Cullumber Company has the following data for the weekly payroll ending January 31. Hours Employee M T L Helton 8 8 R. Kenseth 8 8 8 D. Tavaras 9 10 8 8 8 10 8 10 8 S 3 3 0 Hourly Rate Federal Income Tax Withholding Health Insurance $10 12 15 $34 37 50 $10 25 25 Employees are paid 1% times the regular hourly rate for all hours worked in excess of 40 hours per week FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% c varies and wages up to $128.400 and the Medicare tax rate of 145% on all salaries and wages). Cullumber Company is subject to 54% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings
Cullumber Company has the following data for the weekly payroll ending January 31. Hours Employee M T L Helton 8 8 R. Kenseth 8 8 8 D. Tavaras 9 10 8 8 8 10 8 10 8 S 3 3 0 Hourly Rate Federal Income Tax Withholding Health Insurance $10 12 15 $34 37 50 $10 25 25 Employees are paid 1% times the regular hourly rate for all hours worked in excess of 40 hours per week FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% c varies and wages up to $128.400 and the Medicare tax rate of 145% on all salaries and wages). Cullumber Company is subject to 54% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 7SPA
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