An employee is paid a salary of $11,050 per month. If the current FICA rate is 6.2% on the first $130,000 of earnings, and the Medicare tax rate is 1.45% of all earnings, how much should be withheld for            (a) FICA tax and (b) Medicare tax during the following months? March                                 (a)              (b)       December                           (a)                 (b)

Q: Westway Company pays Suzie Chan $3,000 per week. Assume Social Security is 6.2% on $128,400 and…

A: Deductions: When the taxpayer is given some exemption from tax by the government or the concerned…

Q: An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of…

A: Gross earnings = Regular earnings + Overtime earnings = (40 hours x $15 per hour) + (6 hours x $15…

Q: The balance in the prepaid rent account before adjustment at the end of the year is $12,000, which…

A: Assets has debit balance and liabilities has credit balance. To increase Assets one should debit the…

Q: Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of…

A: a.

Q: Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: Sadie White receives an hourly rate of $30, with time and a half for all hours worked in excess of…

A: Lets understand the basics. Net amount paid is a gross salary less deductions made.  Gross salary is…

Q: Sadie White receives an hourly rate of $30, with time and a half for all hours worked in excess of…

A: Given: Hourly rate = $30 Federal income tax = $48 Social security tax = 6% Medicare = 1.5% For over…

Q: At the end of each month, a company pays its employees. Payroll information below is for January,…

A: When a company records the compensation of its employees, such type of accounting is known as…

Q: An employee has year-to- date earnings of $41,050. The employee's gross pay for the next pay period…

A: Federal Insurance Contributions Act tax:   It is a federal payroll contribution that is directed for…

Q: Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a…

A: Payroll Taxes = FICA SS Tax + FICA Medicare Tax + FUTA Tax + SUTA Tax= 544.87+ 127.42 + 42 +…

Q: An employee receives an hourly rate of $14, with time and a half for all hours worked in excess of…

A: Salaries expense is the addition of regular and overtime earnings and then various deductions are…

Q: Sadie White receives an hourly rate of $30, with time and a half for all hours worked in excess of…

A: Payroll- Payroll refers to the process of making payments to a company's employees. This process…

Q: An employee earns $20 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: Hours worked = 55  Normal hourly rate = $ 20 Overtime rate = $ 20*1.5 = $ 30 Normal weekly hours =…

Q: An employee receives an hourly rate of $32.00, with time and a half for all hours worked in excess…

A: Payroll taxes are taxes imposed on employers or employees and are usually calculated as a percentage…

Q: Scott is an employee at Company G and is paid monthly.  For the month of January, he earned a total…

A: Net pay for the employee= Gross pay-  Payroll tax Payroll tax includes social security tax, federal…

Q: Todd Hackworth’s weekly gross earnings for the week ending December 18 were $2,000, and his federal…

A: Net pay = Gross pay - Federal income tax withheld - Social security tax withheld - Medicare tax…

Q: An employee receives an hourly rate wage of $24, with time and a half for All hours worked in excess…

A: In this case, we have to deduct all the withheld income tax, Social Security tax & Medicare tax…

Q: An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: a. Gross pay = Normal pay + Overtime pay = $16*40 + 1.5* $16* (55-40)Gross pay = $640 + $560 Gross…

Q: An employee earns $32 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A: Gross pay is the total  amount earned by employee inclusive all taxes and deductions. Net pay is the…

Q: During October, Seger Insurance employees earned $100,000 in wages. Social Security applied to…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: An employee earns $36 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: The following calculations are done to evaluate the net pay of the employee after deducting all…

Q: An employee receives an hourly rate of $23.00, with time and a half for all hours worked in excess…

A: After withholdings have also been deducted from an employee's gross wage, net compensation is the…

Q: An employee is paidba salary of $11,050 per month. If the current FICA rate is 6.2% on the first…

A: Medicare tax: Medicare tax can be defined as the amount of tax that is withheld by the employer form…

Q: An employee earns $25 per hour and 2 times that rate for all hours in excess of 40 hours per week.…

A: Payroll accounting involves records of calculation, recording and analysis of employees compensation…

Q: An employee receives an hourly rate of $30, with time and a half for all hours worked in excess of…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: An employee receives an hourly wage rate of $18, with time and a half for all hours worked in excess…

A: The net amount payable to the employee is the amount paid net of taxes. It is calculated as follows:…

Q: Sadie White receives an hourly rate of $35, with time and a half for all hours worked in excess of…

A: Total wages = (40 hours x hourly rate) + (hours in excess of 40 hours x hourly rate x 1.5) =…

Q: An employee receives an hourly rate of $17, with time and a half for all hours worked in excess of…

A: Gross pay = ($17 x 40 hours+ $17*1.5 x 9 hours) = $909.50

Q: Sadie White receives an hourly rate of $30, with time and a half for all hours worked in excess of…

A: Introduction: Excess hours worked: In general the number of hours to be worked in a week is 40 hours…

Q: An employee has year-to-date earnings of $115,400. The employee’s gross pay for the next pay period…

A: Earnings subject to tax = Wages base - year-to-date earnings = $118,500 - $115,400 = $3,100

Q: An employee receives an hourly wage rate of $20, with time and a half for all hours worked in excess…

A: Given, Hourly wage = $20 per hour Wage if work in excess of 40 hours = 1.50 * $20 = $30 per hour…

Q: An employee has year-to-date earnings of $115,400. The employee’s gross pay for the next pay period…

A: FICA--OASDI Tax: FICA--OASDI stands for Federal Insurance Contributions Act for Old Age, Survivor…

Q: Thomas Martin receives an hourly wage rate of $25, with time-and-a-half pay for all hours worked in…

A: Gross pay for martin = Regular earning + Overtime earnings

Q: An employee earns $5,500 per month working for an employer. The FICA tax rate for Social Security is…

A: Calculation of Net pay for the month of January is as follows:

Q: Ehrlich Co. began business on January 2. Salaries were paid toemployees on the last day of each…

A: The payroll register is the employee register kept by the human resource department to record the…

Q: JYD Accounting Firm pays its employees at a rate of $50/hr. The tax and other deductions amount to…

A: Gross pay is the total amount that is being payable to workers either on the basis of number of…

Q: Carmen Flores’ weekly gross earnings for the week ending Dec. 7th were $3,000, and her federal…

A: Social tax security is a compulsory contribution of employer and employee. It funds the retirement,…

Q: Trey Morgan is an employee who is paid monthly For the month of January of the current year, he…

A: Here in this question, we are required to calculate the net pay amount. For calculating net pay, we…

Q: An employee earns $40 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: Social security tax = Gross pay for the week x Social security tax  rate = 2200*6% = $132 Medicare…

Q: If a bonus of $100 is paid on a non-payday, on December 15th what will the gross amount of each…

A: Taxes paid are Supplemental tax percent is: 25% FICA-social security tax is: 6.2% FICA-Medicare tax…

Q: Empty Fields Company pays its salaried employees monthly on the last day of each month. The annual…

A: The maximum amount of income subject to the Social Security tax is $142,800.

Q: An employee receives an hourly wage rate of $16, with time and a half for all hours worked in excess…

A: Gross pay= Hours worked during week * wage rate + extra hours worked* Higher wage rate…

Q: A company’s first weekly pay period of the year ends on January 8. Sales employees earned $30,000…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: An employee earns $40 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A: Gross pay = Regular pay + OvertimeNet pay = Gross pay - Federal taxes withheld - Taxes payable

Q: An employee has year-to-date earnings of $115,400. The employee’s gross pay for the next pay period…

A:

Q: An employee earns $5,750 per month working for an employer. The FICA tax rate for Social Security is…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: An employee is paid a salary of $10,150 per month.  If the FICA rate is 6.2% on the first $118,500…

A: FICA tax = Salary x FICA tax rate = $10,150 x 6.2% = $629.30 Medicare tax payable = Gross payroll x…

Q: An employee receives an hourly wage rate of $21, with time and a half for all hours worked in excess…

A: Hours worked =45 HOURLY rate=21 For 40 hours  HOURLY rate=10.5 for overtime  social security tax =6%…

Q: Merger Company has 10 employees, each of whom earns $1,550 per month and has been employed since…

A: A journal entry has been used to record a commercial transaction in the accounting records of a…

Q: Martin Jackson receives an hourly wage rate of $15, with time and a half for all hours worked in…

A: Gross pay = Regular pay + Overtime pay   Net pay = Gross pay - Federal income taxes withheld -…