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The Apollo Family Restaurant has the following information from its payroll records for the year ended...
Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records for the November...
Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records for the November 1–14 pay period show that employees earned wages totaling $59,000 but that employee income taxes totaling $7,900 and FICA taxes totaling $3,075 were withheld from this amount. The net pay was directly deposited into the employees’ bank accounts. Required: What was the amount of net pay? Assuming Lightning Electronics also must pay $340 of unemployment taxes for this pay period, what amount would be...
The following information about the payroll for the week ended October 4 was obtained from the re...
The following
information about the payroll for the week ended October 4 was
obtained from the records of Simkins Mining Co.:
Please help answer in
excel format, using double underlines etc- I am losing grade points
for not having the correct input in columns. Thank you in advance.
P8-2 Recording payroll and payroll taxes The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co Salaries: Deductions: Sales salaries Employee...
The following information pertains to a weekly payroll of Fanelli Fashion Company: a. The total wages...
The following information pertains to a weekly payroll of
Fanelli Fashion Company:
a. The total wages earned by employees are $2,910.
b. The state unemployment insurance contribution rate is
3.75%.
c. The entire amount of wages is taxable under FICA, FUTA, and
SUTA.
d. The amount withheld from the employees' wages for federal
income taxes is $491; for state income taxes, $49.10; and for group
insurance, $87.10.
Journalize the payment of wages, and record the payroll taxes
for this payroll....
[The following information applies to the questions displayed below.] Oaks Company has completed the payroll for...
[The following information applies to the questions displayed below.] Oaks Company has completed the payroll for the month of January, reflecting the following data: Salaries and wages earned Employee income taxes withheld FICA payroll taxes* $ 86,000 7,000 6,700 *Assessed on both employer and employee (i.e., $6,700 each). Required: 1-a. What was the total labor cost to the company? Total labor cost 1-b. What was the amount of the employees' take-home pay? Take-home pay 2. List the liabilities and their...
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...
Required Information The following information applies to the questions displayed below BMX Company has one employee....
Required Information The following information applies to the questions displayed below 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 S Gross Pay for September $2,100 2,350 8,500 5,000 2,250 122,600 Assuming situation (a)....
Vulcra, Inc., has a semimonthly payroll of $67,180 on September 15, 20--. The total payroll is...
Vulcra, Inc., has a semimonthly payroll of $67,180 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,040 is taxable under FICA Taxes-OASDI; and $10,410 is taxable under FUTA and SUTA. The state contribution rate for the company is 4.1%. The amount withheld for federal income taxes is $9,973. The amount withheld for state income taxes is $1,470. a. Journalize the payment of the wages, and record the payroll taxes on September 15. If an amount box...
Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November...
Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $50,000 but that employee income taxes totaling $7.000 and FICA taxes totaling $2,625 were withheld from this amount. The net pay was directly deposited into the employees bank accounts, Assume Lightning Electronics also must pay $250 of unemployment taxes for this pay period. Prepare the journal entry or entries that Lightning would use to record...
True / False 1. ____Employment Insurance is withheld from employees' wages at the rate of 1.58%...
True / False 1. ____Employment Insurance is withheld from employees' wages at the rate of 1.58% on only the first $100 earned weekly. 2. ____ An employer incurs a Canada Pension Plan expense equal to the sum of the CPP withheld from the wages of all its employees. 3. ____Canada Pension Plan is levied equally on the employee and the employer. 4. ____Employment Insurance is withheld from wages earned, with the withholding to stop in 2020 as soon as the...
need help finishing The following information pertains to a weekly payroll of Texera Tile Company: a....
need help finishing
The following information pertains to a weekly payroll of Texera Tile Company: a. The total wages earned by employees are $17,210. b. The state unemployment insurance contribution rate is 3.5%. C. The entire amount of wages is taxable under FICA, FUTA, and SUTA. d. The amount withheld from the employees' wages for federal income taxes is $1,890; for state income taxes, $369,40; and for group insurance, $193.00. Journalize the payment of wages, and record the payroll taxes...
The following
information about the payroll for the week ended October 4 was
obtained from the records of Simkins Mining Co.:
Please help answer in
excel format, using double underlines etc- I am losing grade points
for not having the correct input in columns. Thank you in advance.
P8-2 Recording payroll and payroll taxes The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co Salaries: Deductions: Sales salaries Employee...
The following information pertains to a weekly payroll of
Fanelli Fashion Company:
a. The total wages earned by employees are $2,910.
b. The state unemployment insurance contribution rate is
3.75%.
c. The entire amount of wages is taxable under FICA, FUTA, and
SUTA.
d. The amount withheld from the employees' wages for federal
income taxes is $491; for state income taxes, $49.10; and for group
insurance, $87.10.
Journalize the payment of wages, and record the payroll taxes
for this payroll....
[The following information applies to the questions displayed below.] Oaks Company has completed the payroll for the month of January, reflecting the following data: Salaries and wages earned Employee income taxes withheld FICA payroll taxes* $ 86,000 7,000 6,700 *Assessed on both employer and employee (i.e., $6,700 each). Required: 1-a. What was the total labor cost to the company? Total labor cost 1-b. What was the amount of the employees' take-home pay? Take-home pay 2. List the liabilities and their...
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...
Required Information The following information applies to the questions displayed below 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 S Gross Pay for September $2,100 2,350 8,500 5,000 2,250 122,600 Assuming situation (a)....
Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $50,000 but that employee income taxes totaling $7.000 and FICA taxes totaling $2,625 were withheld from this amount. The net pay was directly deposited into the employees bank accounts, Assume Lightning Electronics also must pay $250 of unemployment taxes for this pay period. Prepare the journal entry or entries that Lightning would use to record...
need help finishing
The following information pertains to a weekly payroll of Texera Tile Company: a. The total wages earned by employees are $17,210. b. The state unemployment insurance contribution rate is 3.5%. C. The entire amount of wages is taxable under FICA, FUTA, and SUTA. d. The amount withheld from the employees' wages for federal income taxes is $1,890; for state income taxes, $369,40; and for group insurance, $193.00. Journalize the payment of wages, and record the payroll taxes...
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