Quintero Printing has the following information on their Form 941: (Assume no Section 125 health insurance and that none of the employees had exceeded the Social Security wage base What amount should be entered in Column 1, Lines 5a and 5c? multiple choice $30,603.05 and $2,221.19, respectively $31,582.00 and $31,582.00, respectively $246,798.82 and $246,798.82, respectively $215,216.82 and $215,216.82, respectively
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- Holton's Nursery has the following amounts listed on their Form 941: (Assume no Section 125 health insurance and that none of the employees had exceeded the Social Security wage base.) 2 Wages, tips, and other compensation 3 Federal income tax withheld from wages, tips, and other compensation 4 If no wages, tips, and other compensation are subject to social security or Medicare tax 5a Taxable social security wages 5a (1) Qualified sick leave wages 5a (il) Qualified family leave wages 5b Taxable social security tips Sc Taxable Medicare wages & tips 5d Taxable wages & tips subject to Additional Medicare Tax withholding What amount belongs in Column 2, Line 5c? O $6,668.60 O $1,559.59 O $3.119.19 Column 1 107,558.13 0.124= * 0.062 = x 0.062 * 0.124 107,558.13 x 0.029- * 0.009 Column 2 2 3 107,558.13 12,400.00 X Check and go to line 6.In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You have now been given the following additional information: June is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 60% of the health insurance premium. The employer matches 50% of employee pension plan contributions. Using the information from EB13 and the additional information provided: A. Record the employer payroll for the month of June, dated June 30, 2017. B. Record the payment in cash of all employer liabilities only on July 1.In EA14, you prepared the journal entries for the employee of Toren Inc. You have now been given the following additional information: May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium. Using the information from EA14 and the additional information provided: A. Record the employer payroll for the month of May, dated May 31, 2017. B. Record the payment in cash of all employer liabilities only on June 1.
- Calculate the Social Security and Medicare deductions for the following employee (assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare): (Leave no cells blank - be certain to enter "O" wherever required. Round your answers to the nearest cent.) Cumulative earnings Pay amount this Social Security period Medicare Employee before this pay period this period this period Slater 409,200 %$4 6,800 %24 %24Line 4 of the Form 940 is where items that are not included as FUTA wages are adjusted out. Which of the following is not an item that is backed out on line 4? a. Contributions paid by employer for health/accident plans for employees. b. Value of a group-term life insurance with a face value of $45,000. c. Wages over $7,000 per employee per year. d. Nondiscretionary bonuses.Calculate the Social Security and Medicare deductions for the following employee (assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare): (Leave no cells blank be certain to enter "O" wherever required. Round your answers to the nearest cent.) Cumulative earnings Pay amount this Social Security period Employee Medicare before this pay period this period this period Slater %24 409,200 %$4 6,800 tes raw < Prev 8 of 16 Next ucation
- Calculate the Social Security and Medicare deductions for the following employee (assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare): Note: Leave no cells blank - be certain to enter "0" wherever required. Round your answers to the nearest cent. Employee Anderson Cumulative earnings Pay amount this Social Security before this pay period this period period $ 174,700 $ 16,500 Medicare this periodWelcome Care, a senior citizen day-care center, pays the major portion of its employees' medical insurance. An employee who selects coverage for him/her self and spouse must pay $163 each semimonthly paycheck. An Activities Director is hired at a semimonthly salary of $1750. Blank #1: Find the percentage method income for the Activities Director's semimonthly gross earnings of $1750. They are married with one withholding allowance on their W-4. Answer with units. One Withholding Allowance S 77.90 155.80 168.80 Payroll Perlod Weekly Biweekly Semimonthly Monthly Quarterly Semiannually Annualy Daily or miscellaneous (each day of the payroll period) 337.50 1.012.50 2,025.00 4.050.00 15.601. FICA is the total for Social Security of 12.4% and Medicare of 2.95% which will be paid half by the employer and half by the employee. However, independent contractors will pay only 6.2% for Social Security and 1.45% for Medicare to the Federal government. a) False b) True c) FICA is not mandatory d) Independent Contractors do not pay FICA
- Complete the following payroll register. Calculate FIT by the percentage method for this weekly period; Social Security and Medicare are the same rates as in the previous problems. No one will reach the maximum for FICA. LU 9-2(1) 9-18 FICA Employee Marital status Allowances claimed Gross pay FIT Soc. Med. Net pay Pat Brown M 4 2,500 155 36.25BMX Company has one employee. FICA Social Security taxes are withheld in the amount of $316.20. FICA Medicare taxes are withheld in the amount of $73.95. Federal unemployment taxes are $30.60 and State unemployment taxes are $275.40 for this pay period. Medical Insurance of $242.25 is withheld as requested by the employee and federal income taxes are $607.05. Use this information to record below the journal entry for the employer's payroll tax expense for this first pay period of the year in January. Note: Round your answers to 2 decimal places. View transaction list View journal entry worksheet No 1 Date January 31 General Journal Payroll taxes expense FICA-Social security taxes payable FICA-Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable Debit 696.15 Credit 316.20 73.95 30.60 275.40BMX Company has one employee. FICA Social Security taxes are withheld in the amount of $328.60. FICA Medicare taxes are withheld in the amount of $76.85. Federal unemployment taxes are $31.80 and State unemployment taxes are $286.20 for this pay period. Medical Insurance of $242.25 is withheld as requested by the employee and federal income taxes are $607.05. Use this information to record below the journal entry for the employer's payroll tax expense for this first pay period of the year in January. Note: Round your answers to 2 decimal places. View transaction list Journal entry worksheet < Record employer payroll tax expense. Note: Enter debits before credits Date January 31 Racord entry General Journal Clear entry Debit Credit View general journal