social security tax, 1.45 percent for Medicare tax, 0.6 percent for FUTA tax, and 5.4 percent for SUTA tax. All earnings are taxable. Prepare a general journal entry to record the employer’s payroll taxes for the period Analyze:...
True or False -6. Employee payroll deductions include FICA taxes, income tax, and voluntary deductions such...
True or False
-6. Employee payroll deductions include FICA taxes, income tax, and voluntary deductions such as for pensions and charities. - 7. Employers report FICA Taxes and federal income tax withholdings using Form 941. - 8. An employer's payroll records include a payroll register for each pay period, payroll checks and statements of earnings, and individual employee earning reports. 9. Net pay is recorded as taxes payable.
You have almost completed the Kipley Company's Employee Payroll Register for the pay period ending January...
You have almost completed the Kipley Company's Employee Payroll Register for the pay period ending January 8, 20--. In this last task, the following steps will be completed. Requirements: Record the deduction for group insurance. Record the health insurance deduction. Record the check number assigned to each employee. Compute and record the net pay for each employee. Total the input columns on the Employee Payroll register. On Employer Register, enter total gross earnings. Prepare the journal entries as of January...
A company's employees had the following earnings records on June 30, the current payroll period: Employees...
A company's employees had the following earnings records on June 30, the current payroll period: Employees Earnings Earnings this FICA FICA Income Med Net Pay FUTAI FUTA SUTA through Prior Pay Period SS Med Taxes Ins SUTA Pay Period W/H W/H W/H W/H Taxable Earnings D. Adams $11,300 $3,900 $900 J. Hess 6,100 2,500 500 R. Lui 9,500 3,100 600 T. Morales 4,800 1,400 300 L. Vang 10,000 3,000 600 Totals The company's payroll taxes expense on each employee's earnings...
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...
help please. Laura Lawrence: Attempt 1 Question 9 (10 points) The total compensation earned by an...
help please.
Laura Lawrence: Attempt 1 Question 9 (10 points) The total compensation earned by an employee is called a) net earnings. b) net pay. c) gross earnings d) take-home pay Question 10 (10 points) o the horrower to pay interest
Problem 9-3a paytoll expenses, withholdings and taxes. Problem 9-3A Payroll expenses, withholdings, and taxes LO P2,...
Problem 9-3a paytoll expenses, withholdings and taxes.
Problem 9-3A Payroll expenses, withholdings, and taxes LO P2, P3 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...
PART 1 Palm Corporation had total payroll of$600,000. For this payroll period, the company withheld 20%...
PART 1 Palm Corporation had total payroll of$600,000. For this payroll period, the company withheld 20% for employee income taxes. The FICA tax rate is 7.65% for wages on each employee up to their first $1 00,000 of earnings, and 1 .45% for earnings in excess of $ 1 00,000. The employer must match the employee's FICA withholding with an equal amount as employer payroll taxes. In addition, the employer must pay state and federal unemployment taxes on the first...
Chapters 10-1-12-13 Seved The payroll register of the Fox Manufacturing Company showed total employee earnings of...
Chapters 10-1-12-13 Seved The payroll register of the Fox Manufacturing Company showed total employee earnings of $50,000 for the week ended April 19, 2019. Compute each of the employer's payroll taxes for the period. Use a rate of 6.2 percent for the employer's share of the social security tax, 1.45 percent for Medicare tax, 0.6 percent for FUTA tax, and 5.4 percent for SUTA tax. Assume all earnings are taxable. Social security tax Medicare tax FUTA SUTA
6. The payroll of Olympic Company is summarized below: Gross earnings of employees $300.000 Employee earnings not subject to social security 48,000 Employee wages not subject to FUTA 75,000 Employee wages not subject to SUTA 125,000 Hours subject to Labor and Industry 3,150 FIT Assuming that the payroll is subject to social security at a rate of 6.2%, FUTA is .6%, federal income tax withheld is $36.000, SUTA is 2%, and L& Tis 20 cents per hour. What is the...
True or False
-6. Employee payroll deductions include FICA taxes, income tax, and voluntary deductions such as for pensions and charities. - 7. Employers report FICA Taxes and federal income tax withholdings using Form 941. - 8. An employer's payroll records include a payroll register for each pay period, payroll checks and statements of earnings, and individual employee earning reports. 9. Net pay is recorded as taxes payable.
A company's employees had the following earnings records on June 30, the current payroll period: Employees Earnings Earnings this FICA FICA Income Med Net Pay FUTAI FUTA SUTA through Prior Pay Period SS Med Taxes Ins SUTA Pay Period W/H W/H W/H W/H Taxable Earnings D. Adams $11,300 $3,900 $900 J. Hess 6,100 2,500 500 R. Lui 9,500 3,100 600 T. Morales 4,800 1,400 300 L. Vang 10,000 3,000 600 Totals The company's payroll taxes expense on each employee's earnings...
help please.
Laura Lawrence: Attempt 1 Question 9 (10 points) The total compensation earned by an employee is called a) net earnings. b) net pay. c) gross earnings d) take-home pay Question 10 (10 points) o the horrower to pay interest
Problem 9-3a paytoll expenses, withholdings and taxes.
Problem 9-3A Payroll expenses, withholdings, and taxes LO P2, P3 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...
PART 1 Palm Corporation had total payroll of$600,000. For this payroll period, the company withheld 20% for employee income taxes. The FICA tax rate is 7.65% for wages on each employee up to their first $1 00,000 of earnings, and 1 .45% for earnings in excess of $ 1 00,000. The employer must match the employee's FICA withholding with an equal amount as employer payroll taxes. In addition, the employer must pay state and federal unemployment taxes on the first...
Chapters 10-1-12-13 Seved The payroll register of the Fox Manufacturing Company showed total employee earnings of $50,000 for the week ended April 19, 2019. Compute each of the employer's payroll taxes for the period. Use a rate of 6.2 percent for the employer's share of the social security tax, 1.45 percent for Medicare tax, 0.6 percent for FUTA tax, and 5.4 percent for SUTA tax. Assume all earnings are taxable. Social security tax Medicare tax FUTA SUTA
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