The following information is for an employee for the week ended March 15. Total hours worked:...
The following information is for an employee for the week ended March 15.
Total hours worked: 45
Rate: $20 per hour, with double time for all hours in excess of 40
Federal income tax withheld: $400
Cumulative earnings prior to current week: $10,000
Tax rates:
Social security: 6% on maximum earnings of $100,000. Medicare tax: 1.5% on all earnings.
State unemployment: 3.4% on maximum earnings of $12,000 per year; on employer
Federal unemployment: 0.8% on maximum earnings of $8,000 per year; on employer
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(a) |
Determine: (1) total earnings ___________ (2) total deductions _________ (3) cash paid ______________ |
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(b) |
Journalize the employer's payroll taxes for this employee for the week.
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Homework Answers
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The following information is for an employee for the week ended
March 15.
Total hours worked:...
The following information is for employee Ella Dodd for the week ended March 15. Total hours...
The following information is for employee Ella Dodd for the week ended March 15. Total hours worked: 48 Rate: $15 per hour, with double time for all hours in excess of 40 Federal income tax withheld: $200 United Fund deduction: $50 Cumulative earnings prior to current week: $6,400 Tax rates: Social security: 6% on maximum earnings of $120,000. Medicare tax: 1.5% on all earnings. State unemployment: 3.4% on maximum earnings of $7,000; on employer Federal unemployment: 0.8% on maximum earnings...
The following information is for employee Ella Dodd for the week ended March 15. Total hours...
The following information is for employee Ella Dodd for the week ended March 15. Total hours worked: 48 Rate: $15 per hour, with double time for all hours in excess of 40 Federal income tax withheld: $200 United Fund deduction: $50 Cumulative earnings prior to current week: $6,400 Tax rates: Social security: 6% with no maximum earnings. Medicare tax: 1.5% on all earnings. State unemployment: 5.4% with no maximum earnings, on employer. Federal unemployment: 0.8% with no maximum earnings; on...
1. 9points The following information is for employee Keegan Spencer for the week ended March 15...
1. 9points The following information is for employee Keegan Spencer for the week ended March 15 Total hours worked: 48.5 Rate: $16 per hour, with 1.5 times that rate for all hours in excess of 40 Federal income tax withheld: 24% State income tax withheld: 3.4% United Way deduction: $50 Tax rates: Social security: 6.2% on employee earnings; paid by both employer and employee Medicare tax: 1.45% on employee earnings; paid by both employer and employee State unemployment: 5.2% on...
An employee receives an hourly wage rate of $23, with time-and-a-half for all hours worked in...
An employee receives an hourly wage rate of $23, with time-and-a-half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 43; federal income tax withheld, $133; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first $7,000; and federal unemployment compensation tax, 0.8% on the first $7,000. What is the net amount to be paid to the employee? Round your...
An employee receives an hourly wage rate of $21, with time and a half for all...
An employee receives an hourly wage rate of $21, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows hours worked, 43; federal income tax withheld, $131; cumulative earnings for the year prior to this week, $24,157; social security tax rate, 6.0 % ; Medicare tax rate, 1.5% state unemployment compensation tax, 3.4 % on the first $7,000; and federal unemployment compensation tax, 0.8 %...
The following information about the payroll for the week ended December 30 was obtained from the...
The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Salaries: Sales salaries $325,000 Warehouse salaries 200,000 Office salaries 142,000 Total $667,000 Deductions: Income tax withheld $116,600 Social security tax withheld 40,020 Medicare tax withheld 10,005 Retirement savings 14,674 Group insurance 12,006 total $193,305 Tax rates assumed: Social security 6% Medicare 1.5% State unemployment (employer only) 5.4% Federal unemployment (employer only) 0.6% Required: 1. Assuming that the payroll for the...
The following information about the payroll for the week ended December 30 was obtained from the...
The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Salaries: Sales salaries $335,000 Warehouse salaries 186,000 Office salaries 144,000 $665,000 Deductions: Income tax withheld $116,800 Social security tax withheld 39,900 Medicare tax withheld 9,975 Retirement savings 14,630 Group insurance 11,970 $193,275 Tax rates assumed: Social security 6% Medicare 1.5% State unemployment (employer only) 5.4% Federal unemployment (employer only) 0.6% Required: 1. Assuming that the payroll for the last week...
please help!! An employee receives an hourly wage rate of $17, with time and a half...
please help!!
An employee receives an hourly wage rate of $17, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $130; cumulative earnings for the year prior to this week, $25,593; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first $7,000; and federal unemployment compensation tax, 0.8% on the...
Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended...
Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $284,000 Income tax withheld $102,960 Warehouse salaries 156,000 U.S. savings bonds 12,870 Office salaries 145,000 Group insurance 10,530 $585,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank....
Entries for payroll and payroll taxes The following information about the payroll for the week ended...
Entries for payroll and payroll taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Income tax withheld Sales salaries $625,000 Warehouse salaries U.S. savings bonds 240,000 320,000 $232,260 35,500 53,325 Office salaries Group insurance $1,185,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank....
The following information is for employee Ella Dodd for the week ended March 15. Total hours worked: 48 Rate: $15 per hour, with double time for all hours in excess of 40 Federal income tax withheld: $200 United Fund deduction: $50 Cumulative earnings prior to current week: $6,400 Tax rates: Social security: 6% with no maximum earnings. Medicare tax: 1.5% on all earnings. State unemployment: 5.4% with no maximum earnings, on employer. Federal unemployment: 0.8% with no maximum earnings; on...
1. 9points The following information is for employee Keegan Spencer for the week ended March 15 Total hours worked: 48.5 Rate: $16 per hour, with 1.5 times that rate for all hours in excess of 40 Federal income tax withheld: 24% State income tax withheld: 3.4% United Way deduction: $50 Tax rates: Social security: 6.2% on employee earnings; paid by both employer and employee Medicare tax: 1.45% on employee earnings; paid by both employer and employee State unemployment: 5.2% on...
An employee receives an hourly wage rate of $21, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows hours worked, 43; federal income tax withheld, $131; cumulative earnings for the year prior to this week, $24,157; social security tax rate, 6.0 % ; Medicare tax rate, 1.5% state unemployment compensation tax, 3.4 % on the first $7,000; and federal unemployment compensation tax, 0.8 %...
please help!!
An employee receives an hourly wage rate of $17, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $130; cumulative earnings for the year prior to this week, $25,593; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first $7,000; and federal unemployment compensation tax, 0.8% on the...
Entries for payroll and payroll taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Income tax withheld Sales salaries $625,000 Warehouse salaries U.S. savings bonds 240,000 320,000 $232,260 35,500 53,325 Office salaries Group insurance $1,185,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank....
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