Question
In: Accounting
Lori Longpie is an employee who is paid monthly. For the month of January of the...
Lori Longpie is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,260. The FICA tax for social security is 6.2% and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate of .6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,325.17. She also had union dues of $50 withheld from her pay. Complete the following: Calculate her net pay, showing all components. Calculate the employer’s payroll taxes due. Prepare the journal entries required by #1 and #2
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Lori Longpie is an employee who is paid monthly. For the month of January of the...
Lori Longpie is an employee who is paid monthly. For the month
of January of the current year, she earned a total of $8,260. The
FICA tax for social security is 6.2% and the FICA tax rate for
Medicare is 1.45%. The FUTA tax rate of .6% and the SUTA tax rate
of 5.4% are applied to the first $7,000 of an employee's pay. The
amount of federal income tax withheld from her earnings was
$1,325.17. She also had union...
Portia Grant is an employee who is paid monthly. For the month of January of the...
Portia Grant is an employee who is paid monthly. For the month
of January of the current year, she earned a total of $8,260. The
FICA tax for social security is 6.2% of the first $118,500 earned
each calendar year and the FICA tax rate for Medicare is 1.45% of
all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of
5.4% are applied to the first $7,000 of an employee’s pay. The
amount of federal income...
q4 Portia Grant is an employee who is paid monthly. For the month of January of...
q4
Portia Grant is an employee who is
paid monthly. For the month of January of the current year, she
earned a total of $8738.00. The FICA tax for social security is
6.2% of the first $128,400 earned each calendar year and the FICA
tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate
of 0.6% and the SUTA tax rate of 5.4% are applied to the first
$7000 of an employee's pay. The amount of federal...
61. Portia Grant is an employee who is paid monthly. For themonth of January of...
61. Portia Grant is an employee who is paid monthly. For the
month of January of the current year, she earned a total of $8,338.
The FICA tax for social security is 6.2% and the FICA tax rate for
Medicare is 1.45%. The FUTA tax rate of 0.6% and the SUTA tax rate
of 5.4% are applied to the first $7,000 of an employee's pay. The
amount of federal income tax withheld from her earnings was
$1,383.47. What is the...
An employee, who is paid $2,130.00 on a semi-monthly basis, is also being paid a $1,200.00...
An employee, who is paid $2,130.00 on a semi-monthly basis, is
also being paid a
$1,200.00 bonus on a separate cheque, within the same pay
period.
To date this year, the employee has only had $1,968.00 in Canada
Pension Plan
(CPP) contributions deducted, so the employee will not reach the
maximum with
these payments.
Calculate the employee’s CPP contribution on the regular
semi-monthly pay of
$2,130.00 and on the separate bonus payment of $1,200.00. Show all
calculations for
full marks.
Gary Marks is paid on a monthly basis. For the month of January of the current...
Gary Marks is paid on a monthly basis. For the month of January
of the current year, he earned a total of $9288. FICA tax for
Social Security is 6.2% on the first $118,500 of earnings each
calendar year and the FICA tax for Medicare is 1.45% of all
earnings. The FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%.
Both unemployment taxes are applied to the first $7000 of an
employee's pay. The amount of Federal...
Gary Marks is paid on a monthly basis. For the month of January of the current...
Gary Marks is paid on a monthly basis. For the month of January
of the current year, he earned a total of $9,188. FICA tax for
Social Security is 6.2% and the FICA tax for Medicare is 1.45%. The
FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both
unemployment taxes are applied to the first $7,000 of an employee's
pay. The amount of Federal Income Tax withheld from his earnings
was $1,524.57. What is the amount...
Phil Phoenix is paid monthly. For the month of January of the current year, he earned...
Phil Phoenix is paid
monthly. For the month of January of the current year, he earned a
total of $8,000. The FICA tax rate for social security is 6.2%, and
the FICA tax rate for Medicare is 1.45%. The FUTA tax rate is 0.8%,
and the SUTA tax rate is 5.4%. Both unemployment taxes are applied
to the first $8,000 of an employee's pay. The amount of federal
income tax withheld from his earnings was $1,000. His net pay for...
Kris Kringle Company has one employee who is paid a salary of $8,000 per month. Federal...
Kris Kringle Company has one employee who is paid a salary of
$8,000 per month. Federal income tax withheld was $220. State
income tax withheld was $60.The FICA social security tax rate is
6.2% and the FICA Medicare tax rate is 1.45%. The federal
unemployment (FUTA) tax rate is 0.8% on the first $7,000 of wages.
The state unemployment (SUTA) tax rate is 5.4% on the first $7,000
of wages. In addition, $590 of medical insurance was withheld from
the...
Ergo Company has one employee who is paid a salary of $8,500 per month. Payroll information...
Ergo Company has one employee who is paid a salary of $8,500 per
month. Payroll information for the first month of the year is:
Federal and state income tax withheld
$1,275
FICA (social security and Medicare)
7.65%
Federal unemployment (FUTA and SUTA) tax rate (on the
1st $7,000 of wages)
6.2%
Insurance Premiums (paid by Employees)
$400
Part I: Prepare Ergo’s journal entry
to record the first month’s salary expense and employee
withholdings. Payroll tax expense will be recorded in...
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