Exam 7: Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

An employee has gross earnings of $2,400 with withholdings of 6.2% FICA-OASDI, 1.45 % FICA-Medicare, $100 for federal income tax and $40 for state income tax. How much is the gross pay? (Round any intermediate calculations to the nearest cent, and your final answer to the nearest whole dollar.)

Compute net earnings on March 3, when gross (taxable) pay equals $750. FICA-OASDI tax rates are 6.2%, FICA-Medicare rate is 1.45%, federal income tax $71.00, and state income tax $15.00. (Round your answer to the nearest whole dollar.)

Bill's Auction House's payroll for June includes the following data: What is the gross pay?

All employees must contribute to Federal and State income tax.

Todd earns an hourly rate of $30 and had taxes withheld totaling $240. What would his net earnings be if he worked 42 hours (assuming double time over 40 hours)?

Estimate the annual advance premium for workers' compensation insurance, and record it in general journal form using the following data:

An employee has gross earnings of $1,100 and withholdings of $60 FICA (OASDI and Medicare), and $50 for income taxes (FIT and SIT). The employer pays $60 FICA (OASDI and Medicare), $14 for SUTA, and $5.60 FUTA. What is the employer's total cost of the employee? (Round any intermediate calculations to the nearest cent, and your final answer to the nearest whole dollar.)

Betsy's Auction House's payroll for June includes the following data: What is the net pay? (Round intermediary calculations to the nearest cent and final answers to the whole dollar.)

From the following data, determine the FUTA tax liability for Sims Company for the first quarter. The FUTA tax rate is 0.6% on the first $7,000 of earnings. (Assume all quarters have 13 weeks.)

Payroll taxes include all of the following except:

Given the following payroll items you are to identify whether they are the responsibility of the employer and/or the employee by placing an X in the appropriate column. -

Carla's cumulative earnings before this pay period were $5,320, and gross pay for the week is $600. Assuming the wage base limit is $7,000, how much of this week's pay is subject to taxes for SUTA and FUTA?

If the employee has $700 withheld from their check for FICA-OASDI, what is the amount that the employer would need to pay?

Employers pay the following payroll taxes:

Which of the following taxes has a maximum amount an employee must pay in a year?

Which report would an employer review if they wanted to check how much an employee has earned to date?

The cost of workers' compensation insurance must be estimated and paid in advance by the employer.

Given the following payroll items you are to identify whether they are the responsibility of the employer and/or the employee by placing an X in the appropriate column. -

The individual employee earnings record provides a summary of the following for a single employee, except:

Under the Fair Labor Standards Act, for any hours that an employee works over 40 during a work week: