Calculating Employee Earnings
What is the amount of regular employee earnings based on the information below:
Regular Hours: 40
Pay Rate: $15
What is the definition of withholding allowance?
What is a deduction from total earnings for each person legally supported by a taxpayer, including the employee?
What is a payroll register?
What is a document that summarizes the earnings, deductions, and net pay of all employees for one pay period?
The amounts withheld for income tax, social security tax, and Medicare tax are recorded as a what?
a. Expenses
b. Liabilities
c. Assets
d. Withdrawals
What is Liabilities?
What is the definition for deposit?
What is the payment of payroll taxes to the government?
What is the overtime rate based on the information below?
Pay Rate: $13
Overtime rate is 1.5 times the pay rate
What is $19.50?
What is the definition of payroll deduction?
What is any amount withheld from an employee’s gross earnings?
What is the net pay for this employee based on information below?
Total Earnings: $2,567
Federal Income Tax: $45
Social Security Tax: $159.15
Medicare Tax: $37.22
What is $2,325.63?
Social security tax and Medicare tax are the only payroll taxes paid by both the ______ and _______
What is Employer & Employee?
If a company is a monthly depositor for their federal tax payments, when is the amount due?
What is the 15th of the next month?
What is the definition of commission?
What is a method of paying an employee based on the amount of sales the employee generates?
What is the definition for social security tax?
What is a federal tax paid for old-age, survivors, and disability insurance
What are the withholding amounts for federal income tax, social security tax, and Medicare tax based on the information below? Use a social security tax rate of 6.2% and a Medicare tax rate of 1.45%
Marital Status: Single
Withholding Allowances: 3
Total Earnings: $1,485.00
Federal Income Tax Withheld: $108
Social Security Tax Withheld: $92.07
Medicare Tax Withheld: $21.53
Complete the calculation of FUTA earnings based on information below: FUTA tax base is $7,000
Prior Accumulated Earnings: $5,000
Earnings to Equal FUTA Tax Base: ?
Earnings for Current Pay Period: $850
FUTA Earnings: ?
Earnings to Equal FUTA Base: $2,000
($7,000-Prior Accumulated Earnings)
FUTA Earnings: $850
(The lesser of Earnings to Equal FUTA Base & Earnings for Current Pay Period)
When a semimonthly payroll is paid, the credit to Cash is equal to the
What is Net Pay?
What does a semimonthly pay period mean?
What is you get paid twice a month?
What is the definition for Medicare Tax?
What is a federal tax paid for hospital insurance?
What account title is used to journalize the Total Earnings column of the payroll register?
What is Salary Expense?
Complete the calculation of FUTA earnings based on information below: FUTA tax base is $7,000
Prior Accumulated Earnings: $25,000
Earnings to Equal FUTA Tax Base: ?
Earnings for Current Pay Period: $1,000
FUTA Earnings: ?
Earnings to Equal FUTA Tax Base: 0.00
($7,000-Prior Accumulated Earnings)
(Would be a negative number, so you enter 0)
FUTA Earnings: 0.00
(Lesser of Earnings to Equal FUTA Tax Base & Earnings for Current Pay Period)
Look at the picture that I'm going to provide. Based on the information in the picture, what should the amounts be that you would record in the bottom half of the 941 Form?
Month One: 3,744
Month Two: 3,045
Month Three: 5,751
Total: 12,540
What is the Total Earnings based on the information below?
Regular Hours: 80
Overtime Hours: 12
Pay Rate: $15
Overtime hours is paid at 1.5 times the regular rate.
What is $1,470?
What is the total deduction for Social Security & Medicare tax based on the information below?
Total Earnings: $2,565
Social Security Tax Rate: 6.2%
Medicare Tax Rate: 1.45%
Social Security: $159.03
Medicare: $37.19
Total Deductions: $196.22
What is the journal entry for the August 1-15 payroll using the payroll register information below:
Total Earnings: $7,280
Federal Income Tax: $492
Social Security Tax: $451.36
Medicare Tax: $105.56
Health Insurance: $390
Retirement Contributions: $450
Net Pay: $5,391.08
Salary Expense 7,280 (Dr.)
Employee Income Tax Payable 492 (Cr.)
Social Security Tax Payable 451.36 (Cr.)
Medicare Tax Payable 105.56 (Cr.)
Medical Insurance Payable 390 (Cr.)
Retirement Benefits Payable 450 (Cr.)
Cash 5,391.08 9 (Cr.)
December 15. Recorded employer payroll taxes expense, $757.01, for the semimonthly pay period ended December 15. Taxes owed are: social security tax, $500.77; Medicare tax, $117.11; federal unemployment tax, $17.95; state unemployment tax, $121.18. Memorandum No. 44.
Payroll Tax Expense: 757.01 (Dr.)
Social Security Tax Payable: 500.77 (Cr.)
Medicare Tax Payable: 117.11 (Cr.)
Unemployment Tax Payable- Federal: 17.95 (Cr.)
Unemployment Tax Payable- State: 121.18 (Cr.)
What is the journal entry for the payment of payroll liabilities made by the company?
January 15. Paid cash for liability for employee income tax, $900.00; social security tax, $2,000.06; and Medicare tax, $470.14; total, $3,370.20. Check No. 748.
Employee Income Tax Payable: 900 (Dr.)
Social Security Tax Payable: 2,000.06 (Dr.)
Medicare Tax Payable: 470.14 (Dr.)
Cash: 3,370.20 (Cr.)