Screenshot 2023-11-30 093407

Continuing Payroll Problem, 4B: Chapter 4   This problem continues the process of preparing the Olney Company's Employee Payroll Register for the pay period ending January 8th, 20--. In previous chapters, gross wages were computed for each employee and using this data, FICA withholding and employer FICA liability was computed. This information is shown in the Employee Payroll Register. Requirement: Refer to the SIMPLE Plan Contributions table and enter each employee's SIMPLE plan deduction. Determine and record the federal income taxes for each employee. Determine and record the state income taxes for each employee. Determine and record the city income taxes for the Chalfont Boro residents. Total each input column. A SIMPLE IRA is a retirement plan that may be established by employers, including self-employed individuals (sole proprietorships and partnerships). The SIMPLE IRA allows eligible employees to contribute part of their pretax compensation to the plan. This means the tax on…

Week Eleven Discussion Board-Chapter 10 125125 unread replies.126126 replies. Click on "Week Eleven Discussion Board ". Follow directions. They are as follows: (required) To start, click on "Week Eleven Discussion Board " and then click on "Reply". Take the time to answer the following question: To match revenues and expenses properly, should the expense for employee vacation pay be recorded in the period during which the vacation privilege is earned or during the period in which the vacation is taken? Explain. Discuss with your fellow classmates.

Question 1: For an individual who is 45 years of age and has taxable earnings of $27,400, the annual contribution limit to a Payroll Deduction IRA is $ Answer: А. O $6,000 В. O 57,000 С. O 55,500 D. O $6,500

if someone can check my work please! thank you! :)

How do I do this?

H1. Account

savita

Question 15: The 2021 Social Security wage base is Answer: А. S100,000 В. O $113,700 S125,000 D. O 142,800 C.

7. Monthly Social Security benefits Monthly Benefits The Social Security Administration has a computerized service that determines your benefits because Social Security benefits are based on a fairly complicated formula. In fact, the government is required to provide all covered workers with a Social Security Statement. Identify the range of benefits you can expect. • If you retire at age 62, benefits of   to   % of yourfull retirement benefits   . • If you retire at age 65 to 67, receipt ofyour full retirement benefits   . • If you delay retirement until age 70, you can receive an increase   in your benefits.   Range of Benefits Dmitri, a 66 years old worker, is deciding between retirement either this year or the next year. His average monthly benefit is determined to be $1,635.40. Assume that the benefit is the same for this year and the next year. Compute Dmitri’s annual benefit reduction amounts in each of the following scenarios. • If Dmitri retires…

sh5 please helm me Thankyou

Only exercise 10-4A please and thank you?

a. Into which type of account are employer's payroll contributions entered? i. Asset Expense Revenue Retained Earnings ii. iii. iv. b. What type of account is the Employee Advances account? i. Asset ii. iii. iv. c. What is the employer premium amount for Employment Insurance? i. 3.3 times the employee premium ii. iii. iv. Liability Equity Expense ii. iii. iv. d. What is the employer contribution amount for Canada Pension Plan (CPP)? The same as amount as the employee's premium i. The same amount as the employee premium 1.4 times the employee premium None of the above iii. iv. 3.3 times the employee's premium 1.2 times the employee's premium 1.6% of the employee's premium e. The payroll taxes are remitted to the i. ii. Ontario Revenue Agency Ministry of Finance Canada Revenue Agency Receiver General of Canada

1. In a journal entry for employee payroll, what type of account is credited to record each of the amounts withheld from employee earnings? Answer:   A.    Asset     B.    Liability     C.    Revenue     D.    Expense 2. Match the taxes or act to the year it was established. Social Security tax Employee Retirement Income Security Act Patient Protection and Affordable Care Act       2010 1974 1937 3. A _____ sets aside funds to be used for health-care expenses. Answer:   A.    flexible spending account     B.    Payroll Deduction IRA     C.    SIMPLE IRA plan     D.    403(b) plan

4

Date: Name: Exercise 9.2 A. Find the employer's FICA deductions for each of the following employees. B. Find the amounts of the FUTA taxes for the current pay period for each of the following employees. FUTA Employee Year-to-Date Current Social Security Medicare Subject to FUTA Gross F. Todd $6,959.28 $1,088.64 T. Stanley $7,882.51 $827.44 R. Manley $7,136.44 $1,528.99 F. Chastain $6,485.47 $952.38

N9   After completing the Wage W-2 input screen, a popup box will appear when you click Next. What is the purpose of the popup box?   To enter the taxpayer or spouse as owner of the form.   To provide confirmation of certain information entered on the Wage W-2 input screen.   It shows you a summary of the amounts that were input on the prior screen.   To provide entry fields for all retirement plan codes.

5

Question 25: Which statement regarding Form W-3 is inaccurate? Answer: O Form W-3 contains earnings information for multiple employees. А. В. O Form W-3 must be signed by the employer to be valid. С. O Form W-3 is submitted to the Social Security Administration and provided to each employee. D. O Form W-3 includes federal and state tax information.

A egcc.instructure.com Question 3 6 pt An employee has total gross wages of $7,000, federal withholding of 15% and state withholding of 5% Using this information, what is the correct journal entry for gross pay, federal and state withholdings, and FICA? Debit Credit FICA Payable Federal Withholding Payable State Withholding Payable Net Payroll Payable $535.50 $1,050.00 $350.00 $1,935.50 Debit Credit Wages Expense FICA Payable Federal Withholding Payable State Withholding $7,000.00 $535.50 $1,050.00 $350.00 Payable Net Payroll Payable $5,064.50 Debit Credit $535.50 FICA Payable Federal Withholding Payable State Withholding Payable Net Payroll Payable $1,050.00 $350.00 $5,064.50 Wages Expense $7,000 Debit Credit Wage Expense Net Payroll Payable $7,000.00 $7,000.00

Sh1 please help me.

Question 9: The Social Security wage base for 2021 is $142,800. Answer: A. O True В. O False

3

hh.2

Question 12 Krystal recieves an invoice from Home Hardware dated November 2nd, 2020 for $510 with terms 6/10, 2/17, n/30. If Krystal pays the invoice in full on November 22nd, 2020, a. How many days were there between the date of the invoice, and when the invoice was paid? b. How much is the amount of the discount? c. How much was paid? Number of days = Amount of Discount = $ Payment = $ > Next Question (rounded to the nearest cent) (rounded to the nearest cent)