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Experience:  Post Graduate Diploma in Management (MBA)
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# rng co. has one employee and the company is subject to the f

### Resolved Question:

rng co. has one employee and the company is subject to the following taxes

fica-social security ........6.20%   first \$ 102000
fica-medicare.................1.45   all gross pay
futa..........................0.80    first \$7000
suta..........................2.90    first \$7000

compute RNG's amounts for each o these four taxes as applied to the employee's gross earnings for september under each of three separate situations a, b, and c.

grosspay           gross pay
through august      pay for september

a. \$ 5900           \$ 2100
b. \$ 17,700            2500
c. \$ 95700             7400
Submitted: 6 years ago.
Category: Homework
Expert:  Linda_us replied 6 years ago.
HiCustomerbr />

a)

Total Pay till September = 5900 + 2100 = 8000

Fica-social security ........= 2100*6.20% = \$130.2
fica-medicare.................=2100*1.45% = \$30.45
futa..........................1100*0.80%= \$8.8
suta..........................1100*2.90%=\$31.9

b)

Total Pay till September =17,700+2500=20,200

Fica-social security ........= 2500*6.20% = \$155.00
fica-medicare.................=2500*1.45% = \$ 36.25
futa.......................... Zero (As its paid only on first 7000 and gross pay till August exceed 7000)

suta..........................Zero (As its paid only on first 7000 and gross pay till August exceed 7000)

c)

Total Pay till September =95700+7400=103100

Fica-social security ........= 6300*6.20% = \$390.6
fica-medicare.................=7400*1.45% = \$107.3
futa..........................Zero (As its paid only on first 7000 and gross pay till August exceed 7000)
suta..........................Zero (As its paid only on first 7000 and gross pay till August exceed 7000)

Regards

Linda

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Edited by linda_us on 10/18/2009 at 12:28 AM EST
Linda_us, Finance, Accounts & Homework Tutor
Category: Homework
Satisfied Customers: 7290
Experience: Post Graduate Diploma in Management (MBA)
Customer: replied 6 years ago.
using the data in situation a of exercise 11-6 prepare the employers september 30 journal entries to record (1) salary expense and its related payroll liabilities for this employee and (2) the employers payroll taxes expense and its related liabilities . The employees federal income taxes withheld by the employer are \$ 250 for this pay period.
Customer: replied 6 years ago.
can you help me out with that privious question on the journal entries
Expert:  Linda_us replied 6 years ago.

You need to spend \$3 to view this post. Add Funds to your account and buy credits.
Linda_us, Finance, Accounts & Homework Tutor
Category: Homework
Satisfied Customers: 7290
Experience: Post Graduate Diploma in Management (MBA)

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