Nashville Publishing Company pays its employees monthly. Payments made by the company on October 31, 2019, follow. Cumulative amounts paid to the persons named prior to October 31 are also given. 1....
Nashville Publishing Company pays its employees monthly. Payments made by the company on October 31, 2019, follow. Cumulative amounts paid to the persons named prior to October 31 are also given. Paul Parker, president, gross monthly salary of $20,000; gross earnings prior to October 31, $160,000. Carolyn Wells, vice president, gross monthly salary of $15,000; gross earnings paid prior to October 31, $150,000. Michelle Clark, independent accountant who audits the company’s accounts and performs consulting services, $16,500; gross amounts paid...
Alexander Wilson operates Metroplex Courier and Delivery Service. He has four employees who are paid on an hourly basis. During the workweek beginning December 15 and ending December 21, 2019, his employees worked the number of hours shown below Information about their hourly rates, marital status, and withholding allowances also appears below, along with their cumulative earnings for the year prior to the December 15-21 payroll period. Consider any hours worked beyond 40 in the week as overtime hours and...
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first month of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base. Salaries Federal income taxes to be withheld Federal unemployment tax rate State unemployment tax rate (after PUTA deduction) Social security tax rate Medicare tax rate $550.000 110,000 0.608 5.400 6.200 1.450 Required: Calculate the income and payroll taxes for the January 2018 pay period. Prepare the appropriate journal...
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first month of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base, Salaries Federal income taxes to be withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $500,000 100,000 0.60% 5.40% 6.209 1.45% Required: Calculate the income and payroll taxes for the January 2018 pay period. Prepare the appropriate journal...
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first mon of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base. Salaries Federal income taxes to be withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $500,000 100,000 9.60% 5.40% 6.29% 1.45% Required: Calculate the income and payroll taxes for the January 2018 pay period. Prepare the appropriate journal...
Lee Financial Services pays employees monthly Payroll information is listed below for January 2021, the first month of Lee's fiscal year. Assume that none of the employees exceeded any relevant base of pay, such that all benefit percentages apply to the entire $480,000 payroll Salaries Federal income taxes to be withheld Federal unemployment tax rate State unemployment tax rate (after SUTA deduction) Social security tax rate Medicare tax rate $480,000 96,000 0.60% 5.40% 6.20% 1.45% Required: Calculate the income and...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 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 2.9% of the first $7,000 paid to its employee. a. Gross Pay through August $ 5,200 18,900 112,900 Gross Pay for September $ 2,400 2,800 8,700 Compute BMX's amounts for each of these four taxes as applied to the employee's gross...
Chapter 09 Homework Saved Required information Part 1 of 3 [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of grosS pay. For BMx, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. polnts Gross Pay through August 31 5,100 3,100 Gross Pay for September $2,200...
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2021, the first month of Lee's fiscal year. Assume that none of the employees exceeded any relevant base of pay, such that all benefit percentages apply to the entire $500,000 payroll. Salaries Federal income taxes to be withheld Federal unemployment tax rate State unemployment tax rate (after SUTA deduction) Social security tax rate Medicare tax rate $500,000 100,000 0.607 5.40% 6.20% 1.45% Required: Calculate the income and...
Barbara Muller Services (BMS) pays its employees monthly. The payroll information listed below is for January 2021, the first month of BMS's fiscal year. Assume none of the employees' earnings reached $7,000 during the month. Salaries Federal income taxes to be withheld Federal unemployment tax rate (FUTA) State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $ 88,000 26,000 0.80% 5.40% 6.2% 1.45% The journal entry to record payroll for the January 2021 pay period...