Question 1 On Dec. 31, this year - Mike received his last paycheck for the year

Question

Question 1

On Dec. 31, this year - Mike received his last paycheck for the year as a construction worker. Up to now he had earned $35,600. His bi-weekly paycheck is $1,424.

A.How much money will be withheld from Mike’s final paycheck for FICA SS Tax and FICA Medicare Tax?

B. How much will Mike’s employer send to the IRS. (remember to include Mike’s portion and the employer’s portion)

Question 2

Veneskey and CO a new company, has 3 employees For the 4th quarter.    Jerry earns $20/hour and Sara earns $25/hour .   They work 40 hours per week. Jerry has earned $40,000 and Sara has earned $50,000 so far this year (up to Dec. 25th).    George is salaried and has earned $113,000 thus far and will earn $2,300 this pay period.   Everyone is paid weekly. Assume Jerry and Sara both have $75 taken out for Federal Withholdings per week and George has $175 taken out per week.  

Instructions:

Prepare a Payroll Register for this final pay. (Refer to notes)

Prepare the Journal Entry for this final pay

Explanation / Answer

A Biweekly check amount 1424 FICA SS TAX 88.288 (1424*6.2%) FICA medicare tax 20.648 (1424*1.45%) Total money withheld 108.936 B MIKE's portion FICA SS TAX 88.288 (1424*6.2%) FICA medicare tax 20.648 (1424*1.45%) Employers portion FICA SS TAX 88.288 (1424*6.2%) FICA medicare tax 20.648 (1424*1.45%) Total amount 217.872

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.