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MRI Company has one employee. FICA Social Security...

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Solution


Question

MRI Company has one employee. FICA Social Security taxes are 6.2% of the first $106,800 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For MRI, its FUTA taxes are 0.8% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay through August Gross Pay for September a. $ 6,400 $800 b. 18,200 2,100 c. 100,500 8,000 a) Compute MRI?s amounts for each of the above four taxes as applied to the employee?s gross earnings for September under situation (a). b) Compute MRI?s amounts for each of the above four taxes as applied to the employee?s gross earnings for September under situation (b). c) Compute MRI?s amounts for each of the above four taxes as applied to the employee?s gross earnings for September under situation (c).,Using the data in situation a of the above problem, prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $135 for this pay period.

 

Paper#4663 | Written in 18-Jul-2015

Price : $25
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