Meman The employees of Ethereal Bank are paid on a semimonthly basis. All employees are single. There are no pre-tax deductions.Required:Compute the FICA taxes for the employees for the November 30 payroll. All employees have been employed for the entire calendaryear.Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places.YTD Pay forNovember 15199,581EmployeeSemimonthlyPayPay DateR. Bellagio$9,503 $B. Khumalo$6,703S. Schriver$6,806K. Saetang$7,220T. Ahmad$9,900M. Petrova$8,250Social SecurityTax forNovember 30Pay DateMedicare Tax forNovember 30Pay Date

FICA taxes:FICA = Federal insurance contribution actFICA is a payroll tax on the wage earner's…

YTD Pay for November 15 199,581 Social Security Tax for November 30 Pay Date Medicare Tax for November 30 Pay Date Semimonthly Employee Pay Pay Date R. Bellagio $ 9,503 $ B. Khumalo $ 6,703 S. Schriver $ 6,806 K. Saetang $ 7,220 T. Ahmad $ 9,900 M. Petrova 69 $ 8,250

YTD Pay for November 15 199,581 Social Security Tax for November 30 Pay Date Medicare Tax for November 30 Pay Date Semimonthly Employee Pay Pay Date R. Bellagio $ 9,503 $ B. Khumalo $ 6,703 S. Schriver $ 6,806 K. Saetang $ 7,220 T. Ahmad $ 9,900 M. Petrova 69 $ 8,250

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 1CP

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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

Meman

The employees of Ethereal Bank are paid on a semimonthly basis. All employees are single. There are no pre-tax deductions.
Required:
Compute the FICA taxes for the employees for the November 30 payroll. All employees have been employed for the entire calendar
year.
Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places.
YTD Pay for
November 15
199,581
Employee
Semimonthly
Pay
Pay Date
R. Bellagio
$
9,503 $
B. Khumalo
$
6,703
S. Schriver
$
6,806
K. Saetang
$
7,220
T. Ahmad
$
9,900
M. Petrova
$
8,250
Social Security
Tax for
November 30
Pay Date
Medicare Tax for
November 30
Pay Date

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