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Please fill the empty boxes and show the computations. We are supposed to get the answers at the bottom. Thanks It's based off of this.
Please fill the empty boxes and show the computations. We are supposed to get the answers at the bottom. Thanks
It's based off of this. I need help with both. I don't understand how they are getting some of these numbers
4 Gibbs Oil Company Employer's Payroll Taxes For the Week Ending November 26 YTD Earnings Current Earnings FICA SS 6.20% FICA MC FUTA ($7,000 cap) 0.6% SUTA ($7,000 cap) 5,4% Total Payroll Taxes Expense 1.45% Health Ins $80 $40 Brown McDonald Wong Totals $ $ $ $ 137,600 1.200 32,500 171.300 $80 $200 747.17 5 Record employer's payroll taxes = ER expenses Payroll Taxes Exp. 430.44 FICA-SS Payable 112.47 FICA-MC Payable 66.61 FUTA Payable 5.14 SUTA Payable 46.22 medical Insurance Payable 200 6 Send payments = EE + ER monies Federal Income Taxes payable 399 ficoss Payable 224.94 FICA-MC Payable 133.23 Cash Tunion Dues Payable 40 cash. Health Insurance Payable 200 Cash 40 roo 0 Gibbs Oil Company Payroll Register For the Week Ending November 26 Earnings Employee YTD Net (take-home) Earnings Total Hours Rate Reg Pay 2,880.00 Over- time Gross Pay 2,880.00 Union Dues Pay Total Deductions Brown McDonald Wong Totals $ 137,600 exempt 44 $ 1,200 $16 49 $ 32,500 $2239 $ 171,300 x x Withholdings (= deductions) FICA SS FICA Federal State ($137,700) Medicare Income Inc Tax 6.20% 1.45% Tax 3% 330.00 102.00 158.00 25 590.00 15.00 25.00 40.00 2,080.00 2,880.00 Pay the payroll = EE monies wages + Salaries Payable 3647. 10 Cash 36474 112.47 ) 2 Record the payroll = EE monies (employees' earnings, withholdings, net pay) wages & Salaries Exp. 4594 oso FICA-SS Payable FICA-nc Payable Federal Income Taxes Payable state Income Taxes Payable Onion Dues Payable wages & Salaries Payable 590 137.92 40 3641.10Step by Step Solution
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