Homework Answers
| The credit for contributions is allowed for SUTA up to 5.4% - because SUTA rate in your situation 4.8% < 5.4% - the full credit is allowed - so actual FUTA rate would be 6% - 4.8% = 1.2% | ||
| Assuming tax basis for FUTA and SUTA is the same $123,400 - following would be liability of employer | ||
| Net FUTA Tax | (123,400*6% - 5923 (SUTA Credit) | 1,481 |
| Net SUTA Tax | (123,400*4.8%) | 5,923 |
| Total Unemployment taxes | 7,404 | |
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PROBLEM SET A Since the SUTA rates changes are made at the end of each year...
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Since the SUTA rates changes are made at the end of each year and there is much discussion about changes to the FUTA rate, the available 2017 rates were used for FUTA and SUTA. Note: For this textbook edition the rate 0.6% was used for the FUTA tax rate for employers. During 2018, Jake Gore worked for two different employers. Until May, he worked for Wonderman Construction Company in Kansas City, Kansas, and earned $21,500. The state unemployment rate for...
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SCENARIO 1 Myles earns $30 per hour. So far this year Myles has earned $6,400 (YTDb4)....
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On January 8, the end of the first weekly pay period of the year, Regis Company's...
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On January 8, the end of the first weekly pay period of the year, Regis Company's...
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $22,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $13.260 of federal income taxes, $1,330 of medical insurance deductions, and $920 of union dues. No employee earned more than $7,000 in this first period. Required: 1.1 Calculate below the...
Problem 9-2A Entries for payroll transactions LO P2, P3 On January 8, the end of the...
Problem 9-2A Entries for payroll transactions LO P2, P3 On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $22.760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6. 20%, FICA Medicare taxes at the rate of 145%, $13,560 of federal income taxes, $1,390 of medical insurance deductions, and $840 of union dues....
On January 8, the end of the first weekly pay period of the year, Regis Company's...
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $23,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $13,460 of federal income taxes, $1,390 of medical insurance deductions, and $900 of union dues. No employee earned more than $7,000 in this first period. Required: 1.1 Calculate below the...
SCENARIO 1 Myles earns $30 per hour. So far this year Myles has earned $6,400 (YTDb4). This week Myles worked for 50 hours and gets time and a half overtime for hours in excess of 40 per week. Calculate gross and net payroll and prepare journal entries for the payroll & the related employer's payroll tax expense based on the following rates. THESE 2 JOURNAL ENTRIES ARE FOR THIS WEEK ONLY! Social Security rate is 8% up to an annual...
PE 10-6A ORIGINAL Sale of equipment ASSET SOLD AT END OF YEAR Equipment was acquired at the beginning of the year at a cost of $465,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 15 years and an estimated residual value of $45,000. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of year 8 for $235,000, determine the gain or loss on the...
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $22,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $12,760 of federal income taxes, $1,360 of medical insurance deductions, and $800 of union dues. No employee earned more than $7,000 in this first period. Required: 1.1 Calculate below the...
Problem 9-2A Entries for payroll transactions LO P2, P3 On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $28,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $13,260 of federal income taxes, $1,320 of medical insurance deductions, and $920 of union dues No employee earned more than $7,000...
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $22,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $13.260 of federal income taxes, $1,330 of medical insurance deductions, and $920 of union dues. No employee earned more than $7,000 in this first period. Required: 1.1 Calculate below the...
Problem 9-2A Entries for payroll transactions LO P2, P3 On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $22.760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6. 20%, FICA Medicare taxes at the rate of 145%, $13,560 of federal income taxes, $1,390 of medical insurance deductions, and $840 of union dues....
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $23,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $13,460 of federal income taxes, $1,390 of medical insurance deductions, and $900 of union dues. No employee earned more than $7,000 in this first period. Required: 1.1 Calculate below the...
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