Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ultimate Accounting Services has the following payroll information for the week ending in December 7. State Income Tax is computed as 20 percent of Federal

image text in transcribedimage text in transcribed
Ultimate Accounting Services has the following payroll information for the week ending in December 7. State Income Tax is computed as 20 percent of Federal Income Tax. 7,000.00 580. 00 -_ 6,540.00 470.00 35 7.2 25,600.00 680. 00 75 -_ 45,000.00 900.00 90,200.00 1,100.00 35,000.00 890.00 Assumed tax rates are as follows: a. FICA: Social Security, (employer) 6.2 percent (0.062) and (employee) 6.2 percent (0.062) on the first $118,500 for each employee, and Medicare, 1.45 percent (0.0145) on all earnings for each employee. b. State unemployment tax, 5.4 percent (0.054) on the first $7,000 for each employee. c. Federal unemployment tax, 0.6 percent (0.006) on the first $7,000 for each employee. What you must do: Complete the attached payroll register (Unit 6 Payroll Question 4)(Exce| Spreadsheet). To assist, use the following information: 0 Payroll checks begin with Ck. No. 4510 in the payroll register. Payments Taxable Earnings Deductions Federal State Social Beginning Ending Social Income Income Security Medicare Net Check Cumulative Cumulative Total Amount No. Name Earnings Total Earnings Earnings Unemploy-ment Security Medicare Tax Tax Tax Tax 50.00 10.00 Trouble, M. 7,000.00 580.00 36.00 7.20 Dainty, D. 6,540.00 470.00 680.00 75.00 15.00 Joyner, T. 25,600.00 92.00 18.40 Madison, W. 45,000.00 900.00 245.00 49.00 Frank, G. 90,200.00 1, 100.00 46.00 9.20 Thomas, R. 35,000.00 390.00 209,340.00 4,620.00 544.00 108.80

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

Step: 3

blur-text-image

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

Corporate Financial Reporting And Analysis

Authors: S David Young, Jacob Cohen, Daniel A Bens

4th Edition

111949463X, 9781119494638

More Books

Students also viewed these Accounting questions

Question

=+ Identify the ethical dilemma in this scenario.

Answered: 1 week ago

Question

An action plan is prepared.

Answered: 1 week ago