National Storage employs 88 workers with a gross monthly payroll of $137,000. Fringe benefits are 8.4% of payroll for a profit sharing plan and $9.23 per employee for life insurance. What percent of payroll is the total cost of fringe benefits? Round your answer to the nearest tenth of a percent. ______%
Q: Assume the following data for Blossom Home Appliance Repair for the payroll quarter ended March 31.…
A: Social Security tax = Social Security Taxable Earnings x Social Security tax rate = $128400*6.20% =…
Q: Calculate the weekly Net Pay for the first week in February 2021: Set up the employee in detail…
A: Payroll refers to the slip of payment to the employees. It also includes the calculation and…
Q: DSD Corp. has the following salary information for 3 employees: Employee Years Worked Avg. Salary…
A: Salary refers to the amount of compensation or remuneration provided to the workers of the…
Q: An employee earned $61,700 during the year working for an employer. The FICA tax rate for Social…
A: The employee has earned $ 61700 during the year
Q: Bear Island Ltd has a weekly payroll of $350 000. The employees receive entitlements to 3 weeks’…
A: Here in this question we are required to make entry for sick leave expense entitlement. When any…
Q: DSD Corp. has the following salary information for an employee: Employee Years Worked Average…
A: Number of years worked = 28 Annual benefit = $7,000
Q: Carbon Neutral Inc. has four employees who work on an hourly basis and are paid semi-monthly. The…
A: Payroll The purpose of preparing the payroll worksheet which know the details of the total…
Q: An employee has year-to- date earnings of $41,050. The employee's gross pay for the next pay period…
A: Federal Insurance Contributions Act tax: It is a federal payroll contribution that is directed for…
Q: P a y t o n company payroll for the year is $747,930. Of this amount, $469,230 is for wages paid e x…
A: Total unemployment taxes=Net Futa tax+Net suta tax
Q: Big Pine Tree Service has 18 employees, 12 with gross earnings of $350 per week and 6 with gross…
A: Payroll taxes The employer is required to pay a certain percentage to the government on the behalf…
Q: An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social…
A: Federal Unemployment Tax Act (FUTA): The federal unemployment tax is welfare scheme of a social…
Q: mpute and record workers' compensation insurance premiums for Fairlawn Manufac The firm estimates…
A: The amount due to be paid to creditors or employee is recorded as liabilities in the balance sheet.
Q: How much deducted each month from her paycheck for medical insuraance?
A: Given information is: Ruth lockwood earns $2,917 a month as a supervisor for Acme steel. Her group…
Q: Whartside Mahutacturing estimates that its office employees will earn $56,000 next year and its…
A: Estimated premiums is a kind of worker's compensation insurance which depends on the various…
Q: National Storage employs 88 workers with a gross monthly payroll of $139,000. Fringe benefits are…
A: Formula: Fringe benefits amount = Gross monthly payroll x Fringe benefits % of payroll Multiplying…
Q: A paving company has 24 employees, 15 with gross earnings of $355 per week and nine with gross…
A: Calculation of total social security and Medicare tax for the first quarter of the year: It was…
Q: A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross…
A: The number of employees of paving company = 24 The gross earnings of 15 employees per week = $365 *…
Q: JYD Accounting Firm pays its employees at a rate of $50/hr. The tax and other deductions amount to…
A: Net pay = Gross pay - taxes and other deductions
Q: A health insurance policy costs $275/month and pays $100,000 for a major illness. The probability…
A: The expected net profit is the difference between the amount received by the company and the amount…
Q: Toren Inc. employs one person to run its solar management company. The employee's gross income for…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Seaside Hotels employs 64 workers with a gross weekly payroll of $43,536.00. Fringe benefits are…
A: Fringe benefits are benefits that are paid to employees in additional to their normal wages or…
Q: Dixon Sales has six employees that receive weekly paychecks. Each employee earns $14.00 per hour and…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: ABC Co. distributes annual bonus to its sales manager. The company reported P2 million profit for…
A: The net income after tax is calculated as follows: Net income after tax = Net income before income…
Q: An employee has year-to-date earnings of $115,400. The employee’s gross pay for the next pay period…
A: Earnings subject to tax = Wages base - year-to-date earnings = $118,500 - $115,400 = $3,100
Q: ABC Co. distributes annual bonus to its sales manager. The company reported 2 million profit for…
A: The net profit after tax is calculated as difference between net income and income tax.
Q: Bear Island Ltd has a weekly payroll of $300 000. The employees receive entitlements to two weeks’…
A: Journal entry is the process of recording the business transactions in the accounting books for the…
Q: An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social…
A: Step 1 The unemployment taxes (FUTA) of $42 is obtained by multiplying the earnings of $7,000 with…
Q: National Storage employs 88 workers with a gross monthly payroll of $135,000. Fringe benefits are…
A: Total fringe benefit = 8.8%of payroll + ($9.21 * 88 workers )
Q: to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is…
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: per employee for discount club memberships. What percent of payroll is the total cost of fringe…
A: A fringe benefit is any non wage payment or benefit offered to employees by their employers (for…
Q: XYZ Company employs 30 individuals. Eighteen employees
A: Mixed cost : In simple words, The word "mixed costs" in finance relates to costs and expenditures…
Q: nal Storage employs 88 workers with a s monthly payroll of $133,000. Fringe efits are 8.6% of…
A: As you posted multiple questions we are answering only one question. Kindly repost the unanswered…
Q: Logan Corporation has 100 employees, 30 in "A-line," and 70 in "B-line." Logan incurred $280,000 in…
A: Fringe benefits are the benefits like insurance, profit sharing programs etc given to employees
Q: The mean annual salary for employees at a company is $39,000. At the end of the year, each…
A: Compute 5% raise on salary as shown below:
Q: Determine the annual cost for the following employee. Last year the employee worked 2,300 hours and…
A: Annual cost of the employee includes payment of taxes and payment to employees.
Q: A company has four employees who each work 40 hours per week and earn $38 per hour. Federal tax on…
A: Payroll tax expense of employer includes social security tax , medicare tax and unemployment taxes.…
Q: DSD Corp. has the following salary information for 3 employees: Employee Years Worked Avg. Salary…
A: Pension is a part of defined contribution plan in which the employer promises to pay the retiring…
Q: National Storage employs 88 workers with a gross monthly payroll of $131,000. Fringe benefits are…
A: Total fringe benefit =(Payroll * fringe benefit %) + (rate of life insurance * no. of worker)
Q: Peyton Company's payroll for the year is$737,910. Of this amount, 472,120 is for wages paid in…
A: Unemployment taxes include : FUTA Tax: FUTA tax stands for tax under The Federal Unemployment Tax…
Q: 1.A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Greenwell Ltd. located in Alberta has a workers' compensation premium rate of $4.55 per $100.00of…
A: Assessable earnings refers to the gross amount of earnings earned by a worker or an individual up…
Q: An employee has year-to-date earnings of $115,400. The employee’s gross pay for the next pay period…
A:
Q: Toren Inc. employs one person to run its solar management company. The employee's gross income for…
A: Answer A:
Q: Dainty Ltd has an average weekly payroll of $200 000. The employees are entitled to 2 weeks',…
A: Given information is: Dainty Ltd has an average weekly payroll of $200 000. The employees are…
Q: P22,076 P18,846 Compute the grossed-up monetary value of the fringe benefits P63,076 P41,000
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: East Coast DVD employs 54 workers with a gross biweekly payroll of $98,126.00. Fringe benefits are…
A: In this question we need to compute the total cost of fringe benefits.
Q: A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Family Flowers employs 17 people, of whom 14 earn gross pay of $660.00 each and 3 earn gross pay of…
A: Number of people employed are 17 Out of which 14 earn $660 each and 3 earn $740 each.
Q: Dainty Ltd has an average weekly payroll of $200 000. The employees are entitled to 2 weeks', non-…
A: The conceptual formula used:
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- National Storage employs 88 workers with a gross monthly payroll of $131,000. Fringe benefits are 8.6% of payroll for a profit-sharing plan and $9.23 per employee for life insurance. What percent of payroll is the total cost of fringe benefits? Round your answer to the nearest tenth of a percent.nal Storage employs 88 workers with a s monthly payroll of $133,000. Fringe efits are 8.6% of payroll for a profit- g plan and $9.23 per employee for life insurance. ercent of payroll is the total cost of penefits? Round your answer to the E tenth of a percent.15.Seaside Hotels employs 64 workers with a gross weekly payroll of $49,536.00. Fringe benefits are $34.33 per employee for dental insurance and $4.86 per employee for discount club memberships. What percent of payroll is the total cost of fringe benefits? (Round your answer to the nearest tenth of a percent.) 1.4% 3.7% 5.1% 10.1%
- Seaside Hotels employs 64 workers with a gross weekly payroll of $43,536.00. Fringe benefits are $34.33 per employee for dental insurance and $4.86 per employee for discount club memberships. What percent of payroll is the total cost of fringe benefits? (Round your answer to the nearest tenth of a percent.) A.1.4% B.4.4% C. 5.8% D.11.5%Capital Construction employs 79 workers with a gross weekly payroll of $33,076.00. Fringe benefits are $32.98 per employee for dental insurance, $5.15 per employee for discount club membership and 6.6% of payroll for a pension plan. What is the total cost of fringe benefits? the options are: a. 2183.02 b. 2605.42 c. 3012.27 d. 5195.291.A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross earnings of $395 per week. What is the total social security and Medicare tax (in $) the company must send to the Internal Revenue Service for the first quarter of the year? $ ______ 2.National Storage employs 88 workers with a gross monthly payroll of $131,000. Fringe benefits are 8.2% of payroll for a profit sharing plan and $9.23 per employee for life insurance. What percent of payroll is the total cost of fringe benefits? Round your answer to the nearest tenth of a percent. _____ %
- East Coast DVD employs 54 workers with a gross biweekly payroll of $94,126.00. Fringe benefits are $14.18 per employee for life insurance and 12.3% of payroll for a stock purchase plan. What is the total cost of fringe benefits? O $3,085.80 O $6,171.61 O $12,343.22 O $104,342.221.A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross earnings of $395 per week. What is the total social security and Medicare tax (in $) the company must send to the Internal Revenue Service for the first quarter of the year? $ _______ 2.National Storage employs 88 workers with a gross monthly payroll of $131,000. Fringe benefits are 8.2% of payroll for a profit sharing plan and $9.23 per employee for life insurance. What percent of payroll is the total cost of fringe benefits? Round your answer to the nearest tenth of a percent. ______% 3.Marc Batchelor, a self-employed sales consultant, has estimated annual earnings of $307,000 this year. His social security tax rate is 12.4% up to the wage base, Medicare is 2.9%, and his federal income tax rate is 24%. How much estimated tax (in $) must Marc send to the IRS each quarter? $ ______East Coast DVD employs 54 workers with a gross biweekly payroll of $98,126.00. Fringe benefits are $14.18 per employee for life insurance and 12.3% of payroll for a stock purchase plan. What is the total cost of fringe benefits? a) $3,208.80 b) $6,417.61 c) $12,835.22 d) $104,834.22
- Given the information below, what are the Assistant Project Manager's total wages and allowances? . . . . . . Assistant Project Manager Makes $65,000 per year Gets a $2000 Christmas bonus Gets $500/mo truck allowance Medicare tax is 1.45% of entire wage Social Security tax is 6.2% of first $128,700 of wages No SUTA . . .. . . (FUTA) Company can take the full 5.4% credit against the FUTA liability Company's compensation insurance rate is $2.04 per $100 in wages Company's general liability insurance rate for office personnel is 0.70% of wages Company pays $150/month to health insurance with $250 deducted from . 4 employee's paycheck Company matches employee's contributions to a 401(k) plan at a rate of $0.50 per $1.00 contributed by the employee on the first 6% of employees' wages (including allowances) 50% match up to 6% of wages for 401(k) plan O $68,000 $73,000 $70,000 $65,000Compute and record workers' compensation insurance premiums for Fairlawn Manufacturing as follows: 1. The firm estimates that its office employees will earn $57,000 next year and its factory employees will earn $184,000. The firm pays the following rates for workers' compensation insurance: $0.50 per $100 of wages for the office employees and $4.00 per $100 of wages for the factory employees. Compute the estimated premiums for 20X1. In the general journal, record the payment of the estimated premium. Date the entry as January 12, 20X1. 2. On January 3, 20X2, an audit of the firm's payroll records for 20X1 showed that the firm had actually paid wages of $59,000 to its office employees and $187,000 to its factory employees. Compute the actual premium for the year and the balance due to the insurance company or the credit due to the firm. In the general journal, record the entry to adjust the Workers' Compensation Insurance Expense as of the end of 20X1. Date the entry December 31, 20X.…DSD Corp. has the following salary information for an employee: Employee Years Worked Average Salary last 3 years of service Career average salary Sheila 28 $326,000 $131,000 If relevant, the annual payout is 9 percent, and the annual benefit is $7,000 per year of service, calculate the annual benefit for Sheila assuming the Flat Benefit Formula is used. (Do not round intermediate calculations. Round your answer to a whole number.)