Question
Hi! my teacher game me a few questions for accounting homework im not sure of. thanks for all of your help!! :) 1. Sabrina Duncan
Hi! my teacher game me a few questions for accounting homework im not sure of. thanks for all of your help!! :)
1. Sabrina Duncan had gross earnings for the pay period ending 10/15/16 of $5,835. Her total gross earnings as of 9/30/16 were $104,400. If Social Security taxes are 6.2% on a maximum earnings of $106,800 per year, Sabrina's Social Security withheld from her 10/15/16 paycheck would be: |
$212.97
$361.77
$205.08
$148.80
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2.
The monthly salaries for December and the year-to-date earnings as of November 30 for the three employees of the Lakeview Medical Center are listed below. |
Compute the amount of social security tax and Medicare tax to be withheld from each of the employees gross pay for December. Assume a 6.2 percent social security tax rate and a base of $106,800 for the calendar year. Assume a 1.45 percent Medicare tax rate. (Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) |
Employee No. | December Salary | Y-T-D Earnings through Nov. 30 | Soc. Sec. Tax for Dec. | Medicare Tax for Dec. | ||||||||
1 | $ | 7,500 | $ | 69,500 | $ | $ | ||||||
2 | 9,000 | 107,500 | $ | $ | ||||||||
3 | 8,500 | 101,500 | $ | $ | ||||||||
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3.
The employer records the amount of federal income tax withheld as:
an asset.
a payroll tax expense.
a liability.
an expense.
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4.
The Social Security Tax Payable account will normally have a(n)........
debit balance.
credit balance.
debit or credit balance depending on the timing of payments.
zero balance.
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