How do I do this?Selected information from the payroll register of Howard’s Cutlery for the week ended October 7, 20--, is presented. Social Security tax is 6.2% on the first $128,400 of earnings for each employee. Medicare tax is 1.45% on gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. Instructions1Taxable EarningsCumulative PayUnemployment2Employee NameBefore CurrentCurrent Gross PaySocial SecurityCompensationEarnings3 Carlson, David J.$6,635.00$950.004 Delgado, Luisa6,150.001,215.005 Lewis, Arlene S.54,375.002,415.006 Nixon, Robert R.53,870.001,750.007 Shippe, Lance W.24,830.001,450.008 Watts, Brandon Q.127,000.003,120.00 First QuestionTaxable EarningsEmployee NameCurrent EarningsUnemploy. Comp.Social SecurityCarlson, David J. SDelgado, LuisaLewis, Arlene s.Nixon, Robert R.Shippe, Lance W.Watts, Brandon Q.Total

For each employee, Security tax is applicable on the first $128,400 of earnings. For each employee,…

Answered: Selected information from the payroll…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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How do I do this?

Selected information from the payroll register of Howard’s Cutlery for the week ended October 7, 20--, is presented. Social Security tax is 6.2% on the first $128,400 of earnings for each employee. Medicare tax is 1.45% on gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings.

Instructions
1
Taxable Earnings
Cumulative Pay
Unemployment
2
Employee Name
Before Current
Current Gross Pay
Social Security
Compensation
Earnings
3 Carlson, David J.
$6,635.00
$950.00
4 Delgado, Luisa
6,150.00
1,215.00
5 Lewis, Arlene S.
54,375.00
2,415.00
6 Nixon, Robert R.
53,870.00
1,750.00
7 Shippe, Lance W.
24,830.00
1,450.00
8 Watts, Brandon Q.
127,000.00
3,120.00

First Question
Taxable Earnings
Employee Name
Current Earnings
Unemploy. Comp.
Social Security
Carlson, David J. S
Delgado, Luisa
Lewis, Arlene s.
Nixon, Robert R.
Shippe, Lance W.
Watts, Brandon Q.
Total

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