Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE SHOW WORKING OF THE FOLLOWING, ANSWERS ARE CORRECT I NEED WORKINGS A small firm that designs and manufactures custom skateboards has two employees that

PLEASE SHOW WORKING OF THE FOLLOWING, ANSWERS ARE CORRECT I NEED WORKINGSimage text in transcribed

A small firm that designs and manufactures custom skateboards has two employees that receive $1, 160 gross pay per semimonthly pay period and four employees that receive $830 gross pay per semimonthly pay period. The company manager needs to determine how much to include in her budget for each employee. Starting in January, the company will be contribution $47 per day period to each employee's retirement fund. The company is in a state that has a maximum of $7,000 gross pay for SUTA and is required to pay 5.4% of the first $7,000 for each employee Recall that employees pay a Social Security withholding tax rate of 5.0% for each employee on the first $110, 100 of wages and a Medicare withholding tax rate of 1.45%. Complete parts 1-4 below. Calculate the cost (salary employer's portion of Social Security and Medicare pension. etc) to the company for an employee with $1, 160 gross pay in the first period in January The total cast per employee is $1, 394.66(Round to the nearest cent as needed) Calculate the cost to the company tor an employee with $830 gross pay in the first period in January The total cost per employee is $1.018.96 (Round to the nearest cent as needed) Find the total gross semimonthly pay for all six employees and compare this to the total amount the company must include in its budget. How much extra is needed in the budget? $1, 225.16 Calculate the total amount the company will need for its first quarts FL/TA 3rd SUTA deposit There 3re six semimonthly pay periods in the first quarter of the year. The total amount the company will need (for its first quarter SUTA is $1, 827.36 The total amount the company will need for first quarter FUTA is $270.72

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing and Assurance Services

Authors: Timothy Louwers, Allen Blay, David Sinason, Jerry Strawser, Jay Thibodeau

7th edition

978-1259573286, 1259573281, 978-1260152166

More Books

Students also viewed these Accounting questions

Question

=+yni for each i).

Answered: 1 week ago

Question

What are all the ways you count or measure customer complaints?

Answered: 1 week ago

Question

Do your staff and customers know these examples?

Answered: 1 week ago