Each of the following items is accurately defined under FICA as taxable wages except:
a. value of meals furnished employees for the employer's convenience.
b. value of meals furnished employees for the employees' convenience.
c. Commissions.
d. dismissal pay.
Each of the following items is accurately defined under FICA as taxable wages except:
a. value of meals furnished employees for the employer's convenience.
b. value of meals furnished employees for the employees' convenience.
c. Commissions.
d. dismissal pay.
Related questions
The monthly and hourly wage schedule for the employees of Quirk,Inc., follows. No employees are due overtime pay. Round your answerto nearest cent. Compute the following for the last monthly pay ofthe year:
a. The total wages of each part-time employeefor December 2018.
b. The OASDI and HI taxable wages for eachemployee.
c. The FICA taxes withheld from each employee'swages for December.
d. Totals of columns. (Totals should include bothfull-time and part-time employees.)
e. The employer's FICA taxes for themonth.
| Employees | Total Monthly Payroll | OASDI Taxable Wages | OASDI Tax | HI Taxable Wages | HI Tax | ||
| Full-Time Office: | |||||||
| Adaiar, Gene | $1,380.00 | $ | $ | $ | $ | ||
| Crup, Jason | 1,290.00 | ||||||
| Essex, Joan | 1,805.00 | ||||||
| Garza, Irma | 1,905.00 | ||||||
| Leason, Mel | 1,810.00 | ||||||
| Pruit, Marne | 7,110.00 | ||||||
| Rubble, Deanne | 2,455.00 | ||||||
| Simpson, Dylan | 3,885.00 | ||||||
| Truap, Ann | 5,080.00 | ||||||
| Wilson, Trudy | 1,510.00 |
| Hours Worked | Hourly Rate | Total Monthly | OASDI Taxable Wages | OASDI Tax | HI Taxable Wages | HI Tax | |
| Part-Time Office: | |||||||
| Kyle, Judy | 119 | $8.35 | $ | $ | $ | $ | $ |
| Laird, Sharon | 115 | 8.25 | |||||
| Maxwell, Sara | 88 | 10.25 | |||||
| Nelson, Donna | 94 | 8.00 | |||||
| Scott, Kim | 107 | 9.65 | |||||
| Totals (all employees) | $ | $ | $ | $ | $ | ||
| OASDI | HI | |||
| Employer's FICA taxes | $ | $ |
Use the following tax rates and taxable wage bases: Employees' and Employer's OASDIâ6.2% both on $118,500; HIâ1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9% on wages in excess of $200,000 was not applicable.
During 2017, Amanda Hines, president of Dunne, Inc., was paid a semimonthly salary of $6,800. Determine the following amounts. Round your answers to the nearest cent. If your answer is zero, enter "0".
| OASDI | HI | |
| a. The amount of FICA taxes to withhold from her 9th pay is | $ | $ |
| b. The amount of FICA taxes to withhold from her 18th pay is | $ | $ |
| c. The amount of FICA taxes to withhold from her 24th pay is | $ | $ |
The following information pertains to a weekly payroll of Texera Tile Company:
a. The total wages earned by employees are $17,340.
b. The state unemployment insurance contribution rate is 3.5%.
c. The entire amount of wages is taxable under FICA, FUTA, and SUTA.
d. The amount withheld from the employees' wages for federal income taxes is $1,850; for state income taxes, $373.10; and for group insurance, $189.00.
Payment of Wages and the Payroll Taxes
Journalize the payment of wages, and record the payroll taxes for this payroll.
If an amount box does not require an entry, leave it blank or enter "0". Round your answers to the nearest cent.
| Account | Debit | Credit | |
| Payment of wages | Wages Expense | ||
| FICA Taxes Payable-OASDI | |||
| FICA Taxes Payable-HI | |||
| Employees FIT Payable | |||
| Employees SIT Payable | |||
| Group Insurance Premiums Collected | |||
| Cash | |||
| Payroll taxes | Payroll Taxes | ||
| FICA Taxes Payable-OASDI | |||
| FICA Taxes Payable-HI | |||
| FUTA Taxes Payable | |||
| SUTA Taxes Payable |
