Sb 5-4 Calculate SUTA Tax r each of the following independent circumstances calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500. OTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: A-1 Framing employs three workers who, as of the beginning of the current pay period, have earned $8,550, $8,200, and $7,400. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $1,000, $1,350, and $1,800, respectively. SUTA tax = $

Sb 5-4 Calculate SUTA Tax r each of the following independent circumstances calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500. OTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: A-1 Framing employs three workers who, as of the beginning of the current pay period, have earned $8,550, $8,200, and $7,400. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $1,000, $1,350, and $1,800, respectively. SUTA tax = $

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EB: Reference Figure 12.15 and use the following information to complete the requirements. A. Determine...

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PSb 5-4 Calculate SUTA Tax For each of the following independent circumstances calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500. NO TE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.
PSA 5-4 Calculate SUTA Tax For each circumstance, calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Hometown Bakery employs three workers who, as of the beginning of the current pay period, have earned $16,200, $7,150, and $4,000. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $1,590, $2,070, and $910, respectively. SUTA tax = S X 2: Electronics Outlet employs two workers who, as of the beginning of the current pay period, have earned $8,400 and $7,200. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $3,090 and $2,350, respectively. SUTA tax = S 3 Delivery, Inc., employs 127 workers who, for the current pay period, earn total taxable pay of $347,540. Of this amount, only $29,400 is…
PSb 5-3 Calculate FUTA Tax For each of the following independent circumstances, calculate the FUTA tax owed by the employer: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.
PSb 5-5 Calculate FUTA and SUTA Tax For each of the following independent circumstances calculate both the FUTA and SUTA tax owed by the employer: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6,100 and $8,800. During the current pay period, these employees earn $1,450 and $2,000, respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $16,500. FUTA tax = $ 0.00 SUTA tax = $ 72.45 2: An employer in Bridgeport, Connecticut, employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,500, $12,900, and $14,200. During the current pay period, these employees earn $2,200, $1,950, and $2,400, respectively. The applicable SUTA tax rate is 4.9%, and the Connecticut SUTA threshold is…
Exhibit 6-1 The totals from the first payroll of the year are shown below. Total Earnings $36,195.10 FICA OASDI $2,244.10 FICA НІ $524.83 FIT W/H $6,515.00 State Tax $361.95 Refer to Exhibit 6-1. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%). Union Dues $500.00 Net Pay $26,049.22
Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)
Exhibit 6-1The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Refer to Exhibit 6-1. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%).
2. Two employees have earned taxable pay of $ 2,700 and $ 2,400 Both are within limits and 3.4% Hence SUTA tax will be computed as follows, SUTA Tax= (2,700+2,400) * 3.4% SUTA Tax=$ 173.40 PSb 5-4 Calculate SUTA Tax For each of the following independent circumstances calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500. NO TE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 2: Mrs. Fix-It Corp. employs two workers who, as of the beginning of the current pay period, have earned $4.200 and $6,500. Calculate SUTA tax for the current pay period if these employees eam taxable pay of $2,700 and $2,400, respectively. SUTA tax = $ 173.40
PSb 5-2 Determine the Taxable Earnings Subject to FUTA Tax For each of the described pay periods, determine the taxable earnings subject to FUTA tax: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: A business employs three individuals, whose taxable earnings to date (prior to the current pay period) are $12,200, $5,250 and $3,000. During the current pay period, these employees earn $2,400, $2,000 and $1,350, respectively. Taxable earnings subject to FUTA tax = $ 2: A business employs two individuals, whose taxable earnings to date (prior to the current pay period) are $3,000 and $31,400. During the current pay period, these employees ean $3,300 and $1,450, respectively. Taxable earnings subject to FUTA tax = $ 3: A business employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,200, $46,700 and $500. During the current pay period,…
Question 6: Match each pay-related term with its definition. Pay period Annual pay amount DROP HERE Wage Pay rate typically paid on an hourly basis DROP HERE Workweek Can be any given, consistent seven days DROP HERE Salary Schedule the employer follows for paying employees DROP HERE Question 9: What is NOT a portion of an employer's payroll tax expense? Answer: A. O Federal unemployment tax В. O Social Security tax C. O Medicare tax D. O Federal income tax Question 10: Match each act with the year it was passed into law. 1996 Personal Responsibility and Work Opportunity Reconciliation DROP HERE 1938 Immigration Reform and Control DROP HERE 1986 Fair Labor Standards DROP HERE
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Amount to BeWithheld Employee MaritalStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Corn, A. S 2 $675 weekly $fill in the blank 1 $fill in the blank 2 Fogge, P. S 1 1,960 weekly fill in the blank 3 Felps, S. M 6 1,775 biweekly fill in the blank 5 fill in the blank 6 Carson, W. M 4 2,480 semimonthly fill in the blank 7 fill in the blank 8 Helm, M. M 9 5,380 monthly fill in the blank 9
Date: Name: Exercise 9.2 A. Find the employer's FICA deductions for each of the following employees. B. Find the amounts of the FUTA taxes for the current pay period for each of the following employees. FUTA Employee Year-to-Date Current Social Security Medicare Subject to FUTA Gross F. Todd $6,959.28 $1,088.64 T. Stanley $7,882.51 $827.44 R. Manley $7,136.44 $1,528.99 F. Chastain $6,485.47 $952.38