Solution-Prepare a table with the employee and cumulative

Prepare a table with the employee and cumulative pay

Assignment Help Financial Accounting

Reference no: EM131093459

Madison Company

Madison Company has nine employees. FICA Social Security taxes are 6.2% of the first $106,800 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.8% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows.

Employee	Cumulative Pay	Employee	Cumulative Pay	Employee	Cumulative Pay
Steve S	$ 6,000	Christina S	$156,800	Dana W	$116,800
Tim V	60,000	Michelle H	106,800	Stewart M	36,800
Brent G	87,000	Kathleen K	110,000	Sankha B	4,000

a. Prepare a table with the following column headings: Employee; Cumulative Pay; Pay Subject to FICA Social Security Taxes; Pay Subject to FICA Medicare Taxes; Pay Subject to FUTA Taxes; Pay Subject to SUTA Taxes. Compute the amounts in this table for each employee and total the columns.

b. For the company, compute each total for: FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes.

Reference no: EM131093459

Questions Cloud

Submerged in water : .4 rock with a mass of 729 g in air is found to have an apparentmassof 468 g when submerged in water (density is 1.000g/cm3). fl7:at mass of water is displaced?

Determine the cost of goods sold expense : Determine the cost of goods sold expense assuming Kramer had used the LIFO method instead of the FIFO method.

Design a second-order fir notch filter : a second order pole-zero notch filter for this purpose. In both cases choose the gain b0 so that |H(ω)| = 1 for ω = 0.

Consider investing there for six months : The spot exchange rate is $1.00 = ´100, and the six month forward rate is $1.00 = ´110. What must the interest rate in Japan (on an investment of comparable risk) be before you are willing to consider investing there for six months?

Prepare a table with the employee and cumulative pay : Prepare a table with the following column headings: Employee; Cumulative Pay; Pay Subject to FICA Social Security Taxes; Pay Subject to FICA Medicare Taxes; Pay Subject to FUTA Taxes; Pay Subject to SUTA Taxes.

Get money needed for the cash discount : Should carnation discount the note today, July 20, in order to get money needed for the cash discount? What is the amount of savings or loss?

Communicate clearly and effectively in a business : This discussion focuses on Program Outcome 7: Communicate clearly and effectively in a business environment. For this discussion, complete the following:

Difference - shared derived and ancestra derived features : What do we call species that are closely related used in a cladistic analysis to differentiate between shared derived and ancestra derived features?

The federal government implemented a policy : This assignment is worth 100 points toward your overall course average. The criteria used to grade this assignment includes the professional appearance of the document you submit, your ability to use the principles of supply and demand to critically ..

User Account

All Pages

Prepare a table with the employee and cumulative pay

Reference no: EM131093459

Reference no: EM131093459

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT