Payroll Tax Test
**Please show your work**
Using the information provided, complete the tax/deduction table and calculate the net pay. This is the employee’s first paycheck of the year.
Gross Biweekly Salary $10,000
Federal withholding 15%
Social Security Standard rate applies
Medicare Standard rate applies
CA withholding 6%
CA SDI Standard rate applies
Café 125 $300
Group Term Life $10
401(k) Deferral 7%
Optional Life Insurance $40
Tax/Deduction Taxable/Eligible Wages Tax/Deduction Amount
Complete the following ER tax table below based on the calculation above.
Tax Rate Taxable Wages Tax Amount
Demonstrate the GL activity based on the information in questions 1 and 2 above.
Account 6010: Wage Expense Account 6000: Tax Expense Account 4500: Benefits
Debit Credit Debit Credit Debit Credit
Account 1001: Wages Payable Account 1002: Tax Payable
Debit Credit Debit Credit
What form is used to report FICA and FIT wages and taxes? How often is this form filed?
What form is used to report FUTA wages and taxes? How often is this form filed?
When does the IRS require a tax deposit to be made the next business day?
An EE is taxed in the state of California incorrectly in Quarter 1. In Quarter 2, we discover that the EE has been living and working in the state of Nevada since the beginning of the year.
How do you correct the EE’s wages?
What tax correction would need to be made?
Which form(s) would have to be amended?
For more information on Social Security Standard read this: https://en.wikipedia.org/wiki/Social_Security_(United_States)
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Australia Assessments has gained an international reputation of being the leading website in custom assignment writing services. Once you give us the instructions of your paper through the order form, we will complete the rest.
As we work towards providing the best custom assignment services, our company provides assignment services for any type of academic essay. We will help you develop professionally written essays that are rich in content and free from plagiarism.
Admission and Business Papers
Our skilled team of professional writers will ensure that we help you craft a remarkable admission essay for your desired Master's program in your institution of choice. We won't stop there. Once you enter the job market, we will be available to secure you a position at your desired worksite by creating an outstanding portfolio or resume.
Editing and Proofreading
Our editorial team is always available for all editing and proofreading services. They check completed papers by our writers and also provide professional opinions to papers completed by our clients.
We harbor professional academic writers with different qualifications in diverse academic fields. As such, we are capable of handling both simple and technical papers. Ensure that you provide us with correct and complete instructions in the order form.