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pantera1 [17]
3 years ago
11

Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,338. FICA tax for S

ocial Security is 6.2% on the first $128,400 of earnings each calendar year and the FICA tax for Medicare is 1.45% of all earnings. The FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $1,383.47. What is the amount of the employer's payroll taxes expenses for this employee
Business
1 answer:
deff fn [24]3 years ago
4 0

Answer:

$1,057.86

Explanation:

Payroll taxes include:

  • Social security tax withholdings 6.2% (on the first $132,900 of wages paid) = 6.2% x $8,338 = $516.96
  • Medicare tax withholding 1.45% = 1.45% x $8,338 = $120.90
  • Federal unemployment taxes (FUTA)  0.6%  = $7,000 x 0.6% = $42
  • State unemployment taxes (SUTA) 5.4% = $7,000 x 5.4% = $378

total payroll taxes = $1,057.86

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Answer:

Interest Expense $39,600

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Payment of Interest Expense is the cash expense paid during the year which is deducted from the operating profit in the calculation of net income which is used to determine the cash flow from operating activities.

Interest on the Bond = $660,000 x 6% = $39,600

At the time of payment Journal Entry will be as follow

Dr. Interest Expense   $39,600

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2 years ago
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Answer: Mental budgeting.


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4 0
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