Given the following, calculate the state (assume 5.3%) and federal unemployment taxes that the employer must pay for each of the first two quarters. The federal unemployment tax is 0.8% on the first $7,000. Both state and federal unemployment taxes apply to the first $7,000 only. (Round your answers to the nearest cent.) PAYROLL SUMMARY Quarter 1 Quarter 2 Bill Adams $3,200 $ 7,300 12,800 Rich Haines 7,400 Alice Smooth 2,600 4,400 PAYROLL SUMMARY Quarter 1 Quarter 2 Total 2$ 780 * 2$ 501 * SUTA $ 678.4 2$ FUTA $ 102.4 $4

Given the following, calculate the state (assume 5.3%) and federal unemployment taxes that the employer must pay for each of the first two quarters. The federal unemployment tax is 0.8% on the first $7,000. Both state and federal unemployment taxes apply to the first $7,000 only. (Round your answers to the nearest cent.) PAYROLL SUMMARY Quarter 1 Quarter 2 Bill Adams $3,200 $ 7,300 12,800 Rich Haines 7,400 Alice Smooth 2,600 4,400 PAYROLL SUMMARY Quarter 1 Quarter 2 Total 2$ 780 * 2$ 501 * SUTA $ 678.4 2$ FUTA $ 102.4 $4

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Given the following, calculate the state (assume 5.3%) and federal unemployment taxes that the employer must pay for each of the first two quarters. The federal unemployment tax is 0.8% on the first $7,000. Both state and federal unemployment taxes apply to the first $7,000 only. (Round your answers to the nearest cent.) PAYROLL SUMMARY Quarter 1 Quarter 2 $ 7,300 12,800 ces Bill Adams $3,200 Rich Haines 7,400 Alice Smooth 2,600 4,400 PAYROLL SUMMARY Quarter 1 %24 24 Quarter 2 %$4 2$ Total SUTA 678.4 FUTA %24 102.4
Check my work Given the following, calculate the state (assume 5.3%) and federal unemployment taxes that the employer must pay for each of the first two quarters. The federal unemployment tax is 0.6% on the first $7,000. Both state and federal unemployment taxes apply to the first $7,000 only. (Round your answers to the nearest cent.) PAYROLL SUMMARY Bill Adams Rich Haines Alice Smooth Quarter 1 $ 4,000 8,000 3,200 Quarter 2 $ 8,000 14,000 3,800 PAYROLL SUMMARY Quarter 1 Quarter 2 Total 2$ 14,200.00 SUTA 752.60 FUTA 2$ 85.20 the first half is right but the second half doesn't make sense because the total is NOT 17,800
Check my work Given the following, calculate the state (assume 5.3%) and federal unemployment taxes that the employer must pay for each of the first two quarters. The federal unemployment tax is 0.6% on the first $7,000. Both state and federal unemployment taxes apply to the first $7,000 only. (Round your answers to the nearest cent.) PAYROLL SUMMARY Bill Adams Rich Haines Alice Smooth Quarter 1 $ 4,000 8,000 3,200 Quarter 2 $ 8,000 14,000 3,800 PAYROLL SUMMARY Quarter 1 Quarter 2 Total $ 14,200.00 SUTA 2$ 752.60 FUTA 2$ 85.20
Compute the total federal and state unemployment taxes given the following independent scenarios for SugarTime. 1. The gross payroll total for all employees this month is $10,000. Assume that all employees’ wages fall below the $7,000 unemployment tax limit. 2. The gross payroll total for all employees this month is $10,000. The amount of employees’ wages that fall below the $7,000 unemployment tax limit is $8,000. 1. Total unemployment taxes $ 2. Total unemployment taxes $
PLEASE SHOW ALL WORK Jim Brewer, owner of Arrow Company, has three employees who earn $200, $800, and $950 a week. Assume a state SUTA rate of 5.1%. What will Jim pay for state and federal unemployment taxes for the first quarter?Note: FUTA remains at .006 whether SUTA rate is higher or lower than standard
CFG Company has the following employees: Wages Paid $ 16,500 4,000 25,500 CFG receives the maximum credit for state unemployment taxes. Edwardo Melanie Navaeh Required: What is the FUTA tax that CFG Company would owe for the year? FUTA tax for the year $ 276
and multiply by 13 weeks to find the total quarterly amount withheld from all employees. The SOLUTIONSTRATEGY To solve for the total FICA tax due quarterly from the employees and the employer, calculate the tax due per employee per week, multiply by 25 to find the total weekly FICA for all employees, employer's share will be an equal amount. a. Social security tax = Gross earnings x 6.2% = 250 × .062 = $15.50 Medicare tax = Gross earnings x 1.45% = 250 x .0145 = $3.63 Total FICA tax per employee per week = 15.50 + 3.63 = $19.13 b. Total FICA tax per week = FICA tax per employee x 25 employees Total FICA tax per week =19.13 x 25 = $478.25 Total FICA tax first quarter = Total FICA tax per week x 13 weeks Total FICA tax first quarter = 478.25 x 13 = $6,217.25 Total FICA tax first quarter-Employee's share = $6,217.25 Total FICA tax first quarter-Employer's share = $6,217.25 TRYITEXERCISE 13 Big Pine Tree Service has 18 employees, 12 with gross earnings of $350 per week and 6 withn gross…
The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $11,300. What is the amount of total unemployment taxes the employer must pay on this employee's wages? Multiple Choice О $610.20. О $678.00. О $420.00. О $67.80. О $0.00. 18
From the following information, calculate the payroll tax expense for New Company for the payroll of April 9 View the Dayto The FICA Social Security tax rate is 6.2% on the first $142,800 earned, and FICA Medicare is 1.45% on all earnings Federal unemployment tax is 06% on the first $7,000 earned by each employee The SUTA tax rate for New Company is 5 7% on the test $7,000 of employce earnings for state unemployment purposes (Round to the nearest cent as needed) Total Payroll Employee W Duncan C. Hart G. Oval Cumulative Earnings Before Weekly Payroll Print Gross Pay for the Week 3.000 $ 6.100 8.000 Done 750 650 250
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. Cumul. PayBefore CurrentWeekly Payroll CurrentGross Pay Year-to-DateEarnings Soc. Sec.Maximum AmountOver Max.Soc. Sec. AmountSubject toSoc. Sec. Soc. Sec. TaxWithheld MedicareTaxWithheld $22,700 $1,340 $fill in the blank 1 $118,500 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 $fill in the blank 5 54,300 4,080 fill in the blank 6 118,500 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 116,700 3,890 fill in the blank 11 118,500 fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 117,300 4,540 fill…
According to a summary of the payroll of Guthrie Co., $560,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $60,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%.$fill in the blank 56eb93018fa2006_1 b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.
Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee. If an amount is zero, enter "0". Round your calculations and final answers to the nearest cent. Table of Allowance Values for 2019 Weekly 80.80 Biweekly 161.50 Semimonthly 175.00 Monthly 350.00 Quarterly 1,050.00 Semiannual 2,100.00 Annual 4,200.00 Daily/Misc. 16.20 Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee. If an amount is zero, enter "0". Round your calculations and final answers to the nearest cent. EmployeeNo. Employee Name MaritalStatus No. of WithholdingAllowances Gross Wageor Salary Amount to BeWithheld 1 Amoroso, A. M 0 $1,610 weekly $ 2 Finley, R. S 0 825 biweekly 3 Gluck, E. S 2 9,630 quarterly 4 Quinn, S. M 8 925 semimonthly 5 Treave, Y. S 2 2,875 monthly