Homework Answers
| Self employes Income | 168000 | |||||
| FICA tax is computed as under: | ||||||
| First $ 118500 at the rate of 15.30% | 18054 | |||||
| balance $ 49500 (i.e. 168000-118500) at the rate of 2.90% | 1435.5 | |||||
| FICA taxes: | 19489.5 | |||||
| Answer is $ 19489.5 | ||||||
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Score: 0 of 1 pt 22 of 74 (21 complete) v 8.2.21 Use the 2016 FICA...
Total payroll of Royal Cruizze Co. was $2,760.000, of which $480,000 represented amounts paid in excess...
Total payroll of Royal Cruizze Co. was $2,760.000, of which $480,000 represented amounts paid in excess of $118,500 to certain employees. The amount paid to employees in excess of $7,000 was $2,160,000. Income taxes withheld were $675,000. The state unemployment tax is 1.2%, the federal unemployment tax is .8%, and the F.I.C.A. tax is 7.65% on an employee's salaries and wages to $118.500 and 1.45% in excess of $118.500. STATE & FEDERAL Unemployment Tax is charged only on the first...
In 2016, to help pay for college, you worked part time at a local restaurant, earning $23,000 in wages and tips. Us...
In 2016, to help pay for college, you worked part time at a local restaurant, earning $23,000 in wages and tips. Use the following information to complete parts (a) through (c) below. For people who are not self-employed, the 2016 Marginal Tax Rates, Standard 2016 FICA tax rates were as follows: Deductions, and Exemptions 7.65% on the first $118.500 from wages Tax Rate Single and tips 10% up to $9275 1.45% on income in excess of $118,500 15% 59276 to...
total payroll of walnut 2. Payroll entries. Total payroll of Walnut Co. was $2,760,000, of which...
total payroll of walnut
2. Payroll entries. Total payroll of Walnut Co. was $2,760,000, of which $760,000 represented amounts paid in excess of $118,500(FICA & Medicare) to certain employees. The amount paid to employees in excess of $7,000 was $2,160,000. Income taxes withheld were $875,000. The state unemployment tax is 2.2%, the federal unemployment tax is 1.8%, and the F.I.C.A. tax is 7.65% (6.2% FICA and 1.45% Medicare) on an employee's salaries and wages up to $118,500 and 1.45% in...
n 2016, to help pay for college, you worked part-time at a local restaurant, earning $...
n 2016, to help pay for college, you worked part-time at a local restaurant, earning $ 31 comma 000 in wages and tips. Use the following information to complete parts (a) through (c) below. For people who are not self-employed, the 2016 FICA tax rates were as follows: 7.65% on the first $118,500 from wages and tips 1.45% on income in excess of $118,500 Taxpayers are not permitted to subtract adjustments, exemptions, or deductions when determining FICA taxes. 2016 Marginal...
The payroll of Windsor Company for September 2016 is as follows. al payroll was $492,000, of...
The payroll of Windsor Company for September 2016 is as follows. al payroll was $492,000, of which $120,000 is exempt from Social Security tax because it represented amounts paid in excess of $118,500 to certain employees. The amount paid to employee excess of 7,000 was $436,000. Income taxes in the amount of $73,800 were withheld, as was $8,700 in union dues. The state unemployment tax is 3.5%, but Windsor Company is allowed a credit of 2.3% by the state for...
xercise 13-6 The payroll of Swifty Company for September 2016 is as follows. Total payroll was...
xercise 13-6 The payroll of Swifty Company
for September 2016 is as follows. Total payroll was $446,000, of
which $106,000 is exempt from Social Security tax because it
represented amounts paid in excess of $118,500 to certain
employees. The amount paid to employees in excess of $7,000 was
$400,000. Income taxes in the amount of $78,700 were withheld, as
was $8,900 in union dues. The state unemployment tax is 3.5%, but
Swifty Company is allowed a credit of 2.3% by...
Homework: Section 1.2 Save Score: 0 of 1 pt 17 of 20 (17 complete) HW Score: 78 33%, 1567 of 20 pts X) 1.2.23 EQues...
Homework: Section 1.2 Save Score: 0 of 1 pt 17 of 20 (17 complete) HW Score: 78 33%, 1567 of 20 pts X) 1.2.23 EQuestion Help In 2012 to help pay for college, you worked part-time at a local restaurant, earning $22.000 in wages and tips. Use the following information to complete parts (a) through (c) below or people who are not selfi-employed, the 12 FICA tax rates were as follows 2012 Marginal lax Rates, Standard Deductions, and Exemptions Tax...
Use the following tax rates and taxable wage bases; employee's and employer's OASDI 6.2% both on...
Use the following tax rates and taxable wage bases; employee's
and employer's OASDI 6.2% both on $132,900 HI 1.45% for employees
and employers on the total wages paid. Employees Supplemental HI
0.9 percent on wages in excess of $200,000 was not applicable.
Instruction 3-1 Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI—6.2% both on $132,900; HI—1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9 percent on wages in excess...
2017 Income Tax Brackets Single Taxable Income Tax Rate $0 - $9,325 10% $9,326 - $37,950...
2017 Income Tax Brackets Single Taxable Income Tax Rate $0 - $9,325 10% $9,326 - $37,950 $932.50 plus 15% of the amount over $9,325 $37,951 - $91,900 $5,226.25 plus 25% of the amount over $37,950 $91,901 - $191,650 $18,713.75 plus 28% of the amount over $91,900 $191,651 - $416,700 $46,643.75 plus 33% of the amount over $191,650 $416,701 - $418,400 $120,910.25 plus 35% of the amount over $416,700 $418,401 or more $121,505.25 plus 39.6% of the amount over $418,400 Married...
QUESTION 1 What is the OASDI to be withheld from this employee for the 9th paycheck?...
QUESTION 1 What is the OASDI to be withheld from this employee for the 9th paycheck? QUESTION What is the HI to be withheld from ths employee for the 9th paycheck? QUESTION What is the OASDI to be withheld from this employee for the 22nd paycheck? QUESTION 4 What is the HI to be withheld from this employee for the 22nd paycheck QUESTION 5 What is the OASDI to be withheld from this employee for the 24th paycheck? QUESTION 6...
In 2016, to help pay for college, you worked part time at a local restaurant, earning $23,000 in wages and tips. Use the following information to complete parts (a) through (c) below. For people who are not self-employed, the 2016 Marginal Tax Rates, Standard 2016 FICA tax rates were as follows: Deductions, and Exemptions 7.65% on the first $118.500 from wages Tax Rate Single and tips 10% up to $9275 1.45% on income in excess of $118,500 15% 59276 to...
total payroll of walnut
2. Payroll entries. Total payroll of Walnut Co. was $2,760,000, of which $760,000 represented amounts paid in excess of $118,500(FICA & Medicare) to certain employees. The amount paid to employees in excess of $7,000 was $2,160,000. Income taxes withheld were $875,000. The state unemployment tax is 2.2%, the federal unemployment tax is 1.8%, and the F.I.C.A. tax is 7.65% (6.2% FICA and 1.45% Medicare) on an employee's salaries and wages up to $118,500 and 1.45% in...
The payroll of Windsor Company for September 2016 is as follows. al payroll was $492,000, of which $120,000 is exempt from Social Security tax because it represented amounts paid in excess of $118,500 to certain employees. The amount paid to employee excess of 7,000 was $436,000. Income taxes in the amount of $73,800 were withheld, as was $8,700 in union dues. The state unemployment tax is 3.5%, but Windsor Company is allowed a credit of 2.3% by the state for...
xercise 13-6 The payroll of Swifty Company
for September 2016 is as follows. Total payroll was $446,000, of
which $106,000 is exempt from Social Security tax because it
represented amounts paid in excess of $118,500 to certain
employees. The amount paid to employees in excess of $7,000 was
$400,000. Income taxes in the amount of $78,700 were withheld, as
was $8,900 in union dues. The state unemployment tax is 3.5%, but
Swifty Company is allowed a credit of 2.3% by...
Homework: Section 1.2 Save Score: 0 of 1 pt 17 of 20 (17 complete) HW Score: 78 33%, 1567 of 20 pts X) 1.2.23 EQuestion Help In 2012 to help pay for college, you worked part-time at a local restaurant, earning $22.000 in wages and tips. Use the following information to complete parts (a) through (c) below or people who are not selfi-employed, the 12 FICA tax rates were as follows 2012 Marginal lax Rates, Standard Deductions, and Exemptions Tax...
Use the following tax rates and taxable wage bases; employee's
and employer's OASDI 6.2% both on $132,900 HI 1.45% for employees
and employers on the total wages paid. Employees Supplemental HI
0.9 percent on wages in excess of $200,000 was not applicable.
Instruction 3-1 Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI—6.2% both on $132,900; HI—1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9 percent on wages in excess...
QUESTION 1 What is the OASDI to be withheld from this employee for the 9th paycheck? QUESTION What is the HI to be withheld from ths employee for the 9th paycheck? QUESTION What is the OASDI to be withheld from this employee for the 22nd paycheck? QUESTION 4 What is the HI to be withheld from this employee for the 22nd paycheck QUESTION 5 What is the OASDI to be withheld from this employee for the 24th paycheck? QUESTION 6...
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