The employees of Lillian's Interiors are paid on a semimonthly basis. Required: Compute the FICA taxes for the employees for December 31, 2022, pay period. All employees are single and have been employed for the entire calendar year. Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places.

The employees of Lillian's Interiors are paid on a semimonthly basis. Required: Compute the FICA taxes for the employees for December 31, 2022, pay period. All employees are single and have been employed for the entire calendar year. Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter13: Accounting For Payroll And Payroll Taxes

Section13.3: Reporting Withholding And Payroll Taxes

Problem 1OYO

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Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%).
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Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.
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ewe # Prolem Solving. Dtrectiona: Analyze arved solve the probleYs presented 2 79oblenn Servieer Tax is an indireea tax pasct bsy a service recerver to the wermment on or before 5 day of the month follawing the quarter for whach Vce tax in peytale with the exemption for the quarter ending march to be od on or before ehe 31 ar March The rate o sterest for delayed payment f service tax 1s 13 Szeppose vou failed to pay your service tax of 15, 000 00 far the month oof Jane to pv only on the 30th of July? What iss your innterest Iiabalty if you re member Michael have rgualar savinggs accournt wath an available balance of P 5, 000 00. month of the prevailing bank's interest rate 1s O.5%% per annum and the withholdeag fax is 20 7 Mow mauch net terest is earned by this deposit account for Kovs is an employee of MIKOY company and placed his money amounting to P100, O00.00 in a ume deposit account for 90 days with an interest rate of IS%. Considering 20% withholding tax. How much will be the net…
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The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%).