1. A.Sharae pays $5,000 every six months for 5 years, and the annual interest rate is 4%.What is the present value of the payments? Round your final answer to the nearest whole number.B. A UW employee has earned $1,000 in wages in October that will be paid next month in November.UW withholds 23% of all wages paid for employee income taxes and 6.2% or the employee's portion ofsocial security and 6.2% for the employer's portion of social security. How much 'wages payable' willUW record?C. An Amazon employee has earned $1,674 wages in October that will be paid next month inNovember. Amazon withholds 20% of all wages paid for employee income taxes and 6.2% or theemployee's portion of social security and 6.2% for the employer's portion of social security. How muchwill Amazon's net income decrease by for all the journal entries related to the transactions above?(round to the nearest dollar)

“Since you have posted multiple questions, we will provide the solution only to the first question…

Answered: 1. A. Sharae pays $5,000 every six…

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter3: Social Security Taxes

Section: Chapter Questions

Problem 5SSQ: _____1. Johnson Industries, a semiweekly depositor, pays its employees every Friday. When should the...

See similar textbooks

Similar questions

_____1. Johnson Industries, a semiweekly depositor, pays its employees every Friday. When should the company deposit the employment taxes for each weekly payday? _____2. What rule should Bartlett Repair, a new company, follow in making its deposits for accumulated employment taxes? _____3. Quail Hollow Motors (a semiweekly depositor) accumulates taxes of 105,000 on Monday and must deposit this amount on Tuesday, the next banking day. On Tuesday, the company accumulates additional taxes of 20,000. What deposit rule should Quail Hollow Motors follow for depositing the additional 20,000?
Mr. Smith's annual salary is $230,000.  He has been on his job for the past four years.  His current pay stub from 6/30 of this year shows YTD gross income of $113,712, the previous year's W-2 shows $210,549 AND the year before that his W-2 shows $198,782. What is the base monthly income you would put on the loan application?
Jean Michaud pays his two employees $900 and $1,200 per week. Assume a state unemployment tax rate of 5.7% and a federal unemployment tax rate of .6%. What state and federal unemployment taxes will Jean pay at the end of quarter 1 and quarter 2? (Use FUTA/SUTA )
An employee has $75 withheld from each monthly paycheck that is deposited in an account. The account earns 12% interest annually, and the interest is compounded monthly. Assuming the employee makes deposits for two and a half years, determine the total account balance on the date of the final deposit.
1
An employee has year-to-date earnings of $143,500. The employee's gross pay for the next pay period is $6,300. If the FICA-OASDI is 6.2% and the wage base is $147,000, how much FICA OASDI tax will be withheld from the employee's pay? (Answer is rounded to whole dollar.) A. $391 B. $265 C. $217 ○ D. $91
Lucille receives an annual salary of $37,500 based on a 37.5-hour workweek. What are her gross earnings for a two-week pay period in which she works 9 hours of overtime at 112112 times her regular rate of pay? (Assume there are exactly 52 weeks in a year. Round your answer to the nearest cent.)
An employee has year-to-date earnings of $130,100. The employee's gross pay for the next pay period is $4,500. If the FICA-OASDI is 6.2% and the wage base is $132,900, how much FICA-OASDI tax will be withheld from the employee's pay? (Answer is rounded to whole dollar.) OA. $279 OB. $65 OC. $174 OD. $189
You are a salaried employee, paid semi-monthly. You earn $5,200 gross income each pay period. What is your realized in- come for the year?
Lister Company currently gives its employees their pay at the end of each week. Lister’s weekly payroll totals $500,000. If Lister extends the pay period so as to pay its employees one week later throughout an entire year, the employees would in effect be "lending" the firm how much for the year?
Adam received a low-interest loan of $25,000 from his employer on January 1st. The loan is to be repaid in equal annual installments at the end of each of five years, along with interest of 2.5%. Adam paid the interest and the first annual installment on December 31. Suppose that the federal prescribed interest rates for employees for the first year of Adam's loan were as follows: 1st Quarter = 5.0%, 2nd Quarter = 5.5%, 3rd Quarter = 6.0 %, 4rth Quarter = 6.5%. What is the amount of Adam's taxable benefit during the first year? a) $0.00 b) $750.00 c) $812.50 d) $1,000.00
A contractor is calculating the present worth of the salaries of his five employees over the next six years. The combined salaries of the employees through the end of this year are $1,500,000. If he expects to give each employee a raise of 4% each year, the present worth of his employees' salaries at an interest rate of 5% per year is Blank 1. Blank 1 Add your answer

SEE MORE QUESTIONS

Recommended textbooks for you

PAYROLL ACCT., 2019 ED.(LL)-TEXT

Accounting

ISBN:

9781337619783

Author:

BIEG

Publisher:

CENGAGE L

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

PAYROLL ACCT., 2019 ED.(LL)-TEXT

Accounting

ISBN:

9781337619783

Author:

BIEG

Publisher:

CENGAGE L

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

Principles of Cost Accounting

Accounting

ISBN:

9781305087408

Author:

Edward J. Vanderbeck, Maria R. Mitchell

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

1. A. Sharae pays $5,000 every six months for 5 years, and the annual interest rate is 4%. What is the present value of the payments? Round your final answer to the nearest whole number.