Payroll exercises -
Exercise 1: Calculation of the total payment to an employee
Weekly gross income of Roberto Rivera during the week ended September 5 totaled $ 800, and withholding federal income tax was $ 102.95. Before this week, Rivera had won $ 24,000 during the year. Under the assumption that the social security rate is 6% on the first $ 100,000 of annual income and Medicare is 1.5% of all income, what is the net salary of Rivera?
Exercise 2: Net employee's salary
Weekly gross income of Ted Ruiz during the week ending Dec. 18 were $ 2,000, and withholding federal income tax totaled $ 396.19. Before this week, Ruiz had won $ 98,500 during the year. Under the assumption that the social security rate is 6% on the first $ 100,000 in annual revenues, and Medicare is 1.5% of all income, what is the net pay of Ruiz
Exercise 3:
Roig Company paid gross wages of $ 200,000 during the week ended December 10th. The amount of wages subject to social security tax amounted to $ 180,000, while the amount of wages subject to federal taxes and state unemployment totaled $ 25,000. The following are the tax rates:
- social security (6%)
- Medicare (1.5%)
- State unemployment (5.3%)
- federal unemployment (0.8%)
- The total amount to be withheld from wages for federal income taxes totaled $ 40,000.
a) Enter in the journal entry to record the payroll for the week of 10 December.
b) Record in the journal entry to record the payroll tax expense Week of December 10.