(Click the icon to view the payroll information.)1. How much was the company's total payroll expense for the week for Gary Turner?2. How much cash did Gary Turner take home for his work?3. How much did the employee pay this week for:a. income tax?b. CPP and El?4. How much expense did the employer have this week for:a. CPP and EI?b. benefits?*** CIlculate4Payroll informationStraight-time payEmployee income tax withheldCPP withheldEl withheldHealth insuranceOvertime payCPP employer's shareEl employer's sharePensionDisability insuranceCPrint$Done980.00279.3059.7618.3916.25183.7559.7625.7593.102.50: 0%,Xs: 0 0TurneTurnerlear al

It is the amount of gross earnings of an employee reduced by the income tax to be withheld on the…

Answered: 1. How much was the company's total…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A companny has an employee with a 5000 salary. Knowing that the Social Security rate is 29%, Health Insurance 12 %, Salary tax rate 10, establish the net salary to be paid to the employee. (Please don't use decimals in your answen). Answer
Assume that the MUST Co. pays a weekly payroll. Using the portion of the Wage Bracket Withholding Table given, what would be the amount of federal income tax to withhold for this pay period for a single employee whose gross earning is $2,250 and who counted 2 withholding allowance? Table for Percentage Method of Withholding WEEKLY Payroll Period SINGLE person(including head of household)-- Assume the deduction for each withholding allowance is $75. If the amount of wages (after subtracting withholding allowances) is: The amount of income tax to withhold is $0 Not over $43. . . ver--- But not over-- of excess over-- $43 --$222 | $ 0.00 plus 10% ---$43 $222 ---$767 $17.90 plus 15% --$222 $767 --$1,796| $99.65 plus 25% ---$767 $1,796 --$3,700 $356.90 plus 28% ---$1,796 $3,700 ---87,992 | $890.12 plus 33% --S3,700 $7,992 ---$8,025 | $2,306.38 plus 35% ---$7,992 $8,025 $2,317.93 plus 39.6% ---$8,025 $356.90 $442.02 $484.02 $630.00
I already did part b and c and I am struggling to do part a. Help please !!
Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry 1. Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes. 2. Prepare the journal entry to record the employer's payroll taxes as of September 14, 20--. Round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as follows. Social Security tax is 6.2% on the first $118,500 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. Taxable Earnings Employee Name Cumulative PayBefore CurrentEarnings CurrentGross Pay UnemploymentCompensation SocialSecurity Jordahl, Stephanie $6,600 $1,190 Keesling, Emily 6,150 1,070 Palmer, Stefan 55,200 2,410 Soltis, Robin…
Between the end of one month and the 15th day of the next month, the balance in the employer's business bank account is getting smaller and smaller. An employee prepares the next payroll and correctly computes the necessary withholding taxes. The employer is supposed to pay accumulated employment taxes on the 15th of the next month. Payday is the last day of the month. However, the employer has used the funds withheld from employees to pay some of the business' bills. He hopes that enough of the customers owing money will pay their debts. If that happens, the checking account will have enough in it to pay the federal deposit on the 15th of the month. Is the employer acting ethically? After all, he says he intends to have the money in the account for the deposit.
Assume an employee has a meeting with a potential client. The employee spends P2,500 on airfare, P500 on Uber rides, P3,000 on a hotel, and P1,000 on meals - all charged to their own credit card. After the trip, the employee submits an expense report for the trip. The employer the issues a reimbursement check to the employee. How much is the out-of-pocket cost?
An employee earns $1580 a week, the deductions from the employee's pay cheque for El, CPP, and income taxes are equal to $195. The company must contribute an additional $111 for El and CPP. How much would the company record as total salary expense for the employee in this week? O $1580 • $1496 $1691 ⚫ $1886
Needing some help with this question.
how do you fill out and complete a payroll register for employees that are paid on a biweekly basis and married?
Willa is getting ready to prepare a Form 940 for her payroll department. What information does she need to do this? A. information about state and local wages and taxes B. the total number of employees on payroll OC. the amount of employee salaries and wages from the previous year OD. her company's Employee ID number, name, and address
Payroll expense will usually Multiple Choice a)be more than the cash amount paid to an employee b)be less than the cash amount paid to an employee c) be the same as the cash amount paid to an employee
1. Journalize the entry to record the payroll.2. Journalize the entry to record the employer's payroll taxes.3. Journalize the entry to deposit the FICA and FIT taxes

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