Assume you are employed at $60,000 per year. Consider such deductions as social security, income taxes...
Assume you are employed at $60,000 per year. Consider such deductions as social security, income taxes (federal, state and county) and your payment on health benefits. Do the best you can to come to grips with what is a realistic monthly take home pay.
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Assume you are employed at $60,000 per year. Consider such
deductions as social security, income taxes...
Westway Company pays Suzie Chan $2,300 per week. Assume Social Security is 6.2% on $128,400 and...
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 end of week 52, how much did Westway deduct for Suzie's Social Security and Medicare for the year? (Round your answers to the nearest cent.) Deductions Social Security Medicare b. What state and federal unemployment taxes does Westway pay on Suzie's yearly salary? The state unemployment rate is 5.1% and the federal unemployment tax is 0.6% on the...
Question 5 10 pts Required payroll deductions include income taxes, social security taxes, pension and health...
Question 5 10 pts Required payroll deductions include income taxes, social security taxes, pension and health contributions, union dues and charitable giving. True False
Aliza Grajek is a self-employed nurse with a 2017 gross income of $66,000 and taxable annual...
Aliza Grajek is a self-employed nurse with a 2017 gross income
of $66,000 and taxable annual income (federal and state) of
$55,000 after adjustments, exemptions, and deductions. Calculate
her total 2017 income tax liability, including federal and FICA
taxes.
Aliza Grajek is a self-employed nurse with a 2017 gross income of $66,000 and taxable annual income (federal and state) of $55,000 after adjustments, exemptions, and deductions. Calculate her total 2017 income tax liability, including federal and FICA taxes. According to...
TRUE/FALSE 1. Social Security taxes are levied equally on the employee and the employer. 2. Employee...
TRUE/FALSE 1. Social Security taxes are levied equally on the employee and the employer. 2. Employee benefits costs represent expenses to the employer in addition to the direct costs of salaries and wages. .3. Unearned revenues are classified as current liabilities 4. Each time a payroll is recorded, a separate journal entry usually is made to record the employer's FICA and state and federal unemployment taxes. 5. Since Jon Company has very little employee turnover, the company has received a...
BMX Company has one employee. FICA Social Security taxes are6.2% 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 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),...
Lenny Florita, an unmarried employee, works 52 hours in the week ended January 12. His pay rate is $16 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims two withholding allowances. Compute
Lenny Florita, an unmarried employee, works 52 hours in the week ended January 12. His pay rate is $16 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims two withholding allowances. Compute his regular pay, overtime pay (Lenny earns $24 per hour for each hour over 40 per week), and gross pay. Then compute his FICA tax deduction (6.2% for the Social Security portion and 1.45% for the Medicare portion),...
Aliza Grajek is a self-employed nurse with a 2017 gross income of $66,000 and taxable annual...
Aliza Grajek is a self-employed nurse with a 2017 gross income of $66,000 and taxable annual income (federal and state) of $55,000 after adjustments, exemptions, and deductions. Calculate her total 2017 income tax liability, including federal and FICA taxes. According to the IRS tax table, Aliza's federal income tax liability for the 2017 tax year is $nothing. (Round to the nearest cent.) Click the following link for the tax rates and brackets table. LOADING... Assume the amount of taxable income...
13. Which one of the following is TRUE about Social Security disability income? a. To qualify,...
13. Which one of the following is TRUE about Social Security disability income? a. To qualify, the least strict definition of disability must be met. b. There is no elimination period. c. Benefits depend on previous earnings history. d. You can collect even if you haven't worked in the last 10 years. 14. Which one of the following is the least strict definition of disability? Own occupation Any occupation for which reasonably suited The Social Security definition Confined to your...
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied...
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations If an amount box does not require an entry leave it blank. If required, round your answers to the nearest cent. Cumul Pay Before Current Weekly Payroll Current Gross Pay Year to Date Earnings - Soc...
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...
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 end of week 52, how much did Westway deduct for Suzie's Social Security and Medicare for the year? (Round your answers to the nearest cent.) Deductions Social Security Medicare b. What state and federal unemployment taxes does Westway pay on Suzie's yearly salary? The state unemployment rate is 5.1% and the federal unemployment tax is 0.6% on the...
Question 5 10 pts Required payroll deductions include income taxes, social security taxes, pension and health contributions, union dues and charitable giving. True False
Aliza Grajek is a self-employed nurse with a 2017 gross income
of $66,000 and taxable annual income (federal and state) of
$55,000 after adjustments, exemptions, and deductions. Calculate
her total 2017 income tax liability, including federal and FICA
taxes.
Aliza Grajek is a self-employed nurse with a 2017 gross income of $66,000 and taxable annual income (federal and state) of $55,000 after adjustments, exemptions, and deductions. Calculate her total 2017 income tax liability, including federal and FICA taxes. According to...
TRUE/FALSE 1. Social Security taxes are levied equally on the employee and the employer. 2. Employee benefits costs represent expenses to the employer in addition to the direct costs of salaries and wages. .3. Unearned revenues are classified as current liabilities 4. Each time a payroll is recorded, a separate journal entry usually is made to record the employer's FICA and state and federal unemployment taxes. 5. Since Jon Company has very little employee turnover, the company has received a...
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),...
13. Which one of the following is TRUE about Social Security disability income? a. To qualify, the least strict definition of disability must be met. b. There is no elimination period. c. Benefits depend on previous earnings history. d. You can collect even if you haven't worked in the last 10 years. 14. Which one of the following is the least strict definition of disability? Own occupation Any occupation for which reasonably suited The Social Security definition Confined to your...
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations If an amount box does not require an entry leave it blank. If required, round your answers to the nearest cent. Cumul Pay Before Current Weekly Payroll Current Gross Pay Year to Date Earnings - Soc...
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