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- PSb 5-4 Calculate SUTA Tax For each of the following independent circumstances calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500. NO TE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.PSb 5-5 Calculate FUTA and SUTA Tax For each of the following independent circumstances calculate both the FUTA and SUTA tax owed by the employer: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6,100 and $8,800. During the current pay period, these employees earn $1,450 and $2,000, respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $16,500. FUTA tax = $ 0.00 SUTA tax = $ 72.45 2: An employer in Bridgeport, Connecticut, employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,500, $12,900, and $14,200. During the current pay period, these employees earn $2,200, $1,950, and $2,400, respectively. The applicable SUTA tax rate is 4.9%, and the Connecticut SUTA threshold is…Question 11: Where are the withholding tables used for the wage-bracket method of determining federal income withholding found? Answer: A. Form l-9 В. Payroll register С. Form W-4 Publication 15-T B. D.
- PSa 3-2 Calculate Gross Pay & Taxable Pay For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax.NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.PSb 5-4 Calculate SUTA Tax For each of the following independent circumstances calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500. NO TE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: A-1 Framing employs three workers who, as of the beginning of the current pay period, have earned $8,550, $8,200, and $7,400. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $1,000, $1,350, and $1,800, respectively. SUTA tax = $ 2: Mrs. Fix-lt Corp. employs two workers who, as of the beginning of the current pay period, have earned $4,200 and $6,500. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $2,700 and $2,400, respectively. SUTA tax = $ 3: Burger Bites Restaurant employs 51 workers who, for the current pay period, earn total taxable pay of $87,450. Of this…Psa 3-3 Calculate Federal Income Tax Withholding Using the Wage-Bracket Method (Pre-2020 Form W-4) For each employee listed, use the wage-bracket method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to Publication 15-T NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1 Sam Colendge (married, 4 federal withholding allowances) earned weekly gross pay of $565 00 Federal income tax withholding-S 2. Michael Kolk (single: 2 federal withholding allowances) earned biweekly gross pay of $975 He participates in a flexible spending account, to which he contributes $100 during the period Federal income tax withholding-5 3: Anita McLachlan (single. O federal withholding allowances) earned monthly gross pay of $2,440 For each period, she makes a 401(k) contribution of 9% of gross pay Federal income tax withholding $ 4 Stacey Williamson…
- PSc 3-5 Calculate Federal Income Tax Withholding Using Two Methods (Pre-2020 Form W-4) For each employee listed, use both the wage-bracket method and the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to Publication 15-T. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Michael Daugherty (married; 5 federal withholding allowances) earned weekly gross pay of $875. For each period, he makes a 403(b) retirement plan contribution of 14% of gross pay. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $ 2: Carol Harrison (single; 0 federal withholding allowance) earned daily gross pay of $210. For each period, she makes a 401(k) contribution of 13% of gross pay. Using wage-bracket method: Federal income tax withholding = $ Using percentage…PSa 5-9 Calculate Self-Employment Tax For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files tax returns under Single status.NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1:Annabelle Jefferson earns net self-employment income of $68,400. She does not work a second job.Self-Employment tax = 2:Alexander Ryan earns net self-employment income of $117,800. He works a second job from which he receives FICA taxable earnings of $55,300.Self-Employment tax = 3:Morgan Cruise earns net self-employment income of $223,400. She works a second job from which she receives FICA taxable earnings of $114,200.00.Self-Employment tax =Question 5: Which of the following employee taxes is matched by the employer? Answer: А. State unemployment tax Federal income tax C. Medicare tax D. Federal unemployment tax B.
- Question 1 Under which circumnstances should a company disclose contingent liabilites in the footnotes of the financial statements? I. When it is probable the company will suffer a loss and the liability can be measured II. When it is probable the company will suffer a loss but the liability cannot be measured III. When is it only reasonably possible that the company will suffer a loss Il and II O l only I and II O , I, IIPSc 3-5 Calculate Federal Income Tax Withholding Using Two Methods (pre-2020 Form W-4) For each employee listed, use both the wage-bracket method and the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to the Federal Tax Tables in Appendix A of your textbook. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Publication 15-T (2020) 1: Michael Daugherty (married; 5 federal withholding allowances) earned weekly gross pay of $855. For each period, he makes a 403(b) retirement plan contribution of 12% of gross pay. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $ 2: Carol Harrison (single; 0 federal withholding allowance) earned daily gross pay of $250. For each period, she makes a 401(k) contribution of 10% of gross pay. Using wage-bracket…PSb 5-2 Determine the Taxable Earnings Subject to FUTA Tax For each of the described pay periods, determine the taxable earnings subject to FUTA tax: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: A business employs three individuals, whose taxable earnings to date (prior to the current pay period) are $12,200, $5,250 and $3,000. During the current pay period, these employees earn $2,400, $2,000 and $1,350, respectively. Taxable earnings subject to FUTA tax = $ 2: A business employs two individuals, whose taxable earnings to date (prior to the current pay period) are $3,000 and $31,400. During the current pay period, these employees ean $3,300 and $1,450, respectively. Taxable earnings subject to FUTA tax = $ 3: A business employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,200, $46,700 and $500. During the current pay period,…