) Employers must match FICA and Medicare withheld and submit these values together with the employee contributions and employee federal withholding. Peter's Landscaping collected $906.95 FICA, $215.94 Medicare, and $293.42 federal withholding from employees. Calculate the total amount
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14) Employers must match FICA and Medicare withheld and submit these values together with the employee
contributions and employee federal withholding. Peter's Landscaping collected $906.95 FICA, $215.94 Medicare, and
$293.42 federal withholding from employees. Calculate the total amount due to the IRS from the firm.
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- This problem continues the process of preparing the Kipley Company's Employee Payroll Register for the pay period ending January 8th, 20--. In previous chapters, gross wages were computed for each employee and using this data, FICA withholding and employer FICA liability was computed. Requirements: Refer to the SIMPLE Plan Contributions and enter each employee's SIMPLE plan deduction. Determine and record the federal income taxes for each employee. Determine and record the state income taxes for each employee. Determine and record the city income taxes for the city of Pittsburgh. Total each input column. Below lists each employee's assigned Time Card No., Filing Status, and Withholding Allowances. This information is necessary when determining the amount of tax to withhold. TimeCard No. EmployeeName FilingStatus No. ofWithholdingAllowances 11 Fran M. Carson S N/A 12 William A. Wilson S N/A 13 Harry T. Utley MFJ N/A 21 Lawrence R. Fife MFJ N/A 22 Lucy K. Smith S N/A…The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings. Refer to the Social Security and Medicare information. Employers are required to match the employee's deductions and send the total to the IRS. Compute the maximum percent that can be sent to the IRS for any one employee during the period of a year. 13.3% 13.5% 15.3% 15.5%BMX Company has one employee. FICA Social Security taxes are withheld in the amount of $322.40. FICA Medicare taxes are withheld in the amount of $75.40. Federal unemployment taxes are $31.20 and State unemployment taxes are $280.80 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 General Journal Debit Credit
- BMX 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 journalBMX 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 30.60 275.40Find the employer’s FICA deduction for each of the following employees. Find the amounts of the FUTA taxes for the current pay period for each of the following employees. Decimals for categories SS-0.062, Medicare-0.0145, (FUTA-0.0006 -$7000Cap) Show work Employees Year-to-Date Current Gross Social Security (0.062) Medicare (0.0145) Subject to FUTA (0.006) FUTA F. Todd $6959.28 $1088.64 T. Stanley $7,882.51 $827.44
- The Federal Insurance Contributions Act (FICA) requires employers to deduct a percent of your income as taxes for Social Security to pay pays for retirement and disability benefits. On a payroll statement Social Security and Medicare are under one umbrella: FICA Gross Pay * 6.2%= Social Security tax Withheld (6.2% = .062) nts Gross Pay * 1.45% = Medicare tax Withheld (1.45% = .0145) FICA = Social Security Tax + Medicare TaxAn employer files which of the following forms with the IRS quarterly to report federal wages paid and federal income taxes withheld? Select one: a. W-4 b. 941 c. 940 d. 1099-MISC1. In a journal entry for employee payroll, what type of account is credited to record each of the amounts withheld from employee earnings? Answer: A. Asset B. Liability C. Revenue D. Expense 2. Match the taxes or act to the year it was established. Social Security tax Employee Retirement Income Security Act Patient Protection and Affordable Care Act 2010 1974 1937 3. A _____ sets aside funds to be used for health-care expenses. Answer: A. flexible spending account B. Payroll Deduction IRA C. SIMPLE IRA plan D. 403(b) plan
- Figure 6.1 The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers in Unger Company. These amounts represent the cumulative earnings for each worker as of October 4, the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the next payday, October 11. In the state where Unger Company is located, the tax rates and bases are as follows: Tax on Employees: FICA-OASDI 6.2% on first $137,700 FICA-HI 1.45% on total earnings SUTA 0.5% on first $8,000 Tax on Employer: FICA-OASDI 6.2% on first $137,700 FICA-HI 1.45% on total earnings FUTA 0.6% on first $7,000 SUTA 1.8% on first $8,000Issue: Under the Federal Insurance Contributions Act (FICA) every person is an employer if the person employs one or more individuals for the performance of services in the United States. The Internal Revenue Service (IRS) test for an employer/employee relationship is if a business tells, or has a right to tell a worker how, when, and where to work then the worker is an employee, and if they meet these tests, must withhold and pay FICA taxes on those employees’ wages. During your life, you may have noticed many employees performing work for a company without paying FICA taxes (i.e. being paid “under the table”). Questions to be Answered: 1) What are the concerns from a business perspective on this legally questionable practice? 2) What are the concerns from a social perspective on this legally questionable practice?2. 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 based on the following 2023 W-4 Information. Use the tables in IRS Publication 15- I. Using 2023 Form W-4 Employee Corn, A. Fogge, P. Felps, S. Carson, W Helm, M. More Marital than Step 2 Status 1 job? checked? S No S M M M 2 2 2 No No No No No No No Gross Additional Wage or deductitons Salary $0 $0 $0 $0 $0 Pay Frequency $ 675 weekly 1,960 weekly 1,775 biweekly 2,480 semi-monthly 5,380 monthly a. b. C. d. e. Amount to be Withheld Percentage Method Wage- Bracket Method
