PLS POST ANSWERS FOR ALL THESE QUES QUESTION 1 Christos Skantzaris\' business, S

Question

PLS POST ANSWERS FOR ALL THESE QUES

QUESTION 1 Christos Skantzaris' business, Skantzaris Consulting Incorporated, has 5 employees who are paid one week after the week they work. As of September 8, each employee's gross earnings for the year were as follows. Baker $129.600 Colantuonio $117.300 Gately $32.400 Perry Smith S6,900 $4.800 For this year, the OASDI FICA tax rate is 6 2% of the first $118,500 of each employees gross pay The Medicare FICA tax rate is 1 45% of each employees gross pay each employee has $6 withheld weekly for union dues Calculate the net pay for Skantzaris Consulting Incorporated's employee Baker for the week ended September 15. Baker currently earns a salary of $3,600 per week In addition to FICA taxes and union dues, the following were withheld from Baker's weekly earnings: $720 for federal income taxes and $180 for state income taxes a $2,694.00 . $3,600.00 C$2,641.80 d. $2,41860 e. $4,558.20

Explanation / Answer

1.ANSWER: c. $ 2641.80 Baker Weely wages 3600 Less: Deductions: Medicare(3600*1.45%) 52.2 Union dues 6 Federal Income tax 720 State Income tax 180 Net pay 2641.8 2. ANSWER: e. $ 1989 Colantuonio Weely wages 2800 Less: Deductions: FICA(118500-117300)*6.2% 74.4 Medicare(2800*1.45%) 40.6 Union dues 6 Federal Income tax 550 State Income tax 140 Net pay 1989 3. ANSWER: b. $ 660.15 Gately Weely wages(30*30) 900 Less: Deductions: FICA (900*6.2%) 55.8 Medicare(900*1.45%) 13.05 Union dues 6 Federal Income tax 120 State Income tax 45 Net pay 660.15 4. ANSWER: a. $ 216.05 Perry Weely wages(15*20) 300 Less: Deductions: FICA (300*6.2%) 18.6 Medicare(300*1.45%) 4.35 Union dues 6 Federal Income tax 40 State Income tax 15 Net pay 216.05 5.ANSWER: d. $ 138.70 Smith Weely wages(20*10) 200 Less: Deductions: FICA (200*6.2%) 12.4 Medicare(200*1.45%) 2.9 Union dues 6 Federal Income tax 30 State Income tax 10 Net pay 138.7 6. ANSWER: e. $ 8700 Gross amount 7. ANSWER: d. $ 6391.05 Net pay 8..ANSWER: a. A). Liabilities(+8700) & St.Equity(-8700) The Journal entry for the Oct. 6 payroll will be Salaries & wages expense 8700 Expense a/c(reduces net income/Retained Earnings &Equity in that order FIT payable 1600 Liability a/c.-Withholdings from salary-to be remitted SIT payable 435 Liability a/c.-Withholdings from salary-to be remitted OASDI payable 117.8 Liability a/c.-Withholdings from salary-to be remitted Medicare payable 126.15 Liability a/c.-Withholdings from salary-to be remitted Union dues payable 30 Liability a/c.-Withholdings from salary-to be remitted Salaries& wages payable 6391.05 Liability a/c.-Withholdings from salary-to be remitted 10.ANSWER: b. $ 264.12 FICA Baker(Crossed 118500) 0 Colantuonio 2800*6.2%= 173.6 Gately 810*6.2%= 50.22 Perry 400*6.2%= 24.8 Smith 250*6.2%= 15.5 Total 264.12 12. ANSWER: b. $ 3.90 Baker(Crossed 7000) 0 Colantuonio (Crossed 7000) 0 Gately (Crossed 7000) 0 Perry 400*0.6%= 2.4 Smith 250*0.6%= 1.5 Total 3.9 13. ANSWER: d. $ 26.00 Baker(Crossed 7000) 0 Colantuonio (Crossed 7000) 0 Gately (Crossed 7000) 0 Perry 400*4%= 16 Smith 250*4%= 10 Total 26

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