QUESTION 1
QUESTION #2 Part 1
QUESTION #2 Part 2
Claude Lopez is the president of Zebra Antiques. His employee, Dwight Francis, is due a raise. Dwight's current benefit analysis is as follows: Yearly Benefit Costs Medical insurance Dental insurance Life insurance Employee Cost (Current) $ 1,065.00 $ 180.00 Company Cost (Current) $ 7,100.00 $ 180.00 $ 312.00 $ 156.00 $ 62.40 $ 31.20 AD&D $ 780.00 Short-term disability Long-term disability 401(k) Social Security Medicare Tuition reimbursement Total yearly benefit costs (employer) Employee's annual salary Total value of employee's compensation a 0 $ 1,560.00 $ 3,146.81 $ 735.95 $ 3,146.81 $ 735.95 $ 2,600.00 $ 15,104.36 $ 52,000.00 $ 67, 104.36 Required: Compute the benefit analysis assuming: 7 percent increase in pay. . 3 percent contribution to 401(k) will remain the same with a company match of 50 percent. 10 percent increase in medical and dental insurance premiums. (Round your answers to 2 decimal places.) * Answer is not complete. Yearly Benefit Costs Medical insurance Dental insurance Company Employee Cost (New) Cost (New) $ 7,810.00 $ 1,171.50 $ 198.00 $ 198.00 $ 312.00 0 $ 156.00 0 $ 62.40 0 Life insurance $ 31.20 AD&D Short-term disability Long-term disability 401(k) Social Security Medicare XXoooo $ 780.00 $ 3,224.00 X $ 0 1,560.00 X 3,224.00 X 754.00 X $ $ 754.00 $ $ 2,600.00 0 Tuition reimbursement Total yearly benefit costs (employer) Employee's annual salary Total value of employee's compensation $ 55,640.00 55,640.00 $ ! Required information Problem 6-4A & 6-5A (Algo) [The following information applies to the questions displayed below.) Joseph Farmer earned $126,600 in 2020 for a company in Kentucky. He is single with one dependent under 17 and is paid monthly. The FUTA rate in Kentucky for 2020 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $10,800. Use the percentage method (or the IRS federal income tax withholding assistant) in Appendix Cand the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. Problem 6-4A (Algo) Required: Compute the following employee share of the taxes. (Do not round intermediate calculation. Round your final answer to 2 decimal places) Federal income tax withholding Social Security tax Medicare tax State income tax withholding Required information Problem 6-4A & 6-5A (Algo) (The following information applies to the questions displayed below.) Joseph Farmer earned $126,600 in 2020 for a company in Kentucky. He is single with one dependent under 17 and is paid monthly. The FUTA rate in Kentucky for 2020 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $10,800. Use the percentage method (or the IRS federal income tax withholding assistant) in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. Problem 6-5A (Algo) Required: Compute the employer's share of the taxes. (Do not round intermediate calculation. Round your final answer to 2 decimal places.) Answer is not complete. $ 0.00 Federal income tax withholding Social Security tax Medicare tax $ 7,812.00 X FUTA tax $ 42.00 SUTA tax $ 583.20 0.00 State income tax withholding $ Claude Lopez is the president of Zebra Antiques. His employee, Dwight Francis, is due a raise. Dwight's current benefit analysis is as follows: Yearly Benefit Costs Medical insurance Dental insurance Life insurance Employee Cost (Current) $ 1,065.00 $ 180.00 Company Cost (Current) $ 7,100.00 $ 180.00 $ 312.00 $ 156.00 $ 62.40 $ 31.20 AD&D $ 780.00 Short-term disability Long-term disability 401(k) Social Security Medicare Tuition reimbursement Total yearly benefit costs (employer) Employee's annual salary Total value of employee's compensation a 0 $ 1,560.00 $ 3,146.81 $ 735.95 $ 3,146.81 $ 735.95 $ 2,600.00 $ 15,104.36 $ 52,000.00 $ 67, 104.36 Required: Compute the benefit analysis assuming: 7 percent increase in pay. . 3 percent contribution to 401(k) will remain the same with a company match of 50 percent. 10 percent increase in medical and dental insurance premiums. (Round your answers to 2 decimal places.) * Answer is not complete. Yearly Benefit Costs Medical insurance Dental insurance Company Employee Cost (New) Cost (New) $ 7,810.00 $ 1,171.50 $ 198.00 $ 198.00 $ 312.00 0 $ 156.00 0 $ 62.40 0 Life insurance $ 31.20 AD&D Short-term disability Long-term disability 401(k) Social Security Medicare XXoooo $ 780.00 $ 3,224.00 X $ 0 1,560.00 X 3,224.00 X 754.00 X $ $ 754.00 $ $ 2,600.00 0 Tuition reimbursement Total yearly benefit costs (employer) Employee's annual salary Total value of employee's compensation $ 55,640.00 55,640.00 $ ! Required information Problem 6-4A & 6-5A (Algo) [The following information applies to the questions displayed below.) Joseph Farmer earned $126,600 in 2020 for a company in Kentucky. He is single with one dependent under 17 and is paid monthly. The FUTA rate in Kentucky for 2020 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $10,800. Use the percentage method (or the IRS federal income tax withholding assistant) in Appendix Cand the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. Problem 6-4A (Algo) Required: Compute the following employee share of the taxes. (Do not round intermediate calculation. Round your final answer to 2 decimal places) Federal income tax withholding Social Security tax Medicare tax State income tax withholding Required information Problem 6-4A & 6-5A (Algo) (The following information applies to the questions displayed below.) Joseph Farmer earned $126,600 in 2020 for a company in Kentucky. He is single with one dependent under 17 and is paid monthly. The FUTA rate in Kentucky for 2020 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $10,800. Use the percentage method (or the IRS federal income tax withholding assistant) in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. Problem 6-5A (Algo) Required: Compute the employer's share of the taxes. (Do not round intermediate calculation. Round your final answer to 2 decimal places.) Answer is not complete. $ 0.00 Federal income tax withholding Social Security tax Medicare tax $ 7,812.00 X FUTA tax $ 42.00 SUTA tax $ 583.20 0.00 State income tax withholding $
