Question

In: Accounting

Dog Days, Inc has 10 employees that earned $12,000 in a pay period. The following table...

Dog Days, Inc has 10 employees that earned $12,000 in a pay period. The following table is the rates for employment taxes (assume no employees have reached the caps for unemployment). How much is the employers expense for withholdings?

Social Security 6.20%
Medicare 1.45%
Federal Withholding 18%
State Withholding 8%
FUTA 0.45%
SUTA 1.60%

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

For each of the following employees, calculate the Social Security tax for the weekly pay period...
For each of the following employees, calculate the Social Security tax for the weekly pay period described: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Ronald McCarthy earned gross pay of $925. Each period he makes a 401(k) contribution of 6% of gross pay. His current year taxable earnings for Social Security tax, to date, are $29,500. Total Social Security tax = $ 2: Jill...
For each of the following employees, calculate the Medicare tax for the weekly pay period described:...
For each of the following employees, calculate the Medicare tax for the weekly pay period described: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Mark Dailey's filing status is Married Filing Jointly, and he has earned gross pay of $3,450. Each period he makes a 403(b) contribution of 9% of gross pay. His current year taxable earnings for Medicare tax, to date, are $312,500. Total...
Complete section 1 on form 941 with the following information: # of employees for pay period...
Complete section 1 on form 941 with the following information: # of employees for pay period that include September 12 – 14 employees Wages paid third quarter - $79,750.17 Federal income tax withheld in the third quarter - $9,570.17 Taxable social security and Medicare wages - $79,750.17 Total tax deposits for the quarter $21,771.83 Complete sections 2, 3, 4, and 5 with the following information: Cruz Company is a monthly depositor with the following monthly tax liabilities for this quarter:...
For each of the following employees, calculate the Medicare tax for the weekly pay period described:...
For each of the following employees, calculate the Medicare tax for the weekly pay period described: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1:Paul Robinson's filing status is married filing jointly, and he has earned gross pay of $2,700. Each period he makes a 403(b) contribution of 7% of gross pay . His current year taxable earnings for Medicare tax, to date, are $268,000. Total...
Rubos Inc had the following payroll information for the pay period ending 10/31/2012. Total payroll was...
Rubos Inc had the following payroll information for the pay period ending 10/31/2012. Total payroll was $640,000. Unemployment taxes rates were 4.5% for State unemployment and .8 % for federal unemployment. . Income taxes withheld were $130,00. Union dues withheld were $36,000. Insurance premiums withheld were $24,000. Rubos also has an employee retirement plan which had contributions from employees of $14,000. Rubos matches all employee contributions with employer contributions of 50%. Prepare all necessary journal entries to record the payroll...
Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $12,000...
Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $12,000 of unpaid and unrecorded salaries. The next payday is January 3, at which time $30,000 will be paid. Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1. a. debit salaries expense $12000; debit salaries payable $18000; credit cash $30000 b. debit salaries expense $30000; credit cash $30000 c. debits...
McGriff Dog Food Company normally takes 24 days to pay for average daily credit purchases of...
McGriff Dog Food Company normally takes 24 days to pay for average daily credit purchases of $9,950. Its average daily sales are $10,060, and it collects accounts in 32 days. a. What is its net credit position? b-1. If the firm extends its average payment period from 24 days to 40 days (and all else remains the same), what is the firm's new net credit position? (Negative amount should be indicated by a minus sign.) b-2. Has the firm improved...
Should public service employees receive roughly the same pay and benefits earned by comparable workers in...
Should public service employees receive roughly the same pay and benefits earned by comparable workers in the private sector? What about firefighters and police who face danger in their daily lives?
Days are business days and a month has 21 such days. All stocks pay no dividends...
Days are business days and a month has 21 such days. All stocks pay no dividends ? Estimate a non-dividend-paying stock’s annualized volatility (use 252 trading days) using its prices in the past nine months. Month Stock Price per share 1    80 2    64 3    80 4    64 5    80 6 100 7    80 8    64 9    80 Then, predict the value of the stock on the 10th business day of the...
The Questor Corporation has experienced the following sales pattern over a 10-year period: Complete the table...
The Questor Corporation has experienced the following sales pattern over a 10-year period: Complete the table using a first-order exponential smoothing model with a w=0.9w=0.9 to forecast sales in 2017. Year Sales (YtYt) Exponential Smoothing (YˆtY^t) (000) (w = 0.9) 2007 187 2008 214 187 2009 216 =216,203, or 211 2010 234 = 228,205, or 216 2011 268 = 238, 222, or 232 2012 277 = 287,255, or 264 2013 302 = 263, 276, or 293 2014 302 = 323,...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT